Everything you need to know about сrypto-gambling

Soon after bitcoin and other cryptocurrencies became a common means of payment, gambling establishments took notice of them as well. Not only do almost all online casinos now accept cryptocurrencies as a deposit to a customer’s gaming account, but there are also specific blockchain-based casinos where cryptocurrency is the only payment method. There is even a term called crypto-gambling. 

By and large, crypto gambling, as far as the gameplay itself is concerned, is not particularly different from online gambling Customers are offered an assortment of almost the same gambling games, and some crypto-casinos also accept sports bets.

Crypto-casinos attract many people due to their anonymity (a player may not reveal his/her identity even to other players) and also due to the fact that, unlike traditional casinos, there is no need to wait for hours or even days for a payout in case of a big win. If we talk about crypto-casinos in terms of the legality of this activity, of course, everything is very ambiguous here. On the one hand, the principle “Everything that is not prohibited is allowed” applies. None of the national legislations of states and none of the inter-state regulatory documents explicitly prohibit crypto-casinos. In other words, legally speaking, the legal aspects of crypto-casinos are a gap, i.e. an area with no legal regulation yet.

For gambling enthusiasts, crypto-casinos are very attractive because of the advantages described above. However, this kind of entertainment also involves serious risks and is not compatible with human stupidity and incompetence. Holders of these “virtues” do not survive for long in this area. This is primarily because before getting involved in crypto-gambling, one should thoroughly study the specifics of cryptocurrencies. After all, these assets are the champions among all financial assets in terms of volatility. Simply put, the value of any cryptocurrency is constantly changing. This means that a rash bet at a cryptocurrency casino can cost a player their entire game balance.

If you do decide to become a member of a crypto-casino, then first choose a cryptocurrency from the list of cryptocurrencies supported by the institution. The most common ones are bitcoins and etherium. You also need to create a special virtual wallet for cryptocurrencies. Without it, it is not possible to transfer assets. Nowadays, such wallets can be created on various platforms, and the user just needs to choose the most suitable one for him/herself.

Next, one needs to make a deposit into the cryptocurrency game account. And only after all these procedures, one can play, make bets.

In case of winning, the user withdraws the money using their cryptocurrency wallet and exchanges it for traditional ones for personal use if they wish. Connoisseurs say that while there are virtually no huge winnings at crypto-casinos, small winnings are more likely than at traditional gambling establishments.