The Ultimate Guide To Gambling With Cryptocurrency
Whether betting on horses, playing cards, slots, or even guessing games, gambling is a popular pastime enjoyed by plenty of people around the world. Perhaps gambling is popular because of the anticipation of winning a tremendous amount of money in one sitting. As a result, plenty of casino websites don’t only offer players a chance to win thousands of dollars, but they’re now using the power of the Internet to bring convenience to users.
On a related note, cryptocurrency has risen in popularity in recent years, as plenty of people value virtual currency as a form of investment and payment. Nowadays, plenty of gambling platforms give users a chance to gamble with cryptocurrencies too! But what exactly are the benefits when you gamble with cryptocurrencies? Is gambling with Bitcoin, a popular cryptocurrency, much more convenient than conventional currencies?
These are just some of the questions tackled in this article. This ultimate guide will offer everything you need to know about gambling with cryptocurrency. Read on!
What is crypto gambling?
As the name suggests, crypto gambling refers to using specific types of cryptocurrencies when gambling online. Depending on the platform, gambling purposes can range from betting on selected sports to casino games.
Think of cryptocurrency as casino chips – funds that are usable within a casino platform, only cryptocurrency can be redeemed at cryptocurrency exchanges for tangible funds as well.
This introduces a major appeal of crypto gambling. Cryptocurrencies maintain the rapid transaction speed of a casino chip whilst using a viable currency in crypto form, which showcases why it’s so popular to bet crypto on casino games on Stake.com or other platforms.
It’s like taking your casino chips home with you to purchase everyday items or bringing your own casino chips to a casino.
Before researching the best crypto gambling platform, keep in mind that cryptocurrency, in general, belongs to a volatile market. Hence, there may be risks when using this type of currency for gambling.
Is crypto gambling legal?
Moreover, the next thought that crosses your mind may be whether or not crypto gambling is legal. In spite of opinions regarding cryptocurrency gambling changing gradually, the legality of crypto coins, particularly Bitcoin, is still under scrutiny in many states and countries. That’s why there are no definite answers whether crypto gamblers will face fines or jail time.
Nevertheless, here are some important points that you need to bear in mind:
- There are currently no laws regulating crypto gambling; it’s neither allowed nor prohibited.
- Most governments don’t consider cryptocurrencies as real currency. As it’s not a real currency, the regulations around fiat currencies in online casino sites shouldn’t be applied to cryptocurrencies.
- Even if it’s neither allowed nor prohibited or not labeled as a real currency, countries that consider gambling illegal may frown upon using crypto gambling websites and gamblers who use cryptocurrencies as bets.
Tips when choosing a crypto gambling platform
With today’s technological advancement, people can conveniently transfer funds from their bank to their online casino account. Due to this, plenty of online casinos now accept cryptocurrencies as payment, especially because this type of currency can be a type of investment, attracting both investors and gamblers.
Unfortunately, having fun gambling using crypto depends on your chosen crypto gambling platform. That’s why you must be certain that your chosen platform is trustworthy and reputable. To do so, follow these tips when choosing a crypto gambling platform:
- Check for licensing
Everyone wants the assurance that they’re safely gambling online. Hence, ensure that the online casino you choose is licensed and regulated. However, keep in mind that before playing at any regulated crypto gambling platform, you must register, which means verifying your personal information. Nonetheless, these platforms won’t display your information publicly without your permission.
- Deposit and withdrawal methods
If you’re certain that the gambling platform has the necessary licenses and regulations, you should research their deposit and withdrawal methods. Remember, some platforms may give you the option to deposit in various fiat currencies, but they may limit their withdrawal method to their local currency.
In this case, converting their local currency to yours may be daunting. Thus, always consider both their deposit and withdrawal methods, and assess if these will suit your preferences.
- Accepted cryptocurrencies
Accounting for 40% of transactions, Bitcoin is the most popular virtual coin used by gamblers. But a good crypto gambling platform should accept different types of cryptocurrencies, especially because it’ll give options to players, improving their user experience. Generally, here are other common types of cryptocurrencies accepted by popular crypto casinos:
- Ethereum (ETH)
- Litecoin (LTC)
- Availability of games
Once you know that your chosen cryptocurrency will be accepted, the next consideration when choosing a blockchain casino is the availability of the games. Keep in mind that reputable cryptocurrencies will also update and add new games to their list, ensuring players won’t get bored playing the same game repeatedly. For instance, the Crash gambling game is popular amongst crypto gamblers because it is a real-time gambling game that requires rapid transactions.
In addition to Crash, here are other games, among others, offered by most crypto casinos:
- Lightning Roulette
- Poker––Texas Hold’em and three-card poker
Crypto casinos offer more bonuses than traditional online casinos. These bonuses come from free spins, matching deposits, or cashback on losses. Hence, if you choose a platform that provides good bonuses to players, there’s a chance that you get to earn money without spending your cryptos, allowing you to maximize your profit!
To maximize your profit, you also need to look at the payout percentages of potential crypto gambling sites. The payout percentage will set your expectation on how much money or crypto you can win. So, look for a platform that has a higher payout percentage.
- Availability of mobile applications
In 2021, casino games were the second top mobile genre in the U.S. This is because of the convenience that mobile gaming brings, especially when it comes to gambling; you can place your bet anytime and anywhere. That’s why even if popular crypto online casinos have a dedicated website, these platforms also invest in making their games compatible with mobile usage. As a result, they can boost user experience, which is a significant factor in being the best crypto casino.
