Things You Need to Know About Gambling With Cryptocurrencies
The past few years have shown just how much potential cryptocurrencies have. They have gained an insane amount of traction in seemingly no time at all. Due to their increasing popularity and demand, they are now included as a payment option across a variety of online business platforms. Online casinos have been some of the quickest to realize the potential of this type of currency and to adopt it as a recognized form of payment. With the prevalence of crypto-casinos on the rise, one would expect more gamblers to be using digital currency. This is not the case, and it is largely due to misinformation and a lack of reliable resources. We are here to rectify this issue. If you want to know more about gambling with crypto, you’ve come to the right place.
Crypto Casinos vs. Regular Online Casinos
At the very core of it all, the main difference between these two is the currency accepted as payment in order for you to load your funds to the platform and your options with which to cash out your payouts. Digital currency has quite a few benefits to you as the user, which is why some of the best gambling sites are making the switch. For example, conventional currency can take anything from a few hours to several days for a withdrawal to be processed. This can be very annoying and even stressful, as you don’t actually know when you are going to get your money back. When going digital, your payouts are immediate. How is this possible? Simple. There is no need for banks to process payments and for them to clear funds. Traditional payment methods require you to verify your identity, which is uncomfortable, as a lot of people who gamble online would rather stay anonymous at all times. Trading with crypto means that you can stay anonymous as transactions are not linked to your identity.
Is It Legal?
This is a bit of a tricky one to answer because there isn’t an official answer. The general consensus is that it’s fine unless explicitly stated otherwise. Here are a few essential aspects you need to understand about it first.
As of the time of writing this article, there are no specific laws that regulate crypto gambling. This is because, in most parts of the world, cryptocurrencies are neither officially allowed nor explicitly prohibited. This is what causes some to feel a great deal of discomfort when approaching the topic of crypto. This simply means that crypto is unregulated by government policy, not that it is illegal.
With this in mind, the attitude towards the use of cryptocurrency is different from country to country. Some are optimistic about it and see it as the future of currency, while others do not allow the use of it in the public domain at all.
The next point of interest is licensing. How does something that falls into this gray area licensable? There are a few gambling jurisdictions that offer licenses to these sorts of casinos. If the online casino is following the rules and regulations of the jurisdiction it has chosen to register with, then it is a legally operating entity.
How Can You Get In on The Action?
Easy! They feature all of the usual games, including table games like poker and blackjack, slots, and even some sports betting. The difference comes in with depositing and withdrawing funds. Here’s what you need to do in three easy to follow steps:
1 – Pick a Cryptocurrency
As per usual, you need to cash in some funds in your currency of choice before playing. Make sure to choose wisely. Some currencies are not accepted, so if you are a beginner go for the big names like Ethereum, or Bitcoin. They are more widespread, so the likelihood of them being accepted is way higher.
2 – Get a Virtual Wallet For Your Crypto
It is important that you do your own research. Make sure that you register with a reputable service. Different service providers offer different benefits. For example, Coinbase comes with a crypto-exchange service that allows you to quickly exchange standard currency for crypto and vice versa. Without a virtual wallet, you are unable to trade and store crypto.
3 – Make a Deposit
You’ve done all of the hard stuff at this point. Now all that’s left to do is to wire your crypto to your gambling account and play. It’s that easy. When you want to payout your winnings, you simply deposit it back into your crypto wallet, and you can exchange it for your local currency.
As you can see, crypto gambling is quite simple. Once you can get your head around crypto, the rest is easy. It really is the way of the future.