Gambling with cryptocurrency is one of the most prevalent trends nowadays. Click here to learn how to do it and come out on top every time.
Gambling with cryptocurrency is the use of digital currencies like Litecoin, Ripple, and Bitcoin for gambling secured by cryptography. This technology allows exchanging cryptocurrencies without the need for a central office. Consequently, crypto coin transactions are quicker, more secure, and easier to make public.
The number of Bitcoin and altcoin transactions has increased, as has the number of online casinos that accept cryptocurrency (learn more about them at onlinecasinocrawler.com). Most online gambling venues accept digital currencies in addition to fiat currencies. Crypto casinos also offer PF (provably fair) games, which use similar blockchain technology hash functions.
Gambling With Cryptocurrency: Are Crypto Casinos Reliable?
Rogue online casinos were a problem for many players even before Bitcoin. An operator may be legitimate and run a casino for several weeks before closing the site down and taking everyone’s money.
Criminals can create fake crypto casinos by adding cryptocurrency to the mix, but they can disappear quickly and easily. Anonymous transactions are a common feature of almost all digital money used in online casinos.
For example, Bitcoin’s public digital ledger makes transactions transparent and traceable to specific wallet addresses. However, it cannot track the identity of its owner. If the recipient does not return the money, every transaction is irreversible. There is no way for any authority or office to reverse cryptocurrency transactions. You can check more information if you browse bitcoinrevolution.org.
So, how can one tell if a casino site is genuine and legitimate? The best place to start is to check the license the venue has on its website. Visit the regulation office to verify if they have an MGA or UKGC license. When it comes to gambling with cryptocurrency, another option is to look through trusted online casinos review sites that have a comment section in which players can report any rogue casinos.
Crypto Gambling: Provable Fairness (PF) Explained
Cryptocurrencies on gambling sites work just like real money in terms of winning bets. However, you can only withdraw and deposit the same currency. In other words, crypto gambling sites cannot allow you to exchange digital coins for fiat or altcoins. Here are some of the most popular crypto coins accepted by online casinos:
- Bitcoin (the most popular coin for gambling with cryptocurrency)
- Bitcoin Cash
Bitcoin (BTC), used on almost all crypto betting sites, is the most popular digital currency and has paved the way for other altcoins. Bitcoin’s popularity is due to its widespread acceptance in various online casinos and exchanges worldwide.
Different countries accept Bitcoin as payment, and some casinos accept BTC transactions because of their name recognition.
2. Bitcoin Cash
Bitcoin Cash (BCH) is readily accepted by the most popular crypto gambling sites simply because it has the word “Bitcoin” in its name. BCH originates in Bitcoin’s August 2018 hard fork to make BTC faster in online transactions. Additionally, BCH is a more accessible exchange currency than BTC due to its faster transactions.
When it comes to gambling with cryptocurrency, one should also mention Litecoin. LTC is a better altcoin than Bitcoin and was the first coin to improve on BTC’s features. Litecoin uses a similar code to BTC for decentralized transactions but has a faster processing speed.
Ethereum (ETH), a cryptocurrency known for its innovative contract network, is widely accepted by renowned crypto casinos. Smart contracts are programs or codes that buyers and sellers use to automatically release payments to those who meet certain conditions.
FunFair (FUN), an altcoin created for the online gambling market, is an alternative cryptocurrency derived from Ethereum.
Bitcoin transactions are visible to the public and traceable back to a specific address/wallet despite occurring anonymously. Monero (XMR), which uses Blockchain technology, offers greater privacy by using an obscured blockchain ledger.
Consequently, the transaction’s sender, recipient, and amount are not visible to the public. If players live in a region that’s strict towards gambling with cryptocurrency, Monero’s features can be vital to them.
How to Gamble with Cryptocurrencies
Getting started with cryptocurrency gambling is straightforward. Here are several steps to help you avoid your online gaming experience problems.
