Perks of Gambling with Cryptocurrency

Crypto is the new buzzword on everyone's lips. While it has been around for more than a decade now and has endured mostly ridicule, it seems to be standing the test of time and is here to stay.

Cryptocurrencies are digital assets based on blockchain technology, which uses cryptography to record, track and store information about transactions made across a vast network of multiple computers. Cryptocurrencies exist digitally or virtually only and are not regulated by any central authorities or banking systems, like traditional fiat-based legal tender.

In the new age of information and technology, most industries have adopted some form of cryptocurrency or blockchain technology to their advantage. The gambling industry is moving with the times and has also incorporated cryptocurrency to enhance the player experience and to provide ease of transacting.

The popularity of crypto gambling online sites has been on the increase, with anonymity being one of the biggest influencing reasons why users are leaning towards this form of gambling. There are hundreds of sites available and it can become overwhelming to choose. Once you have found a site that you like, there are several steps you will need to follow in order to start transacting with cryptocurrency.

Crypto Wallets

As with all types of currency, keeping it safe is the most important thing. The same applies to cryptocurrencies. Crypto assets are identified by a set of private keys and without these, you are not able to buy, sell or transact your digital assets. Being digital money does not keep it safe from theft, therefore you will need a wallet. A crypto wallet is a software program that stores your cryptocurrency keys safely and also allows you to transact with them.

It is essential to keep your private key information secure by using two-factor verification methods when setting up your wallet. Make sure that you run regular software updates, to ensure that the software program runs smoothly. Back up your wallet on a separate device or external storage device. Make sure that you use lengthy and complex passwords so that you can avoid hackers! Once you have your wallet set up and secured, you can fund it with your digital assets.

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Buying Digital Assets

In order to buy digital coins or assets, you will need to find a reputable broker or exchange platform such as, Binance, Bittrex, or Coinbase. It is perhaps safer to start off with buying Bitcoin, as most other digital coins are linked to Bitcoins value and to date have proved to be the most influential of all digital assets.

You will need to sign up and create an account at one of the exchange platforms, in order to buy digital coins. You will then be able to transfer them to your crypto wallet for safekeeping, by using your own unique wallet address to move your assets.

Depositing with Crypto

With a suitable site picked, crypto wallet ready and funded, head on to the casino cashier section and go through the options for cryptocurrency deposits. Once you have selected the currency of your choice, you will be provided with a wallet address for the site operator. By entering this information into your wallet and selecting the amount that you wish to use, you will be able to transfer funds to the online casino. In general, transactions are almost instant and should only take a few seconds, depending on the fee structure you have selected, which controls the transaction speed. Depending on the individual casino site that you have chosen, the funds reflected on your gambling account may be converted back to fiat currency.

How to play with cryptocurrency

Now that you have your gambling account loaded with a deposit, you are ready to start playing online casino games. Sites tend to vary in how cryptocurrency is used for gambling in different sections like slots or tables, so if you are unsure, then make sure that you check out the Terms and Conditions section on the specific site that you are using. Go to the lobby section and pick a game of your choice. Select a table and stakes level, then play as you normally would with a USD or fiat-based game.

One thing to keep in mind is the exchange rate between your digital coin and your local currency. When playing with digital currencies, it is easy to forget the exchange difference and you could quickly find yourself betting much higher stakes in reality. Make sure that you calculate the value of your stake before you start, to manage your bankroll efficiently during actual gameplay.

Withdrawing your winnings

Hopefully, this is something that you will need to do regularly! Head over to the casino cashier section and hit the withdrawal request button. All you need to do is enter the amount that you wish to withdraw and the particular cryptocurrency that you wish to receive your winnings in.

The casino site will ask for your own wallet address, once you have entered this, your transaction will be processed. Note that depending on the specific site, there may be a waiting period of up to 48 hours. So while the initial transaction is immediate, it might take a day or two for the funds to reflect in your wallet.

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Pros and Cons of using Cryptocurrency in online gambling

While there are always risks and rewards associated with anything in life, the perks of gambling with cryptocurrency seem to far outweigh the drawbacks.

