What is crypto gambling?
Before going deep into crypto gambling, we need to define exactly what crypto gambling means. Let’s begin with the word “crypto”. Cryptos (short for cryptocurrencies) are digital assets that are specifically designed as a form of exchange. All “coins” are stored in a ledger database that uses cryptography to secure all the transactions. Cryptos are not in physical form (like paper money) and they are not issued by a central authority. Bitcoin is the first decentralised crypto currency ever created. So, let’s move on to “gambling”.
When someone says they “gamble” it simply means that they are using money (in whatever form, crypto or fiat) to do so, with the intent of winning money or other goods. “Crypto gambling” means that players use cryptocurrencies to gamble. The goal is to provide gamblers with a unique form of gaming. Cryptos have changed the way online casinos and gambling sites operate, and come with many benefits. Cryptocurrency sites have two subdivisions; the sites that are crypto-only and the ones that offer the option of using cryptos or not. You must always pay attention to the websites you visit to gamble with your crypto, as most crypto gamblers end up losing their digital coins not because the bet went wrong, but because they did not pay attention to the betting platform.
A good way to choose a vetted crypto gambling site is to visit www.bestcryptogamblingsites.com where you can find numerous trusted gambling sites. Thanks to the internet, online crypto gambling is now very fast and efficient. More and more sites are not offering crypto benefits, offers and promotions, in order to attract more players and users. You also need to know that the way of withdrawing or depositing your crypto coin differs from traditional cards or e-wallets. The gambling site often highlights the steps needed to complete these steps.
Blockchain: What is it
Blockchain has been around since 2008 and has been used for many things ever since. It was introduced when Bitcoin came to life, as a platform of where the peer-to-peer transactions would be held. Decentralisation is what has enabled users of the blockchain to take control of their own affairs, as no government or bank operate it.
Privacy is the second most important element the blockchain provides players as there is no personal information needed. Also, anyone can become a miner of crypto, thus making extra money. Online casinos have taken advantage of blockchain for the reasons we mentioned earlier. Using cryptos when gambling not only comes with great bonus offers and promotions, but also with 100% privacy and anonymity. That is what gamblers nowadays are looking for.
Full security and no prying eyes looking over their every online move. One thing that makes us a little bit sceptical though is that websites that do not register players cannot be sure if the person is underage, thus forming a big problem. A “cryptocurrency user” is a natural person or a legal entity who obtains coins in order to use them to purchase goods or services, to make P2P payments or to hold them for investment purposes.
Gambling with crypto
Gambling with crypto than fiat comes with a lot of benefits, like: your deposits can be received with no possibility of “freezing”, the transactions are available 24/7, 365, with no holiday breaks, there is full confidentiality, plus you can send cryptos directly from your crypto wallet (no third parties needed).
Online casinos that accept crypto offer amazing games for all the crypto enthusiasts and provide features that have never been seen in land casinos or fiat ones. We can all agree that crypto totally changed the gambling industry and is here to stay. Cryptocurrencies, can be bought with traditional money and can be used for both digital and real good and services.
Most common used cryptos in gambling
Now let’s talk about the cryptos you can use when you wish to gamble with cryptos. The largest and most popular cryptocurrency out there is the Bitcoin, with a market capitalisation of more than $1 trillion. Bitcoin is the most used crypto in online gambling, not only because it is so popular, but because Bitcoin casinos offer great prizes to those who use it.
As the crypto world evolves, so do the online crypto casinos. That is why, most of them, if not all, today also accept Ethereum, Bitcoin cash, Litecoin, Dogecoin, Monero, Ripple and other popular crypto currencies, to make your gambling experience even better! Using cryptos for gambling payments can be difficult, if you are a new time crypto player, but can be very convenient for high stake players.
You can literally play any casino game you want in online crypto casinos. From slots, to table games, to live dealer games, to even sports! Just choose the one that suits your needs, check out the offers and promotions, if the casino is licenced and accepts your favourite crypto, and you are good to go.
What are “Terms and Conditions”?
Terms and Conditions are probably the most boring thing you will ever have to read when gambling online, but these are in fact rules that apply to the money you can bet, deposit, withdraw at the specific site. You should go through the T&Cs carefully, because even if a casino or other crypto gambling site is safe, legal, secure and reliable, it might apply rules that are not in your favour.
With crypto currencies, companies have been able to fulfil every customer demand and will continue to do so. The freedom to do anything you want, have fun and make profits is a right every gambler has, but should be done responsibly.
Crypto gambling knows no geographical restrictions and is available for everyone. You just have to find the casino or betting site that accepts players from your country, or use a VPN to enter via a different, accepted one.
Blockchain and cryptocurrencies have been widely accepted, and are quite simple. It also has the potential of scaling even higher. So, what you need to know before engaging in any activities is that you should always make a research and find the information you need about cryptos or the gambling sites, and make sure you benefit from what you are offered.
If you are new to the crypto gambling world and wish to know more about it, you can start online, where you will find reviews, bonuses, “how to” articles, crypto gambling news and more!