Gambling is something we all try at some point in our lives. We simply like to test our luck from time to time. Maybe you have a bet on your favourite team, or perhaps you enjoy playing the cards, add some money to it, and you have the perfect recipe for excitement. Gambling is present and available in many forms, and there is a new wave of possibilities coming for the lucky cryptocurrency owners. You must have already seen different gambling sites pop up for cryptocurrency, like bitcasino.io, but it is just the beginning. Let’s find out how cryptocurrency gambling works, and where you can play.
First, cryptocurrency basics
Cryptocurrency is defined as a digital money system that is spread globally, with its most popular brand being Bitcoin. At this point, no cryptocurrency exists in a physical form, and they are all online-based. It is stored in web wallets and traded on a cryptocurrency exchange, very similar to the traditional stock exchange. Sometimes any currency can be even referred to as bitcoin; this is a helpful piece of information for your research. However, cryptocurrency is a continually evolving financial instrument, so these days there are some e-shops in existence where you can pay with it, and now online casinos are here to change the game once again.
Available cryptocurrency gambling platforms
Now, on to the ways you can gamble with cryptocurrency. Gambling of this sort started by introducing a simple dice game where you could have paid with Bitcoin. However, the industry grew and developed, and now there are endless games that you can play with cryptocurrency.
You should be aware that there are three most common types of gambling platforms out there when it comes down to cryptocurrency. They are:
- Sports betting cryptocurrency platforms – Bitcoin bookmakers are already on the market for quite some time. You can bet on your favourite team or player with cryptocurrency; any major sport is available to place a bet on.
- Cryptocurrency casino – The place where you can play card games, slots, and all kinds of different games and pay with cryptocurrency for them. The offering is always expanding, so you are sure to find something for yourself. Of course, we are only talking about online casinos here.
- Poker cryptocurrency platforms – Yes, it is a card game that you can play in a casino; however, it is the biggest gambling game of all time, and there are plenty of cryptocurrency platforms that specialize solely in poker. The market for crypto poker is significantly bigger than for other games, and that is why it gets its own category.
There are online rankings of available crypto platforms specifying the costs associated with the games. The recommended path of action here is to choose the most trustworthy one, and you need to take care of your cryptocurrency’s safety.
Is it safe?
From a gambler’s safety perspective, cryptocurrency keeps you safe from the government’s eyes and overreach. Many players consider their gambling habits to be personal, and that is why crypto gambling is so attractive. Bitcoin and other cryptocurrencies provide anonymity; they keep your bankroll balance private from third parties.
Protection against the criminal element is also a concern. Gamblers can easily have their data to their online casino accounts stolen through malware or a hack, which is a concern.
Advantages of cryptocurrency gambling
Cryptocurrency and gambling go hand in hand, and you already know that. In case you need some more convincing, here is the full list of advantages of crypto gambling.
- Speed – The transactions and withdrawals with cryptocurrency are significantly faster than payments made with real money.
- No tax – Some governments are trying to change that, but cryptocurrency is currently tax-free. You will not be required to declare or pay anything to the state.
- Low fees – The fees in crypto casinos are almost non-existent. Another thing is that the online platforms generally have lower costs anyway, and this is why you can expect better odds and lower margins.
- No geo-lock – Crypto gambling allows you to avoid restrictions based on geolocation, which makes gambling available while travelling, no matter where you are.
Using Bitcoin or other cryptocurrencies while gambling is more secure, and it feels like a fantastic alternative to paying with real money.
Some of the highest online casino, poker, and sportsbook bonuses are available to cryptocurrency users. The amount of extra virtual money you can get is much larger compared to traditional currencies. However, please note that there usually is a wagering requirement in place, so you need to be extra lucky to win additional cash.
It seems like cryptocurrencies are the future not only of trading but also of gambling. Right now, you can already play many games online and place a bet using cryptocurrency. In the future, you can expect more variety and even more well-developed games for you to enjoy. Invest in your gambling experience and make sure you are ready for the gambling revolution that is about to happen.