Cryptocurrency Gambling Explained: The Benefits of Crypto

Cryptocurrency is a hot trend in the world of online gambling, and online gambling itself seems to be a constantly evolving marketplace, with innovations around every corner. Whether they're adding new crash games or adding live dealer games, the market evolves with the times, but the core of what makes gambling so appealing will never go away. When crypto gambling joined the world, it breathed new life into the online gambling world because cryptocurrency-based gambling offers many things that weren't previously available - like the anonymity of gambling with cryptocurrency. The privacy cryptocurrency provides is just undeniable, and the security is also another reason crypto has tempted even the most traditionalist gamblers. As of today, cryptocurrency has become increasingly more mainstream, with cryptocurrency gambling growing more popular every day!

This article is going to discuss the basics of gambling with cryptocurrency, along with offering a betting guide and breaking down the advantages of gambling with crypto, along with any drawbacks you might face to help you make an informed decision and gamble safely and securely.

Cryptocurrency Gambling in a Nutshell

When it comes to gambling in general, the basic principles don't usually change too much. You put the money on the table, place a bet, and in return you'll receive rewards if you correctly predict the outcome. In cryptocurrency-based gambling, it's not much different, however, you're placing bets in cryptocurrency instead of fiat money. In addition to that, you'll receive rewards in cryptocurrency only. It’s up to you whether you want to hold those cryptocurrency tokens for price appreciation in the future, or convert them directly into fiat money via a crypto exchange. Cryptocurrency is a boundless way to exchange money with an intense focus on privacy, and many crypto casinos are hitting the market every day offering competitive bonuses, and special game collections.

To gamble with cryptocurrencies, you'll need to have an amount of crypto on hand, which could be Bitcoin or Ethereum, or another type of crypto. If you don't own any crypto assets, you'll need to select a reliable crypto exchange where you can purchase them. Once you've purchased crypto, you'll need to register for an account on a crypto-compatible platform. To register for an online gambling platform, you'll need to complete a usually fast and easy signup process.

Once you’ve registered, dive into any offered welcome bonuses and other benefits that are often used to attract new users. You may want to compare what each platform is offering before choosing the best one, which can be done oftentimes using helpful news articles. Some of the leading cryptocurrency casinos promote generous bonus boosts, like 1xBit and Bitstarz, just to name a few. It seems like there are countless platforms that are playable using crypto now. These platforms offer sports betting, live casino gambling, slot games, and popular table and card games like poker, blackjack and roulette. As you win while playing, you can transfer your funds directly to your crypto wallet. You can use your cryptocurrency to place more bets or exchange them for fiat currency via a crypto exchange. As you make these exchanges, it'll become even clearer just how easy withdrawals and deposits can be with this unusual payment method, as crypto is seamless and simple.

Bitcoin Gambling

If you don't know anything about cryptocurrency, you probably at least have heard the term Bitcoin in passing. Of all of the coins, it's the oldest cryptocurrency with the largest base of users. The reason Bitcoin is commonly accepted for cryptocurrency is because of its proven longevity, and some users aren't even aware there are other coin options besides Bitcoin. If you choose to gamble with Bitcoin, you'll notice the premise is the same as gambling with cryptocurrency in general. However, some sites are specifically designed for Bitcoin gambling, and accept Bitcoin only for placing bets. Some sites accept a whole range of cryptocurrency options like Bitcoin Cash, Ethereum, and Litecoin.

Why Do People Love Crypto?

While cryptocurrency itself is a bit polarizing, there's a huge base of users who just love it, and there are a lot of different factors as to why someone may love crypto, especially if they're a regular online gambler. One of those reasons is privacy, which has always been a major concern in the online gambling world. Privacy is also a primary focus with blockchain related technology, and cryptocurrency allows for financial transactions without having to involve any third parties except for you and the blockchain. This makes cryptocurrency an unparalleled option for privacy concerned players, and made it an obvious choice for the online gambling industry. Of course, privacy is nothing without security, and luckily it’s nearly impossible to hack blockchain data.

Cryptocurrency provides amazing security for all worldwide transactions. While security breaches and fraud is always a possbility egardless of what payment method you use, blockchain remains one of the most secure technology-based options for protecting your money. Crypto transactions are also considered borderless and occur in a peer-to-peer environment. There are no intermediaries who will need to approve your transactions, making them often speedier and easier than any traditional transaction options, which is ideal for many. The reason crypto is anonymous is because users are represented as alphanumeric addresses on the blockchain, so all user’s real identities are kept a secret. You can conduct financial transactions world wide, making it an ideal tool for gambling. Your transactions are private, borderless, secure and anonymous, and if that wasn't enough to provide the value of cryptocurrency, most payments are so fast they're practically settled in real-time. Withdrawal times especially can be a troubling topic while picking an online casino, as some platforms take a long time to pay out withdrawals especially when you use traditional payment methods, but cryptocurrency withdrawals are as speedy as they get.