- Choose which gambling games you prefer, such as poker tables or casino games. You can choose any combination of the three types of gambling activities
- Check out the most popular and well-respected crypto gambling sites. Pay attention to which platform and software provider they use. Some sites have only a limited number of casino games from one provider, while others offer more than 100 games from multiple companies
- You can check the supported currencies on the site. These will give you more options when it comes to the altcoins available in your region
- Buy Bitcoin or other cryptocurrencies at your local exchange and send it to your crypto wallet
- Transfer your digital money to any crypto casino you choose, and then enjoy the experience
- Protect your crypto casino account, set up two-factor authentication (2FA) to prevent criminals from accessing your digital currency
- Before attempting to withdraw your winnings, read the terms and conditions of any gambling site. Check the price of your cryptocurrency before you convert it into fiat money
Different types of Crypto Gambling Sites
When looking at gambling with cryptocurrency, three categories are common to all gambling sites that accept crypto payments:
- Crypto casinos (include blackjack, slots, video poker, craps, baccarat, table games)
- Crypto betting (politics, finance, and sports betting)
- Crypto poker (specialist poker rooms for crypto gamblers)
These categories may be easy to recognize, but some bitcoin casinos fall under all of the above.
Crypto casinos are the most popular gambling site you’ll find in any country. They typically offer slots from various software providers, including Microgaming, Betsoft, and Game Arts. Additionally, casinos also offer numerous table games, including blackjack and three-card poker.
Since crypto slots use a provably fair system, they are a popular feature in crypto casinos. Provably fair games make the RNG process transparent to players, which ensures every result is random. Crypto table games such as baccarat and roulette are also considered to be provably fair.
However, when it comes to gambling with cryptocurrency, unique crypto gambling sites are not the same as traditional casino sites that use a platform from a software provider. These sites have their own software and offer more than just a classic casino experience. They may feature Plinko, wheel, and other betting options for those with crypto wallets. These games have provably fair features that allow punters to verify the randomness and accuracy of every result.
Bitcoins and other altcoins, apart from casinos, are very popular among horse racing fans and sports betting enthusiasts through crypto betting exchanges. These types of bets are entertaining because they offer various odds and payout rates for different sports matches. For example, straight bets pay when one of the participants wins, while total line bets pay when the combined score of both teams is greater or lower than a certain amount.
The virtual sportsbooks and eSports platforms offered by crypto betting exchanges allow bettors to place wagers on exciting odds at any moment. Most betting platforms offer live events, including significant tournaments from sports organizations such as the NBA, UEFA League, Super Bowl, and many others.
When it comes to gambling with cryptocurrency, prediction markets can also act as crypto betting exchanges. The reason is that punters can place bets on sporting and non-sporting events.
You’ll come across numerous cardrooms that allow players to wager with cryptocurrencies. Even legacy sites are opening up to digital currency, offering a wide range of games like Hold ’em and Omaha. You can also choose from different stakes and bet limits for your table, allowing you to play with other players regardless of your crypto wallet size.
Many legacy poker sites that have recently integrated cryptocurrency payments are accessible only through a downloadable program. On the other hand, other crypto poker sites offer a browser platform that allows anyone to play poker with others without downloading any software.
Is Crypto Gambling Legal?
When it comes to gambling with cryptocurrency, the use of altcoins for this purpose in most countries falls within the grey area of their laws. Cryptogaming is illegal in certain countries, such as Japan and the US. Regardless, they rarely enforce this ban or set IP blockers for addresses going to gaming sites that support cryptocurrencies.
For example, Curacao and the UK are open to digital currency, allowing residents to gamble with cryptocurrency at licensed casinos. All licensed crypto casinos follow the same rules as regular online casinos, such as not using children in their advertisements.
The legalization of gambling sites usually takes place by a central office providing various regulations to licensed operators. These regulations aim to protect minorities and players. For instance, the authorities can return money to punters if they cannot withdraw funds or the operator closes an account without notice.
Crypto exchanges and crypto poker sites licensed by crypto jurisdictions must follow the rules and standards of their respective authority. Crypto gambling operators must offer the same protections to their customers as licensed casinos, including cyber-attack protection and sufficient funds to cover significant payouts. Therefore, gambling with cryptocurrency has numerous advantages over traditional online gambling.