Cryptocurrency and Online Gambling: Ushering the New Age of Virtual Gaming

June 09

It has not taken long for cryptocurrency to make major steps in the global financial world - nine years to be exact since Satoshi Nakamoto introduced Bitcoin. Now, it is widely accepted as a legal medium of exchange by businesses and establishments all over the world. This includes the online gambling industry in major countries across the globe. But why so?

Why is Bitcoin Becoming Used All Over the World?

While its importance and potential were by and large, recognized only by the insular community, its practicality as a way to make purchases and exchanging funds online is becoming increasingly unmistakable, perhaps because the asset’s decentralized type facilitates financial transactions over the Internet anonymously.

The gambling world is consistently benefiting the most from this occurrence, especially now that more online casinos are beginning to accept Bitcoin for both deposits and withdrawals. This is especially true because a lot of gambling enthusiasts who previously were restricted by laws in their jurisdiction and conservatives who don’t own bank accounts now possess an alternate payment method to use when registering to play in online casinos.

This payment method not only works efficiently but also discreetly. Even though a lot of sites are yet to accept the cryptocurrency as a payment option, this number is decreasing by the minute as more businesses are slowly coming around to utilizing Bitcoin as a payment method into their systems.

If you don’t want to get left behind with all these technological advancements that are making waves in the financial sector, here is basic information to brush up on, on how to use cryptocurrency when making transactions to fund your gambling endeavors.

How to Make Bitcoin Deposits

To make deposits for your gambling sessions, you first need to have a wallet for your Bitcoin. Getting a Bitcoin wallet is a fairly simple process, as there are many websites that can provide you with this vital resource at the mere click of a button. The most popular Bitcoin wallets include Circle and Coinbase, and the benefit these tout is they not only offer you a protected place to keep your Bitcoin in but also give you a platform to trade cryptocurrencies.

After loading the exact amount of Bitcoin to your wallet, which you do by exchanging your dollars or whatever currency you prefer, to the value of Bitcoin, you can utilize it to make deposits at online casinos that accept the cryptocurrency. You only have to log in to your registered account and head straight to the cashier point where the Bitcoin option is listed as a deposit method. You’ll then be given a Bitcoin address to which you make the deposit in.

Oftentimes, the address is a unique 30 character long statement that is comprised of both letters and numbers, and you can take funds from your wallet and deposit these to the given address. The transaction commonly takes a few minutes to finish, and you’ll have your funds deposited into your account at the online casino. Now, are you ready for some gambling action?

Before you start getting in on all the action, you may be wondering why Bitcoin or other cryptocurrencies are now gaining popularity amongst online gambling sites. Read on below to learn why!

Why You Should Use Bitcoin For Online Gambling

Unless you just came out from under a rock, then making use of cryptocurrency may not seem all that awkward considering that it has been going around for almost a decade now. Its longevity in the market is primarily because of the many benefits cryptocurrency has over other traditional payment means such as bank wires or even using credit cards to get resources for your gambling sessions. Additionally, recent research supports Bitcoin in the battle against traditional banking.

First of all, payments made with the use of Bitcoin are unknown and not easily, if at all, traceable, compared to other payment methods. Considering that new Bitcoin address is made every time you want to make a transaction and that no personal details are linked to the address, relating a transaction to an individual is next to impossible. No one can link such transactions with your person unless you use the same Bitcoin address often. Therefore, if you are looking to keep your identity a secret and not leave a paper trail when it comes to your gambling activities, then using the cryptocurrency is something you should seriously consider when gambling online.

Next, gambling is forbidden in a lot of states and using real cash or credit cards to pay for your gambling activities in those areas is not accepted. However, there is a loophole to elude such restrictions and that is using virtual currency. Many casino establishments have established online sites that function freely in states where gambling is restricted, mainly because, unlike conventional currencies that are regulated, no central bank in the world has control over the Bitcoin transactions. In addition, the transaction expenses for cryptocurrencies are next nominal, which makes it a viable option to fund your gambling sessions.

And finally, making use of cryptocurrency makes for quick payments that are usually completed in a matter of minutes compared to credit card payments or even bank transfers that usually take longer to process. With Bitcoin, once the transaction is confirmed, the payment is mirrored in your account in a jiffy, and you can start enjoying your game of choice in no time!

After talking about some of the benefits of using cryptocurrency to fund your online gambling activities, you may be asking if there are downsides to it. The answer lies in the section below.

Pros and Cons of Using Cryptocurrency for Online Gambling

There are different pros and cons for using cryptocurrency in gambling online, so putting them together should help you decide whether this is for you or not.

Here’s a look at the main pros and cons to consider.

