The crypto industry has garnered massive attention and popularity in a still relatively fresh and ever-expanding online niche, better known as online gambling. More and more gaming platforms are starting to provide crypto bets and are becoming more innovative and flexible, all to stay in the game in this ever-changing market. With blockchain technology spreading to the entire betting industry, people are interested in learning the pros and the cons of it.
In a nutshell, online crypto gambling is essentially wagering at a casino using digital currencies such as Ethereum and Bitcoin. If you’ve been following the news, then you already know that the popularity of these digital currencies has been on the rise for quite some time now.
The question that many want an answer to is, why are cryptocurrencies used in some of the best online casinos? In general, there are many reasons why crypto gambling is so popular today, three main ones being as follows:
2. Anonymity & Privacy
If there’s one thing that can be said with certainty it’s that cryptocurrencies are seen as the future of online transactions. Moreover, this is also the case for the gambling industry. Many experts predict that online casinos will heavily rely on cryptos in the future, and rightfully so.
With bitcoin being the virtual currency with the largest market capitalization in the world, it comes as no surprise that the majority of gambler enthusiasts will opt for some of the best bitcoin casinos out there. And with the help of casinochap.com, you can find which casinos offer crypto gambling and how you can play with cryptocurrency. It cannot go unnoticed that no matter how many new cryptocurrencies come into the market, bitcoin remains at the top.
Advantages of Gambling With Crypto
As you might already know, compared to traditional ways of payment, cryptocurrency gambling comes with a certain set of benefits as well as drawbacks. Ultimately, it is solely up to an individual to weigh out the good and the bad and make a decision.
One of the, if not the biggest, advantages when it comes to gambling with crypto is the privacy and anonymity that it offers. In simple terms, when you use crypto to gamble, your personal info is not shared with the casino or any other third party. This means that you do not have to worry about your data and activity being compromised.
The next big advantage when it comes to crypto gambling is fast payment processing. Unlike the traditional way of payments where you must complete a very long process when depositing or withdrawing money, with cryptos you do that within a matter of minutes. This is the perfect solution for all gambler enthusiasts that may require some quick cash. Usually, online casinos take 48-72 hours before money is transferred to your account. Some take even longer than that, but we are talking about some reliable online gambling sites.
Moreover, with cryptocurrency, one doesn’t have to deal with ridiculous transaction fees, which occur when using credit cards and e-pay platforms such as Skrill or PayPal, since there are no fees when you use Bitcoin for online casinos.
At last, since crypto constantly changes in value, there is a chance that your winnings can become bigger. One should take advantage of this and be aware of when the values of certain cryptos are high so that they get a chance to win some free money alongside their initial winnings. When you are trading with crypto, you are already following trends and if you see a rise coming up, you may want to consider playing a few rounds of blackjack.
Downsides of Gambling With Crypto
There’s no denying that gambling with crypto comes with a certain set of very appealing advantages. However, there is a fly in any honey pot. Playing at an online casino with crypto comes with some downsides that are worth considering as well.
The first and most obvious downside of gambling with crypto is the fluctuation of value. As you may already know, cryptos are always fluctuating in price and have some significant positive as well as negative price swings. You may have a big win at the casino only to find that your crypto’s value has dropped, wiping out your winnings. Of course, this can go the other way around, but you must be aware of volatility.
Secondly, unlike with credit cards and other traditional payment methods, with cryptos, there are no takebacks. This means that once you have sent funds from your wallet they are gone. So, if you made a mistake and sent too much or to the wrong address, there is no recourse.
Thirdly, while crypto’s anonymity can be considered an advantage it can also be considered a downside since you can lose your coins to fraud. This is why it is highly recommended to use only reputable blockchain exchanges that monitor transactions. Furthermore, you will still need to register in order to gamble and although the crypto part is anonymous, casinos have an insight whether you are gambling with money or crypto.
Last but not least, not all casinos have this option. Cryptocurrencies are relatively new and a majority of upper-end casinos jumped the bandwagon and introduced crypto gambling (mostly Bitcoin), but not every casino is there yet. We believe it is just a matter of time before you are able to gamble with crypto anywhere!
This is where you need to be careful of fraud and scams. Make sure to visit online casinos that have a reputation, otherwise you may lose your money and by the time you realize, it is already too late.
Cryptocurrencies are spreading like wildfire and casinos around the world have included crypto gambling among their payment options. They motivate people to gamble no matter which payment method they use, which only extends the base of potential users, bringing the casino a bigger profit.