Gambling with Cryptocurrencies
by Alex J. Coyne © 2017 Great Bridge Links
Cryptocurrencies like bitcoin, litecoin and ethereum have changed the way the world thinks about money. You might’ve heard of it, you might’ve invested in it or you might’ve even mined some of it yourself. Here’s what Bitcoin Gambling could mean for the world of gambling, and how you can get into it if you have some cryptocurrency to wager.
What is cryptocurrency?
Cryptocurrencies are virtual, decentralized currencies – yes, they have a real-world exchange rate, and yes, many retailers and websites accept cryptocurrencies like Bitcoin and Ethereum as a payment method. (In fact, KFC in Canada is offering a limited edition Bitcoin Bucket to Canadian patrons!)
They can be traded – bought and sold – or mined – through bitcoin mining hardware and the right software. They can also be earned and there are some sites that will pay you in bitcoin or satoshi (the smallest unit of bitcoin, named after the creator of bitcoin Satoshi Nakamoto).
Now, they can also be used to gamble. Pretty much all of your favorite casino games like blackjack, poker, slots and roulette can be played with cryptocurrency stakes, and Bitcoin Gambling shows no signs of slowing down!
How to get Started?
Like all forms of gambling you need some currency to start, which requires setting up a cryptocurrency wallet. This is a very easy process and requires simply looking for a trusted crypto provider. Once all set up you need to purchase some Bitcoin (or another crypocurrency, like Ethereum, Dogecoin or Litecoin) to make sure you have enough funds to play. There are lots of trusted places to buy your Bitcoin online, choosing a trusted exchange is easy.
Now you’re all set up, we can start having fun with crypto gambling,all you have to do is look through one of the recommended crypto gambling sites here, and applying the filters, look for the best one that meets your needs, and then get playing!
Tips for crypto-gamblers
- Check the laws regarding online gambling, cryptocurrency and taxes in your country.For the most updated regulations on bitcoin, head to your nearest search engine and type in “bitcoin law in (country)”.
- Keep your bitcoin addresses safe. Don’t write things down in a place where their security could be compromised, don’t lose flash-drives containing bitcoin addresses in a river: You’d be surprised what could happen.
- Research your chosen gambling website, too. Check online testimonials from other gamblers – and not just ones on their sites – double-check registration information and make sure you’re getting the best gambling experience and an easy user-interface along with it.
- Secure your devices if you gamble online. Make sure your PC and phone are password protected, never leave your devices lying around and don’t leave your accounts permanently logged in when you can help it. Also download the latest antivirus and antispyware software to your devices and make sure they stay up to date.
Why you should consider it
So, what advantages could gambling with cryptocurrency possibly have?
- Cryptocurrencies can be mined. This means that earning them when you’re saving up for a high-stakes game is as easy as waiting. And, when you happen to have a stash of bitcoins and manage to use them when their value is just right.
- In 2014, the D Casino in Las Vegas received the first bitcoin ATM to be housed inside a casino. That means that cryptocurrency – and using it – is now more acceptable than it was five years ago.
- Cryptocurrencies are secure. Many times more secure than lugging cash and chips around on the casino floor, or having to use your personal banking account to sign up to a gambling website.
- More casinos are accepting cryptocurrencies. For online casinos accepting bitcoin and cryptocurrencies, here are some suggested websites:
Want to learn more? Like the benefits of Ethereum gambling? Check out Bitcoin Gambling 101 for Bitcoin and Ethereum casino recommendations and top crypto gambling