Monday, May 23, 2022

9 Things You Should Know Before Gambling with Crypto

Bitcoin, Ethereum, and other altcoins have gained so much traction over the past half a decade. Due to this, many establishments in almost all segments of the economy now accept cryptocurrencies. Gaming, which relies a lot on the efficacy of players’ payment methods, took a trailblazing role in adopting the technology. However, before you use crypto in any online casino, you should know a few things.

Gambling Rules Applying to Traditional Currencies Apply to Crypto Too

Many people now prefer gaming sites that accept crypto because such sites offer immense privacy. This attractive feature of cryptocurrency casinos invites gamers who want to escape legality, for one reason or the other.

Many players prefer crypto casinos over other online gambling sites because the former help them avoid troubling legal requirements. However, for every short cut crypto gambling affords you, it most likely exposes you to another liability. This is why it is essential to ensure that you play in a properly registered casino.

A Good Crypto Wallet is a Necessity

Before you embark on cryptocurrency or bitcoin gambling, know that a good wallet is necessary. A crypto wallet is a program or device that secures your cryptocurrency transactions using a set of public and private keys.

It is important to note that a cryptocurrency wallet is nothing close to your physical wallet. You do not get to carry it around as you would your leather wallet. However, it is almost irrecoverable if you misplace the keys and the recovery phrase. 

Therefore, ensure you back up your keys safely in a place only you can access.

Fund Your Wallet From Reputable Exchanges

Crypto casinos have apparent benefits that you will not experience with other platforms in the gambling industry. Crypto is digital-only, meaning it is better suited for the digital realm. A gambling site that accepts crypto expects you to have the coins to fund your account.

If you do not have the coins already, you can buy them from a cryptocurrency exchange. Ensure that the exchange you use is reputable. You can quickly get such information from the internet. And, because crypto is highly volatile, expect the exchange rate to fluctuate a lot.

Bitcoin Casinos are a Gray Area

While regulations governing online casinos are age-old, the same cannot be said about crypto casinos. Bodies that license gambling operations have not provided clear regulations regarding crypto gambling sites.

Because there are no comprehensive laws regulating crypto gambling, the practice is neither legal nor explicitly illegal. Besides, attitude towards and adoption of crypto varies from country to country. This situation notwithstanding, a few jurisdictions, such as the United Kingdom Gambling Commission and the Government of Curacao, now issue licenses to crypto casinos and take responsibility for regulating the operations of crypto gambling sites.

Online casinos in such jurisdictions that offer bitcoin casino games have to operate according to the rules and regulations laid down by those jurisdictions.

Crypto has a Checkered History

Because cryptocurrencies are used elaborately to make untraceable payments, it has a tainted history and a natural appeal to criminals. While this reputation is fading away and more online casinos accept cryptocurrencies as a payment method, a few sites are operating outside the norm.

Such casinos accept only bitcoin as a payment method. It would help to examine such establishments keenly before you transfer your money in the same way you do at regular casinos.

Bitcoin Transactions are Almost Instant

Because bitcoin is digital, its transfer happens at the speed of computer data. If a casino site handles your transaction online, the deposit should reflect instantly. However, this is not great news for people trying to tame their gambling.

Casino games such as blackjack can be fun, but always remember to play safe. Notably, avoid using bitcoin’s anonymity to evade blocks, exclusions, or restrictions on sports betting and crypto casino sites.

Know Your Transactional Cryptocurrencies

The blockchain space has produced thousands of cryptocurrencies for different purposes. A few of these, such as Bitcoin, Ethereum, Litecoin, Dogecoin, Ripple and Monero, are dependable enough for use in an online casino.

Overall, do your research and ensure the cryptocurrency you use to transact is not an exit scam.

All About Transaction Fees

Cryptocurrencies are fast and cheap to transfer. However, most online casino games are priced in regular currencies, and more often, you will need to convert your balance into regular cash to wager. Besides, cryptocurrency deposits may render you ineligible for certain offers, such as the welcome bonus, in some casinos.

Before you deposit funds into your account, determine the transactional costs, such as deposit and withdrawal fees, and ascertain if it makes sense to use cryptocurrency instead of regular money.

Problem Gambling is Real

Gambling addiction is a severe problem. However, problem gamblers live in the fallacy that their online activities may not haunt them in the real world. Instead, they think of the online realm as an escape from the real world of money responsibilities, such as bills, rent, and other duties.

This notion that these two spaces are separate could not be further from the truth. Cryptocurrencies compound this problem further because they are easy to spend. Take care to ensure the conveniences that these coins offer do not make you a statistic in the growing number of individuals suffering from gambling addiction.

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