Cryptocurrencies have caused a huge shift in the global financial market, but could they also affect the way that we gamble?
The rise of cryptocurrencies as a payment method has occurred at the same time that online gambling has become extremely popular, and this means that the two could be closely linked in the future.
The Benefits of Gambling with Cryptocurrencies
The use of cryptocurrencies in casinos makes sense for a number of reasons. For a start, this is one of the safest methods of moving money around the world, so you’ll feel comfortable about funding your account and then when the time comes to cash out any winnings.
By using Bitcoin, Litecoin, or one of the other popular forms of digital money, you don’t need to link your gambling account to your main account. This means that crypto gambling removes the risk of your bank account details falling into the wrong hands, which is a fear that exists when you fund anything directly from the account where you receive your wages.
Since the blockchain is so secure and virtually anonymous, there’s no risk of anyone using your account to access your funds. All you need to do is keep your key safe, so you can start betting without any worries. Even if someone sees your wallet address, there’s nothing that they can do with this information to harm you.
As well as being private, cryptocurrencies also give you fast transactions with low fees. You won’t be waiting around for your money to go through, and you won’t see a big chunk taken off before it arrives. This combination of speed, low cost, and convenience makes it ideal for using to gamble online.
What Are the Risks?
As with anything in life, there are some risks to gambling with cryptocurrencies. The main issue to bear in mind with this type of digital money is that the price tends to be highly volatile. While this makes them an interesting type of investment with a high potential for returns, it means that your coins may gain or lose value as you gamble.
Let’s imagine that you transfer $100 in Bitcoin to your account but the price rises before you start gambling. You’ll have made money on it without doing anything. However, the opposite can also happen and you could lose money through volatility in the markets.
So you could win on your bets but still lose money due to the changing value of the currency that you use. Or you could lose your wagers but still, make a profit due to the underlying price increases since you made the purchase.
As with any type of gambling, you need to be sure to only wager money that you can afford to lose. The fact that you transfer money from a cryptocurrency wallet to a gambling account should make it easier to do this.
Having said that, perhaps you run the risk of not seeing the true value of what you’re gambling with once it’s been converted from fiat money into a cryptocurrency. It’s important that you remember that you’re playing with real money even if it’s a cryptocurrency that’s sitting in your account.
How to Get Started
The good news is that you can get started on this very easily. The first step is to look for a gambling site that accepts the cryptocurrency you plan to use. There are now several casinos and sportsbooks that let you gamble with digital currencies, so it shouldn’t take you too long.
Be sure to check for any bonuses they offer to their players who use cryptocurrencies, which are sometimes offered in addition to the normal welcome offer that’s available to all of their new players. This gives you a great start and can make your funds stretch further than they otherwise would, letting you place more bets for the same amount of money.
Choose the cryptocurrency you want to use when setting up a banking method, and then follow the instructions for adding funds. You just need to send money to the site you’re using, and the site will tell you the wallet to send it to when you do this.
If you rack up some winnings, you can take them out using the same method, and it’s just as fast to do this as it is to deposit. This means that you choose to cash out any time you want to and won’t be left hanging on for the money.
The use of cryptocurrencies has helped make online gambling even more accessible. However, it’s also worth bearing in mind that more traditional payment methods such as bank transfers and cards are also still accepted by most sites. This means that you can make the switch to cryptocurrencies when it suits you or simply carry on as before.
Phoneia.com (August 1, 2022). Will Cryptocurrency Change the Way We Gamble?. Recovered from https://phoneia.com/en/will-cryptocurrency-change-the-way-we-gamble/