  1. Anonymity – Many countries still outlaw gambling as a whole or have severe restrictions in place. By using crypto-based online casinos, you can now enjoy gambling in the comfort of your own home, safely and legally. The anonymity that using cryptocurrencies provides, allows players to safely gamble without detection. Blockchain technology ensures that transactions cannot be traced to a specific person, which provides that extra level of peace of mind and 100% confidentiality.
  2. Fraud or theft – Fraud is always a real concern in traditional casinos, but blockchain solves this problem. Cryptocurrency transactions do not require any of your personal information to be shared, so you are protected against identity theft. It is almost impossible to hack, which means that the casino itself cannot defraud you of your winnings, nor can anyone else rob you of them. Transactions are almost instantaneous and irreversible, they can also not be altered in any way.
  3. Convenience – Registration to an online gambling site is very straightforward, all you need is a cryptocurrency wallet and a valid email address.
  4. Cost-Effective – It can also be cost-saving, as many sites have hidden transaction fees or there are surcharges on debit or credit card payments imposed by banks. Digital asset transactions have a very low transaction fee structure and can be customized, depending on how fast you would like your transaction to be processed.
  5. Special Offers – Many sites offer specific promotions and sign-up bonuses for those who opt to use their digital assets as payment methods.
  6. Tax-Exempt – While many countries have started recognizing digital currencies as assets, taxation of them is still very much a grey area. If you are planning on using your digital currency for online gambling, it is advisable to read up on your local tax laws, pertaining to profits from digital asset transacting, but currently, it is mostly unregulated.

Despite the many obvious perks of using digital currency for online gambling, there are a few flaws, although there is a widespread belief that these are temporary.

  1. Volatility – Cryptocurrencies are notoriously volatile and while you may have a significant win at the online casino, cryptocurrency prices may have fluctuated so that your earning values have dropped.
  2. No governance – Although they are few and far between, there are some unlicensed casinos on the internet. Because cryptocurrency is wholly unregulated at the moment, this could end up costing you a lot if you encounter any problems whilst gambling online. There are few, if any, avenues that you could follow to hold unlicensed online gambling sites accountable for errors arising from cryptocurrency transactions. Best to do your homework and find reputable licensed sites, before you start depositing your digital assets.
  3. Non-Reversible – While in general, this is a good thing, cryptocurrency transactions cannot be reversed. So you will need to make certain that you enter all wallet addresses and currency amounts correctly before hitting the send button!

The best bet is…

Doing your research thoroughly, before starting your crypto-based online gambling experience, is your best bet to safely navigate all the possible rabbit holes that you could potentially fall into.

Making sure that you fully understand what cryptocurrencies are, how they work and the best tools to use when transacting, is essential before you start searching for an online gambling site that supports crypto deposits. Considering all the cons, the pros most definitely outweigh them, and armed with the correct information, you could well soon be loading your wallet with Bitcoin or Ethereum!

Currently, this is uncharted territory for most countries. A few governments have recently started putting regulations in place for cryptocurrencies, while many governments have also started adopting cryptocurrencies as legal tender or even developed their own cryptocurrency coins. It is of course completely illegal to send or receive cryptocurrency connected to illegal activities such as drug trafficking or arms deals, but this would be considered illegal when using traditional fiat currency too. Owning, trading, and investing in cryptocurrency is not illegal, although it is expected that most countries worldwide will start implementing some form of regulation in the future.

Losing your private keys is the equivalent of losing the key to your safe! Thankfully there are a few ways that you prevent this from happening. Secure storage is key here because, without your private keys, you will not be able to prove ownership of your digital assets or use them in any transactions. Never store your private keys on your mobile phone or computer if you have an unsecured internet connection. It is advisable to store them rather on an external storage device, USB memory stick, or better yet, write them down on a piece of paper and put them in a safety deposit box or home safe.

Currently, the answer is no, although many gambling sites have integrated cryptocurrency as an alternative payment method, not all have. Online gaming first appeared about 25 years ago and the industry has kept a steady pace with evolving technology, so it stands to reason that it is only a matter of time before the majority of online gambling sites provide the option to use digital coins as a payment method. The industry has also seen rapid growth in the last few years and is developing at a high-speed rate. Integrating cryptocurrency and blockchain technology is the next logical step to increasing their user base

In general, there are no specific laws regulating crypto-based gambling as of yet. More and more countries are viewing blockchain technology in a positive light, however, because cryptocurrency is not considered fiat currency or real money, the current laws governing the gambling industry are not yet applicable.

Any online gambling site will need to have a valid license in order to apply at a merchant bank for an account. They would need a traditional banking account to process fiat payments. Strictly speaking, when transacting with cryptocurrencies, no third-party regulatory institutions are involved, which would normally require such a gambling license to be presented. It would be possible then for online casinos that only make use of cryptocurrency as a payment method, to eliminate the necessity for the license altogether. Most sites however understand that transparency is key in retaining customers and use their license validity as a marketing tool.

CG

Chris Grand

Hi everyone, I’m a huge slots fan. I’ve been spinning for over a decade and have plenty of experience when it comes to slot machines. My other passion is writing, and I combine the two to give you clean and transparent guides and reviews that I hope you find helpful.