As we all well know, thanks to their growing popularity over the last years and while they gained tremendous traction and people realised their potential, cryptocurrencies are now included as a payment option on many online business platforms. Of all the forms of internet-based business, online casinos are one of the fastest cryptocurrency adapters, gaining, this way, the interest of many.
However, while the number of “crypto casinos” is increasing, there still are many interested players who do not fully understand or do not understand at all how to bet online in digital currencies. If you have ever asked questions about crypto gambling, this is the information you are looking for.
We have created a short guide for the ones who are new to the concept of gambling with cryptocurrency, that will take you step by step through the process.
There are three main reasons why people opt for cryptocurrency gambling
First of all, you need to understand that there are three main reasons why cryptocurrency has become so popular with gambling in recent years. The first reason is safety: in traditional online gambling, it’s very easy for unreliable third-party gambling sites to steal your money. Still, this is not representing a problem for cryptocurrency gamblers as there will always be a transactional
record for every deposit you make while using cryptocurrency. Given this fact, stealing cryptocurrency is avoided by the ones tempted to do it and in any case, there will always be a digital paper trail that you can follow in the event of online theft.
The second reason is anonymity: online gambling does not require participants to share personal information on sites, offering the option to remain private as you’re not using a bank or credit card.
The third convenient reason in favour of cryptocurrency gambling is the exchange fee. Many prefer sites that allow you to gamble with cryptocurrency as it does not require exchange into a different currency first, so you’re not left with exchange fees at the end of the day.
Types of cryptocurrencies used in gambling
Some casinos only work with two or three of the most popular types of cryptocurrencies out there, others might allow the usage of a wider range. When you own a certain type of currency, always check if the casino or gambling site you are interested in accepts your currency, be it Bitcoin, Ethereum, Litecoin and so on.
What do you do after choosing your currency?
You get a Crypto Virtual Wallet through registering for a reputable crypto-wallet service like Coinbase for example. Then, you simply deposit it to a crypto casino, after researching what are the best casinos available at the moment. So:
Step 1: buying digital coin
Step 2: wire them onto a crypto gambling website account Step 3: play as much as your deposit allows
Having doubts regarding the legality of cryptocurrency gambling?
Keep in mind that cryptocurrencies in themselves are neither declared legal or illegal in many regions and obviously this matter affects the possibility of gambling with them, depending on the country you’re from. Some countries ban the possibility entirely, others declare that there are still upcoming regulations in debate, that will or will not eventually allow this activity to take place on their territory.
But given the fact that there are cases where legislative bodies can accept the responsibility of controlling gambling operations in crypto casinos (as it’s the case of the United Kingdom Gambling Commission), as long as an online casino is following the rules and regulations of the chosen jurisdiction, it is operating legally.
If you’re still interested in even more details on cryptocurrency gambling, you can always check the reviews of those who already experimented with certain currencies and/or certain casinos, constantly updating your knowledge on the matter.