By James John
Cryptocurrency gambling is here, and it’s about time, after all, who hasn’t dreamed of playing casino games on their favorite video game? If you’ve got a few Bitcoins and an hour to spare, check out these fun cryptocurrency gambling sites; you might just end up winning some cash.
Cryptocurrency gambling has arrived mainly because of the rise in popularity of online casinos that accept virtual currencies such as Bitcoin, by accepting cryptocurrencies instead of fiat money, online casino operators can attract a wider selection of players and there are plenty of other benefits as well: with cryptocurrency gaming sites, you don’t need to trust a third party like an online payment processor or a bank to safeguard your money or verify users’ accounts before allowing them to deposit funds or play certain games, instead, you handle these sensitive matters yourself through your wallet. But what does all this mean for the actual player?
What is cryptocurrency gambling?
Cryptocurrency gambling is the act of trading or investing in a cryptocurrency, usually, to make a profit, there are many types of cryptocurrency gambling and some of the most popular ones include:
- Forex or CFD cryptocurrency trading – This is the most common type of crypto gambling allowing traders to speculate on the rise or fall of certain cryptocurrencies against the US dollar or other fiat currencies- just like regular financial markets, cryptocurrencies can rise, fall, and fluctuate a lot and that’s why it is important to invest only a small percentage of your entire investment portfolio into forex or CFD trading.
- Altcoin or token gambling – This is similar to online gaming’s online slot machine and table games, you deposit real money into an online wallet and then play games with your winnings; some cryptocurrencies let you deposit, withdraw, and gamble with fiat money like a regular online casino, while others let you play only with cryptocurrency.
Why should you use cryptocurrency in your gambling?
There are many advantages to using cryptocurrencies to bet online; using cryptocurrencies offers better security than traditional online payment methods and by storing your cryptocurrency funds in a personal wallet, you have full control over your money without relying on a third party to safeguard your funds or verify users’ accounts- no one can seize your funds or take funds from your account if the casino goes bankrupt.
Another huge benefit of cryptocurrencies is liquidity- that means you can more easily withdraw funds from your wallet and play with it, if the casino allows only cryptocurrency withdrawals, you can easily cash out your winnings and if a particular game costs $100 in bitcoin but you only have $80 left in your wallet, you cannot simply withdraw the rest of the funds and play with them- instead, you have to wait until you reach $100 in bitcoin again.
Bitcoin as a casino currency
Bitcoin is a cryptocurrency created in 2009 by an unknown person with the alias Satoshi Nakamoto; it is the most popular digital currency used for online gambling, you can use bitcoin to play casino games, trade bitcoin for other cryptocurrencies and invest in bitcoin-based assets; the main advantage of using bitcoin for online gambling is that you don’t have to trust a third party to safeguard your funds or verify users’ accounts before allowing them to deposit funds or play certain games. Bitcoin also has the highest liquidity of all the popular cryptocurrencies, which means it’s easier to withdraw your funds from a bitcoin casino and use them in other ways.
