Crypto Gambling: An Introduction.
The fundamental concept of trade is predicated on the usage of a medium of exchange, which is currency.
Even in the earliest days of human history, we bartered with goods like livestock, salt, and even cowrie shells since these are all objects that were considered to carry value during the time periods in which they were used.
Today, currency has evolved to the point in which we don’t even use physical currency in most cases. Banks and bank transfers, as well as features such as revolut, or apple pay, and of course, credit cards have all contained even the vastest amounts of wealth within a card that takes up less space than a five euro note.
One of the most notable forms of currency which, unlike real money doesn’t even have a physical form, is Cryptocurrency.
Cryptocurrency is a sort of currency that is designed to be able to be moved largely over networks. This is the primary purpose for which it was developed. Despite being the subject of controversy due to bitcoin miners having caused a major global shortage of GPUs by purchasing such a high quantity in order to further their bitcoin mining endeavours, this currency has taken the world by storm and is one of the most widely used.
Bitcoin and other cryptocurrencies have been shown to be some of the most rewarding forms of currency. As a result, they are attracting an increasing number of buyers and investors on a daily basis. Because of their advancement, another developing market had no choice but to accept them in order to stay ahead of the game.
This market is that of the online casino sector. Online casinos have begun to promote cryptocurrency more and more as time has gone on, even offering lucrative bonuses for those who put in deposits with cryptocurrency.
But is the world of crypto-based casinos all that it is cracked up to be? How safe really is this form of cryptocurrency? Is it a better option than good old cash and bank deposits?
These questions will all be answered within this article, to give any prospective bettor a good idea on what to expect when entering the realm of online betting with cryptocurrency. A good bettor goes into this field equipped, no matter what currency they are using, and this article will give you all the information you need in regards to cryptocurrency within the world of online casinos.
The General Consensus.
According to many betting and gaming experts cryptocurrency gambling sites are pretty much safe as long as care is taken in which sites are used and chosen. Many bettors who have stuck with some of the best crypto gambling sites have never had any complaints or worries, as they invested their money with casinos which were trusted and had good reputations.
However, many have been quoted as saying that the biggest things to worry about were unreliable and unlicensed casinos, which would withhold winnings, and even try to sneak in extra charges, outright making the bettor pay more, or taking a percentage of their winnings.
The Advantages of Crypto Gambling.
One of the most important aspects of remaining safe online is to not provide more information than you have to, unless of course you are using a government, or government issued site, but even then, one must keep their eyes open.
When using your bank to make deposits on betting sites, this is still more information than many people are comfortable providing. On the other hand, cryptocurrency requires you to provide no information.
The less information given is always the better, as one may not even know that they’re engaging with a shady site, or scamming site, as is the case with a number of citizens around the globe. But this way, you’re covering one of your fronts by giving less information, even in the worst case scenarios.
A lack of transactional fees –
Because of its digital nature, cryptocurrency is both quicker and less expensive to use than conventional methods of payment.
The hefty transaction fees charged by online casinos that accept fiat currencies are one of the most prominent complaints that players have about these sites.
Cryptocurrencies, on the other hand, don’t work like that at all! Most casinos levy zero charges to consumers using cryptocurrencies, and some even provide hefty deposit bonuses for those who make deposits on gambling sites via crypto.
The Volatility of CryptoCurrency: A Glaring Disadvantage.
One of the biggest disadvantages of cryptocurrency within the world of gambling is that cryptocurrency in and of itself, due to it being around for around just under fifteen years, and while it has potential, it is still a work in progress.
Due to this, it is subject to a lot of change in the future, and another aspect one must keep in mind is how prices will bounce up and down due to the amount of cryptocurrencies currently in circulation, as is the rule within the law of demand. Sometimes, this volatility is something online casinos will not be able to keep up with in the future, but as of today this is not an issue. One must however keep in mind that the future of cryptocurrency is one which is quite uncertain, and therefore one must be prepared for all outcomes.
Concluding statements: Crypto In Gambling and Its future.
Cryptocurrency has taken the world by storm. Even the least financially literate among us can attest to this.
The online gambling market as of today is a haven for those who invest in cryptocurrency as they can find lucrative rewards and can even use the anonymity of crypto to shield themselves from possible scams. However, crypto prices are volatile and are constantly rising and falling, and a crash would be all that is needed for crypto to go from a blessing, to a financial failure for anyone who has invested their time and money into it as a currency.
This is for the future to decide, but knowing and predicting is better than getting a nasty surprise.