Crypto gambling is a term used to describe the act of gambling using cryptocurrencies. Cryptocurrencies are digital or virtual tokens that use cryptography to secure their transactions and control the creation of new units. The first and most well-known cryptocurrency, Bitcoin, was created in 2009 (Satoshi Nakamoto, 2008). Since then, over 4,000 other cryptocurrencies have been made, with more being built daily (CoinMarketCap, 2018).
What Is Crypto Gambling?
There are various ways that crypto gambling can take place. The first is through online casinos like Slot Hunter casino that accept cryptocurrency payments. These casinos usually accept traditional fiat currencies (USD or EUR), but some may only accept crypto payments. The second way is through crypto gambling sites that only accept cryptocurrency payments.
Crypto-accepting online casinos are often decentralized and not subject to the same regulations as traditional gaming hubs. The third way is through peer-to-peer (P2P) gambling, when two people use cryptocurrencies to bet directly against each other.
The Pros of Crypto Gambling
There are a few advantages to using cryptocurrencies for gambling. One of the most significant advantages is that it can be done anonymously. Cryptocurrencies are decentralized, meaning no authorities and political experts are controlling them (and what you win in the best crypto casinos). That means that transactions cannot be traced back to specific individuals. This anonymity can benefit those who want to gamble without revealing their identity.
Another advantage of crypto gambling is that it is often faster than traditional gambling methods. Cryptocurrency transactions are typically processed quickly, sometimes in just a few minutes. That is in contrast to conventional methods such as wire transfers, which can take days to process.
Traditional online casinos are subject to the laws of the countries they are located in. That means they may close at certain times or on certain days. Crypto gambling sites are not subject to these same restrictions, meaning they can operate 24 hours a day, 7 days a week. Furthermore, crypto gambling can be done 24/7.
The Cons of Crypto Gambling
Did you suppose crypto gambling was ideal? Alas, it is not. One of the most influential negatives is the market’s volatility. The prices of cryptocurrencies can fluctuate greatly, sometimes over hours. That means that the value of your bet could change significantly between the time you place it and the time it is resolved.
Another disadvantage of crypto gambling is that it is not regulated. Traditional gambling dens are subject to strict regulations, which help to protect players from being cheated or scammed. Unfortunately, crypto gambling sites are not subject to these same regulations, meaning they may not be as safe or fair.
Finally, crypto gambling can be risky. Cryptocurrencies are a new and tested yet unstable technology, and there is always the possibility of something going wrong. In addition, if you lose your cryptocurrency tokens, there is no guarantee that you will be able to get them back.
The Future of Crypto Gambling
Crypto gambling is a new and growing industry. There are over 2,000 crypto gambling sites (DappRadar, 2018). The numbers must grow in the future as more and more people start using cryptocurrencies.
The industry is also becoming more competitive. Traditional online casinos are starting to accept cryptocurrency payments, and new crypto gambling sites are constantly being created. That means that players will have more choices regarding where they gamble.
Crypto gambling is a risky industry, but it is also an exciting one. Only time will tell how it will develop in the future.
A Weird Trend or an Amazing Opportunity?
Crypto gambling is a new trend that is taking the gambling world by storm. Furthermore, it is not just because it is a new way to gamble. It is also because it is an entirely new way to make money.
With crypto gambling, you can place bets on anything from sports games to casino games. Moreover, unlike traditional gambling, you do not have to worry about losing money. That is because all of your bets are placed in cryptocurrency.
Crypto gambling objectively is an exciting way to gamble online. It has a few advantages, such as anonymity and 24/7 operation, but it also has some disadvantages, such as volatility and lack of regulation. The legality of crypto gambling varies from country to country. The industry’s future is uncertain, but it is expected to grow in the coming years.