What is crypto gambling and why play in crypto casinos?
When cryptocurrencies like Bitcoin, Litecoin, and others were first introduced, the practice of “crypto gambling,” or gambling using digital currencies, began.
Table of Contents:
- How did Crypto Gambling Started?
- What are the Advantages of Crypto Gambling?
- Crypto Gambling Disadvantages
- Advice to Crypto Gambling Newbies
How did Crypto Gambling Started?
According to Wikipedia, gambling is defined as “the act of staking or wagering something of value on a random event with the hope of gain.”
Many people might be pleasantly surprised to discover that the oldest known evidence of gambling dates back to the Paleolithic era, aka Prehistory.
Since hope and the expectation of gain are cornerstone pieces of the human experience, the concept of gambling became integrated into human lives in one form or another, but the legality of the practice has varied with time depending on customs, morals, and context.
Gambling has outgrown its faraway beginnings and evolved into a global industry valued at billions of dollars that innovate continually by incorporating the latest in technology, like the addition of cryptocurrencies as a payment method.
Crypto gambling made a revolution in the wagering industry by offering these novel deposit methods and other advantages that regular casinos could not offer to their clients anymore due to the present-day introduction of tight regulations by governments and gambling associations.
What are the Advantages of Crypto Gambling?
There is no significant difference between betting with Bitcoin and betting with a conventional currency.
However, the use of cryptocurrency in wagering offers a number of benefits, for both the user and the online casino. Let’s explore some of them:
Cryptocurrency is decentralized. Basically, there is no governing agency in place that controls the cryptocurrency payments system. As a result, you will always have access to your money.
No government, agency, or other individual has the power to limit transactions and freeze your account.
The cryptocurrency payment method eliminates the need for the player to provide the casino with detailed information. To process your payment, most cryptocurrency casino operators will only ask for your bitcoin or litecoin wallet address. Your bank account information was never requested, so it is safe even if your cryptocurrency wallet were to end up being compromised.
Takes Away Exorbitant Payment Fees
The crypto payment option does away with all the bank’s and financial institutions’ exorbitant fees because there is no third party involved.
Knowing that there are no additional fees for the bet, players are enabled to place better bets without having to be concerned about suffering a significant financial loss as a consequence of the betting process.
Online gambling businesses can process player payouts more affordably thanks to the cryptocurrency payment method.
Reduced Payment Processing Time
Cryptocurrency transactions can be completed almost instantly. For other methods, like using intermediary Banks and Credit Cards, processing a transaction could take hours or even days.
One reason you might have to wait to receive your funds is if there is a network delay, and even then, it usually only lasts a few hours at most.
Another explanation for why a transaction, like a withdrawal, could take more than a few minutes to complete is that the casino is taking the necessary time to approve the request. Using local currency or cryptocurrency has been a standard policy for many online platforms to allow transactions beyond a certain amount.
Without geographical restrictions
Certain payment methods will limit deposits to online casinos based in specific countries. On the other hand, it is possible that a casino does not accept the payment methods or currency that are available in some other countries.
There are also some nations where playing online casino games is prohibited, despite the fact that an overseas gambling site will still accept bets from the players in those nations.
All of these issues are avoided by using cryptocurrency gambling, which also enables users to participate in games wherever they are.
In order to ensure fairness and transparency in every game, bitcoin casinos incorporate encryption technology. You will see an MD5 code before you wager, which will let you confirm that the outcome of your wager was random and did not undergo any manipulation after the fact. This approach is known as a provably fair game.
The blockchain also makes the information of online casino sites evident. You can find out if the platform where you deposit money has the financial resources to pay out the winners.
Crypto Gambling Disadvantages
There are very few cryptocurrency downsides to consider, here are the two most significant:
When betting with Bitcoin or any other cryptocurrency, it’s important to keep in mind that their value is volatile. The reason why you should keep this in mind when depositing and withdrawing the coins is that their price may suddenly change up or down, leaving you to deal with another, entirely different kind of gamble.
Cryptocurrency has increased its popularity and its market cap grew until reaching a maximum of over 2 trillion, but its use has not spread to all of the world’s population yet.
In fact, the majority of people have never possessed any cryptocurrency and even fewer have ever used it to complete a transaction of any kind.
Although it is not difficult to use, the crypto wallet use methodology is not user-friendly enough for the common people yet and makes many feel intimidated and hesitant to give it a try.
Advice to Crypto Gambling Newbies
Here is some useful advice before you start your journey in crypto gambling. Hopefully, these pointers will aid you in making the best wagering choices possible:
- Establish a game budget and stick to it. By doing this, you’ll eliminate the risk of losing more money than you can afford to lose.
- Gamble only on games you are familiar with when using cryptocurrency.
- Consider your options before betting so that you don’t let your emotions control you while you play.
- Last but not least, keep in mind to have fun while betting on your favorite games, and enjoy all the advantages that betting with cryptocurrency offers to you too.
In the world today, crypto gambling is becoming more and more common among casino players.
More than ever, cryptocurrency payment methods are expected to become increasingly popular in the betting industry.
So, don’t wait; join the fun and excitement now, by clicking the button below
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