In recent years, cryptocurrencies such as Bitcoin, Ethereum, and many more have gained tremendous traction. People all over the world have started realising the benefits and potential of using digital currencies. This increase in popularity has made many gambling sites adopt it as a method of payment across several online platforms.
Among the different internet-based businesses, online gambling sites and casinos have been the fastest to adopt digital currency or cryptocurrency. Though the number of crypto-supported casinos is constantly on the rise, many interested and seasoned gamblers are still unaware of how the cryptocurrency blockchain works and how bets can be placed online using crypto.
This article answers the most commonly asked questions about crypto gambling. Read on to find out more about it:
What is Crypto Gambling?
Crypto or cryptocurrency gambling works in the same way as regular gambling. The only difference is the currency used to load the deposits and cash out payouts. With crypto coins, there is a basket of additional benefits that attract most gamblers once they learn about them.
For example, if a player gambles using traditional fiat currency, it usually takes more than 24 hours to process withdrawals. Sometimes, the waiting time may extend to more than seven working days. Additionally, traditional payment methods such as credit cards or bank transfers require individual verification before players start playing. Crypto gambling, however, solves these problems as the processes of gambling and transactions are completely anonymous since the player’s identity is not linked to gambling and transactions.
How Can You Start Gambling with Cryptocurrency?
Cryptocurrency casinos offer traditional online fiat-based casino games such as table games, slot machines, and certain sports betting events. Since the transactions are processed instantly, it enhances the gambling experience because the waiting time for the players is almost negligible. However, to start gambling with cryptocurrency, the players need to learn to deposit and withdraw their funds in digital currency. Here is how to do it:
- Choose a preferred cryptocurrency
To start playing casino games, one needs to cash in funds in the cryptocurrency supported by the gambling site. Most casinos support the major cryptocurrencies such as Bitcoin, Ethereum, and Litecoin, and there are high chances that these are allowed in every digital casino available in the industry.
- Create a cryptocurrency virtual wallet
Like fiat currencies, crypto can never be transferred from one personal bank account to another without passing through a crypto wallet. Players first need to choose a reliable crypto wallet and create an account to buy instantly, exchange, store, and sell standard fiat currency for cryptocurrency.
- Deposit funds in a crypto casino
Once the digital currency is bought and stored in a crypto wallet, one can use it instantly to transfer funds into the crypto gambling account to start gambling. One may deposit as much as needed to gamble and choose the preferred games to play. Similarly, to withdraw the winnings, one can subsequently and instantly withdraw their payout using a crypto wallet. Once the payouts have been withdrawn, they can be easily converted to standard fiat money.
Is It Legal to Gamble Online Using Cryptocurrency?
Even in 2021, there are no clear answers to the questions on the use of digital currency for gambling in many parts of the world. However, certain fundamental factors that one must know to understand more about online crypto gambling and betting are as follows:
No particular laws regulate crypto gambling since most crypto coins are neither explicitly prohibited nor officially allowed.
The attitude or rationale behind the use of cryptocurrencies significantly varies from country to country. Some are extremely optimistic about its use and see it as the next monetary denomination, while others neither encourage nor allow the use of digital money.
A few crypto gambling jurisdictions offer valid licenses to crypto casino. The jurisdiction includes the licensing body of the Curacao government and the most popular United Kingdom Gambling Commission. The legislative bodies are responsible for monitoring and controlling crypto gambling operations in licensed casinos. Online casinos are allowed to operate if they abide by the rules and regulations laid down by the jurisdiction.
Future Scope of Crypto Gambling
Real fiat currency is used and exchanged regularly in online casinos – funds are deposited and the crypto winnings or payouts are withdrawn. The many benefits of gambling with cryptocurrencies have made it increasingly popular. Its ability to allow quick transactions makes it an obvious choice for the casinos to include crypto as a payment method for all casino games.
There is no denying that cryptocurrency gained popularity in the shortest time period and it is here to stay. There are additional incentives and bonuses for players in terms of playing crypto games with high security, which is usually lacking in regular casino games.
To sum up, crypto gambling is the present and the future because it comes with a fast and simple option for payments and transactions. However, players must remember that cashing out or depositing crypto coins is slightly different from bank transfers and credit cards. Casinos often emphasize the steps to follow to deposit and withdraw crypto in just a few seconds. Ever since cryptocurrencies were released in the gambling industry, they have also had a massive breakthrough in other industries. Online casinos have gently embraced the new trend and named it cryptocurrency gambling.