Tips for Cryptocurrency Gambling

So you've decided to gamble with crypto! Well, there are a few things you should know before you get started. Betting with crypto can be a bit more complex than regular betting, because of the nature of the fluctuating value of said currencies, but if you follow some basic tips you can wager without troubles.

The first step seems rudimentary but is absolutely necessary. Just like betting with fiat payment methods, you should establish a financial limitation beforehand. Budgeting can prevent any excessive spending. Set a monthly or weekly gambling budget, and ensure you are financially stable if you lose all of the money. While you may not actually lose all of your money, it’s better to be prepared and adhere to your budget as if you cannot spare an extra dime.

Another hot tip is to take advantage of demo mode. Many games are available to play in demo mode, and they can offer simple invaluable information. Start off with playing in demo mode, and readily move to playing the games with low stakes. As you feel more confident in your understanding of the game, you can increase betting amounts as you gain more knowledge. While you're at it, check if the site you've chosen to play on has any welcome promotions you can use to prolong your gambling session. Many sites offer promotions, sometimes daily, or weekly, which can help you squeeze extra value out of your games. Some cryptocurrencies even offer staking rewards, which can stack extra income on top of your wins. Go ahead and choose casinos that offer these rewards through their loyalty or VIP program.

Naturally, before you do any of this, ensure the platform you use is properly licensed and follows all necessary regulatory processes. There's typically a lot to consider when it comes to cryptocurrency gambling and choosing an online betting platform, and your chances of winning are only one of many factors. Some sites are better than others, and you should also consider whether or not you're interested in sports betting, too. There are a lot of different sites designed purely for cryptocurrency or emphasize crypto gambling as part of the sites lucrative aspects. While choosing a crypto casino, consider the gambling options, their reputation, and the available withdrawal options. Here is a short list of popular cryptocurrency casinos!

BC.Game

This platform offers players a 360% deposit bonus, and no withdrawal limits.

Betpanda

This platform offers a 100% bonus valued up to 1 BTC, along with 10% weekly cashback and even a weekly free bet!

LuckyBlock Casino

This platform offers a 200% bonus along with 50 free spins.

Cloudbet

This casino awards 150 free spins pluys 30% rakeback.

Bitcoincasino.io

This platform awards an 100% bonus on your first deposit, valued up to 1,500 USDT.

Advantages of Crypto Gambling

There are many overwhelming advantages to choosing to gamble with cryptocurrency, along with a few cons to consider. The advantages are pretty obvious. Crypto is easy to use, and some of the world's top cryptocurrency based gambling platforms like BitStarz and 1xBit are considered amongst some of the easiest platforms to register on. There's usually a wide range of betting options, and cryptocurrency is often usable on all sorts of games, from basic table games to slots to live dealer games and sports gambling options.

While I've already discussed the unparalleled privacy and general anonymity of crypto, the fact this is not commonly found on a fiat-only platform is enough to motivate many players into trying this extremely popular form of gambling, and most top crypto casinos provide only the simplest transaction options

Of course, like gambling in general, cryptocurrency does come with some risks to consider. The most glaring example is cryptocurrency volatility. Crypto is a highly volatile asset, so the value of your gambling awards can fluctuate with the market value. Of course, this hasn't stopped the growth of cryptocurrencies like Bitcoin. Given this is an online currency, you also need to keep your eyes out for dubious crypto-gambling platforms that might be designed to mislead players, but becoming fully knowledgeable about online gambling can assist with that risk, along with sticking to playing only the most reputable online platforms. In addition to that, naturally, gambling comes with risks- that's why it’s called gambling- and just because it's cryptocurrency doesn't mean the risk factor is taken away. Just follow effective risk management strategies, and you should avoid these pitfalls.

While there are always natural risks to gambling, one thing is clear. Cryptocurrency is here to stay, and so is cryptocurrency based gambling. Players love the secure, and anonymous aspects of cryptocurrency gambling, and many platforms offer massive boosts for folks who decide to make transactions using crypto. When weighing the risks, as long as you choose a reputable platform and understand the nature of crypto, it's a safe bet- and these Crytpo platforms are guaranteed entertainment!