The Expanding but Controversial World of Crypto Gambling

The Expanding but Controversial World of Crypto Gambling

Gambling is a form of entertainment that millions enjoy on a daily basis. This pre-existing popularity, combined with the rise of cryptocurrency gambling, has created a gambling industry that’s quick and easy to access for anyone and everyone. However, despite its ease, gambling with cryptocurrency is not without its shortfalls.

What Makes Cryptocurrency so Popular?

No matter what kind of casino you’re using to play, you’ll always need funds. Whether they be digital assets or cash, something to wager is essential. Gambling sites have spent the last few years expanding globally, and Bitcoin casinos have started to play an important role within the industry. Increasingly, online casinos from all over the world have started to accept cryptocurrency as a form of funding that can be deposited and withdrawn from better’s accounts, making it a far more readily available form of currency to gamble with and a popular choice for many experienced users.

What are the Differences When Using Cryptocurrency to Gamble?

There are a few benefits that cryptocurrency casinos offer betters that traditional online casinos without the Bitcoin/Cryptocurrency funding options don’t. These are just some of the reasons that cryptocurrency gambling is growing in popularity so quickly.

  • Fast deposits and withdrawals. Traditional casinos require users to go through the whole rigmarole of bank transfers, credit card transfers, and online banking transfers – all of these can take several days to process. With cryptocurrency gambling depositing and withdrawing funds can take only a few minutes, this is extremely useful when it comes to placing last minute wagers and withdrawing big wins.
  • Geographic location restrictions may not apply. By using online currency, it may be possible to avoid geolocation restrictions that apply to some casinos. In some places, there are restrictions that do not allow users to place bets using real money; Cryptocurrencies would allow users to gamble without banks sharing information with authorities. Those who are restricted by government legislation may be able to gamble under the radar, however, it is always advisable for you to gamble within your country’s laws.
  • Improved user safety. Recognised established and trustworthy cryptocurrency casinos will ensure your digital money is kept safe at all times. Using this type of currency is a popular choice for users who wish to maintain a sense of anonymity when playing on several different online casino sites as bank and credit card information is not shared between sites. This sensitive information is, of course, at risk of being stolen, and if this information is shared between several sites, it certainly makes your finances less secure. With cryptocurrency, no bank information is shared, reducing the risk of fraud or theft. 
  • Bonuses for users of Bitcoin casinos. All casinos try to entice new players with great promotional deals and cryptocurrency casinos are no different. Crypto casinos often have very tempting and profitable promotional deals on that punters can wager on in the hopes of winning big.

Controversy Scams and Protecting Yourself

Despite cryptocurrency being a relatively new asset, it is still vulnerable to those classic scams that have always been around. These schemes include pump and dump activities, money laundering, and gambling streams on sites like Twitch. Pump and Dump scams are, of course, illegal on regulated crypto exchanges; however, there is still plenty of activity on non-regulated exchanges that spark controversy. 

Falling victim to one of these scams will cost you dearly. It’s advisable to always research and check your facts before making any large investments.

What is a Pump and Dump?

A Pump and Dump scheme occurs when a person, or group of people, makes a profit by purchasing large quantities of cryptocurrency coins in order to push the demand price of the currency up. This is where the term “pump” comes from, as they pump an asset into the market.

Afterward, the scammers release the currency (“dump”) into the market at a higher price and rake in the profits as people clamber to purchase the popular currency. Pump and Dump scammers take advantage of the supply and demand market, usually targeting new or unpopular Cryptocurrencies that do not require vast amounts of money to turn a profit.

NFT Sales Soar, Hitting Over $1.9B in August So Far.

An NFT is a blockchain base record of ownership for a digital asset, such as an image or video. 2021 saw a huge boom in NFT’s (Non-fungible tokens); especially entering into August, where sales of the digital asset surged thanks to the start of many sporting events. The phase reached new heights as sales volumes on the leading NFT trading platform, OpenSea, hit over $1.9 billion so far in August, which is ten times more than March’s $148 million. 

There are fears that this surge in NFT ownership, combined with the start of many sporting seasons, will lead to an influx in Pump and Dump scams, affecting regular cryptocurrency buyers, as well as cryptocurrency gamblers. 

Despite the knowledge of these scams, cryptocurrency gambling remains popular.

It looks unlikely that the popularity of cryptocurrency gambling will fade anytime soon. In fact, the statistics suggest that gambling with Bitcoin and other Cryptocurrencies will only increase in popularity over time. Cryptocurrencies have the advantage of being convenient, which is especially useful for those wanting to quickly deposit and withdraw funds into eWallets and cryptocurrency casinos.

Using Cryptocurrency Casinos

If you’re looking to make use of a Cryptocurrency casino then you’ll be glad to know that there are plenty options. In fact, with a quick Google search you can find top live online casinos that accept Cryptocurrency as payment. You’ll find that these casinos offer a range of offers and games which means that there is something for everyone no matter what type of casino you’re looking for. It is wise to read up on some reviews and user feedback forums to see if anyone has been talking about the Cryptocurrency casino you’re interested in play at and whether the feedback that they’re giving is positive or negative. This should give you a fair idea as to whether the casino is the right choice for you.

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