With that said, if you want convenience and a great user experience, sign up on a crypto gambling platform that offers both an interactive web application and a mobile app.
- Customer support
If you’re a complete beginner in crypto gambling, you’ll undoubtedly have some questions, particularly about the platform’s interface. In this case, you should choose a blockchain casino that has an FAQs section on its website, as well as a customer representative that’s available 24/7. This ensures that your questions, especially if not included in the FAQs section, will be addressed immediately.
Benefits of gambling with cryptocurrencies
Now that you know the things you should look out for in a crypto casino, the next question you have in mind is probably the benefits you can get gambling on these sites. For your reference, here are just some of the advantages you’ll receive when gambling with your cryptocurrencies:
- State-of-the-art security
In February 2020, 142 million personal details of traditional online gamblers were stolen and sold on the dark web. This report shows that your money and personal information are always at risk when gambling with conventional currency.
On the other hand, if you gamble in a crypto casino, you’ll enjoy more security. This is because cryptocurrencies are stored in a blockchain, which is impossible to hack. Therefore, gambling with cryptocurrencies will assure you that your money will be safe and sound.
Even if gambling, whether with traditional currencies or cryptos, is legal in other parts of the world, the act itself has a social stigma. For example, suppose other people know you gamble for fun. In that case, they may consider you as someone who’s susceptible to addiction, has an immoral view of the world, or generally possesses an unsavory character.
However, even if some gamblers do have these traits, the majority of people gamble with cryptocurrencies for fun. Fortunately, a cryptocurrency has pseudonymity, which means that casual players can still spend their spare time having fun without worrying about being judged by others.
- You can place bets anywhere
As hinted above, you can gamble with cryptocurrencies anywhere in the world, as long as you have a steady internet connection. That’s why people who don’t live near a racetrack or casino resort to web or mobile applications.
Also, traditional gambling methods may only allow you to play with people near you. As gambling with crypto can be enjoyed by anyone and anywhere, you can gamble with other people in different time zones, allowing you to meet like-minded individuals.
- Instant payments
It’s less likely that crypto payments will take a day to be fully processed. Generally, cryptocurrency payments, particularly bitcoin, can be accomplished within a few hours, sometimes even within minutes. To put it into perspective, automated clearing house bank transfers will take around five business days, while international transfers may take a week or more.
When it comes to funding or withdrawing their accounts, crypto gamblers can do so almost instantly, especially if they’re using a reliable crypto gambling platform. In some rare cases, such as not receiving funds instantly, players in a reputable crypto platform will still receive funds on the same day.
How to play in a cryptocurrency casino
To enjoy the benefits above, or if you want to get started in gambling with cryptocurrencies, follow this step-by-step guide:
- Create a crypto wallet
The first step to playing in a cryptocurrency casino is to have a crypto or digital currency wallet. Basically, this is the same as opening a bank account to fund your traditional casino account. Choosing a crypto wallet can be done by selecting from various crypto exchanges. Hence, find a crypto exchange platform that suits your needs and preferences first.
- Purchase crypto coins
If you’re done creating a crypto wallet, log in and buy the crypto coin of your choice using traditional currencies. This step mainly involves choosing the type of coin you want, preferably Bitcoin as it’s the most popular, the amount you want to purchase, and, within seconds, your account will be funded.
Here are some factors in determining the right coin to use:
- The coins that the platform allows: As mentioned above, each gambling website has its banking policy. Hence, the coin you’ll choose depends on what’ll be accepted by the blockchain casino you’ve chosen.
- Compare cryptocurrencies and their features: In spite of blockchain technology, cryptocurrencies weren’t created equally. In other words, a crypto coin has its own distinctive feature that makes it unique. So, when choosing a coin, look for these features:
- Ease of use
- Security features
- Anonymity or privacy levels
- Transaction speed
- Transaction fees
- Ask experienced crypto gamblers: If you’re a complete beginner or still unsure about which virtual currency to use when gambling, ask experienced crypto gamblers. If you know a close family member or friend who has experience gambling with cryptocurrencies, inquire about the crypto they use, particularly why they use that particular cryptocurrency. Lastly, you can research on various forums and post a question there. Just make sure the forum can be trusted.
- Choose an online crypto casino
Once you’ve determined the right type of virtual coin to gamble, you’re now ready to find an online crypto casino. To help you find the right platform, read various reviews or refer to the section above.
- Make a deposit and play a game
Once you find an online crypto casino that has plenty of positive reviews, possesses all of the considerations above, and, most importantly, suits your needs and preferences, you can now make a deposit to start betting.
However, it’s important to note that blockchain casinos have different methods for depositing currencies on their platform. To know the platform’s deposit steps, go to its deposit page. Funding your account on any crypto gambling platform will only take minutes, if not seconds.
After successfully making a deposit and checking if the fund is, indeed, in your account, go to the platform’s casino page and then start playing any game you want. You may even find popular games in traditional casinos making their way into crypto gambling websites! Generally, the rules about a particular game in blockchain casinos are no different from conventional casinos, especially for common games, such as Texas Hold’em Poker, Roulette, Blackjack, and others.
As you can see, this ultimate guide shares sufficient pieces of information revolving around crypto gambling. The information shared in this article may also explain why online gamblers prefer betting on cryptocurrencies to fiat currencies. For instance, a blockchain casino gives gamblers more security, anonymity, faster transactions, and many more!
Lastly, be mindful when betting your cryptocurrencies online. Following the basic rule in investing, only bet what you can afford to lose. By following this principle, you’ll truly enjoy gambling with cryptocurrencies.
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