Pros

  • Your personal information is kept secure and virtually inaccessible via the blockchain
  • You gain access to provably fair gambling
  • Streamlined transactions

Cons

  • The value of cryptocurrencies fluctuate
  • You may have to play on a few different sites to get all of the games you’d like to play
  • Future laws and regulations may soon hinder or even restrict the use of crypto in online gambling

When discussing online gambling, the pros and cons really rely on the player’s needs and preferences. There are a vast number of different opinions and arguments for and against both cryptocurrency and online gambling as separate entities, so you might think that fact alone could bring a storm of negative consequences. But the reality is that in a lot of ways, online gambling is safer when you go at it with cryptocurrency.

No, it is by no means a perfect avenue; sites could go down, and owning cryptocurrency, in general, is almost always a gamble, but in terms of the protection of your identity, personal information, and bank account, online gambling with cryptocurrency is a bet that you should take.

If you do not currently own cryptocurrency, do not go all in! Try exchanging a small amount and use that on your chosen gambling site to see if it works or if you are comfortable with it. Additionally, practicing responsible gambling is easiest if you only have a small amount of cryptocurrency to play with.

It may not essentially feel like you’re gambling with “real” money that you are used to when you’re getting the funds from your digital wallet and not your bank account. However, it’s crucial to always bear in mind that you are gambling with your hard-earned money and thus, you should treat it the same way as you would if you were spending physical cash.

Kinds of Gambling You Can Access with Cryptocurrency

Most kinds of gambling that are accessible online with the use of traditional currency are also available using cryptocurrency. They’re not all available in one site, so you might need to go visit different sites, but you’re not going to “miss out” on anything if you choose to gamble online with cryptocurrency compared to fiat currency.

Your usual online casino games are still there waiting to be played by you, and some are even safer through this thing called provably fair gambling.

The biggest issue or problem when gambling in an online casino with cryptocurrency is that your preferred or most frequented games may be split up between a few different sites, and it may take you some time to get used to that.

But if you are dead serious about wanting to give it a try, you shouldn’t let this hinder you from doing so

Sports fans and gamblers will be delighted to learn that there are lots of established and trustworthy sites that cover the sports they love to bet on and accept cryptocurrency. Football betting, soccer betting, horse racing betting, tennis betting, cricket betting…you name it, and you can possibly find a site that let you bet on it.

Other forms of online gambling available with cryptocurrency include Poker, Bingo, Esports betting, and daily fantasy sports.

Once again, try to remember, all the same benefits and drawbacks of using cryptocurrency versus traditional currency are applicable here no matter what kind of gambling you partake in.

Useful Tips for Online Gambling with the Use of Cryptocurrency

Although cryptocurrency gives you an added layer of protection against identity theft, it’s still crucial that you remain on your toes when playing on an online gambling site.

If you happen to land on a scam site or a site that just looks off or shady for one reason or another, don’t freak out. Withdraw your winnings if you still can and quickly move on to another site that you know is upright and reliable.

If you haven’t encountered any problems, you should still remain wary by withdrawing your winnings each day before you leave the site. And remember, those who play with cryptocurrency always have to remember that its value is fluctuating by the hour. So don’t hesitate to withdraw your crypto-winnings because you never know what the next day will be like for its value.

You should always think about converting some of your payouts back to your country’s regulated currency. Make sure that if your country has regulations and laws that deal with cryptocurrency or gambling online, that you abide by them to the best of your ability. Breaking any regulation would put you at substantial risk of potential legal troubles, and trust us when we say that no game or bet is ever worth going to jail for.

The Bottom Line

The online gambling industry is always on the lookout for the next big thing when it comes to innovations, and it would be a mistake to not incorporate cryptocurrency into their payment systems. In fact, more and more people prefer to deal with it.

It isn’t overbearing to claim that online casinos are really benefiting from the use of cryptocurrencies today. It is safe to say that they really are a perfect match for one another. Online casinos have been growing in popularity in the past few years, especially with the advent of mobiles and tablets, and cryptocurrencies have also seen a very identical increase in a more general market.

The reality is, bank transfers, credit cards and debit cards are not meant to be used the way they are now. Slow, costly, and oftentimes particularly ineffective, these elements say a lot about how old-fashioned fiat currencies have the tendency to weigh an online casino down.

However, digital currencies such as Bitcoin are products of the digital age and are ideal to the online casino industry. Therefore, they are a near perfect solution for online gambling platforms. Cryptocurrency has really taken online gameplay to the next level and is used to avoid various loopholes.

As a matter of fact, virtual currencies are slowly taking the place of traditional currencies and soon enough, we will see more and more casinos supporting, accepting and promoting them to their clients.