All You Need to Know About Gambling with Cryptocurrency

All You Need to Know About Gambling with Cryptocurrency

In the past five years, cryptocurrencies like Bitcoin have been gaining so much traction that people the world over are starting to realise the potential with digital currencies. Thanks to their increased popularity, cryptocurrency is now being included as a payment option across many online business platforms.

Among all forms of internet-based business, online casinos have been one of the quickest adaptors of cryptocurrency. Yet while the number of ‘crypto-casinos’ is on the increase, lots of interested gamblers still don’t understand how they can bet online using digital currency; and that’s why we are here today. If you’ve ever had any questions about gambling with cryptocurrency, you’ll find the information you’re looking for here.

What Is Crypto Gambling?

The main difference between a crypto casino and other  online casinos is the currency you use to load your funds and cash out your payouts. With digital currency, you’re going to enjoy a lot of added benefits.

For instance, if you play using conventional currency, it usually takes anything from a couple of hours to seven days to process your withdrawals. Crypto cashouts, on the other hand, are instant! Moreover, using methods like bank accounts will often require verification identity information before you can play. Gambling with cryptocurrency is entirely anonymous because your identity is never linked to any transaction.

Is It Legal to Gamble Online Using Cryptocurrency?

As of today, there aren’t any clear answers to some questions regarding the use of cryptocurrency for gambling in a lot of regions. Nonetheless, there are some fundamental aspects that you need to understand about online crypto betting. They include:

  • There are no specific laws regulating crypto gambling because most cryptocurrencies are neither officially allowed nor explicitly prohibited.
  • Attitude to the use of cryptocurrency varies by country. Some countries are optimistic about the use of various cryptocurrencies and are seen as the future of the monetary denomination. Other countries don’t allow the use of cryptocurrencies at all.
  • There are a few gambling jurisdictions that do offer licenses to casinos that accept cryptocurrencies. These include the government of Curacao and the renowned United Kingdom Gambling Commission. These legislative bodies can now accept the responsibility of controlling gambling operations in crypto casinos. As long as an online casino is following the rules and regulations of the chosen jurisdiction, it is operating legally.

How Can You Start Gambling with Cryptocurrency?

Crypto-casinos feature all the usual online casino games including slots, table games and some also support sports betting. If you wish to officially deposit and withdraw funds in the form of digital currency, here are the steps you’ll have to follow:

Pick your cryptocurrency

Right before you get to play, you have to cash in some funds in a digital currency accepted by the site you are playing in. In most cases, Bitcoin or Ethereum are widespread, and chances are, they are allowed in almost every online crypto-casino.

Get a Crypto Virtual Wallet

Just like any other currency, cryptocurrencies cannot be transferred from one online account to another one without going through a digital wallet. So, register for a reputable crypto-wallet service like Coinbase, which even comes complete with a crypto exchange, where you can quickly buy or exchange standard currency for crypto.

Depositing to a Crypto casino

After buying your digital coin, you can now wire them onto your crypto gambling website account, then play as much as your deposit allows. Likewise, after winning money, you can subsequently withdraw your payout using your crypto wallet, and after that, exchange the crypto for standard legal money.

Final Thoughts

As you can see, gambling with cryptocurrency is quite simple. You must, however, note that loading or cashing out your coin is a little different from using cards, e-wallets or bank transfers. The casino will often highlight the steps you should follow to deposit or withdraw in a matter of seconds. If you don’t know where to start, you can find reviews for reputable crypto casinos here – slotmine.com.

What do you think about the future of cryptocurrency in online gambling? It would be nice if all the casinos out there would accept digital currency, wouldn’t it?

 

Photo by André François McKenzie on Unsplash

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