The cryptocurrency gambling world has been slowly progressing over the past few years. In the early days of cryptocurrency, gambling sites were mere afterthoughts and considered a fringe use case. However, that sentiment is rapidly changing and is seen as a perfect application for real-world acceptance of this form of currency. There are now dozens of gambling sites accepting cryptocurrency, and that number is growing every day. If you’re new to the idea of crypto gambling, there are a few things you need to know before you get started.
THERE ARE A LOT OF SITES (SO CHOOSE WISELY)
Thanks to the rapid proliferation of such sites, numerous casinos now allow their customers to use cryptocurrency to place bets. The fact that there is more competition is ultimately good for the customer, but some websites are more interested in taking your money or data for more nefarious purposes. Therefore, when searching for the best crypto gambling sites to have a flutter, you should keep a few things in mind. Firstly, avoid any website that uses an unencrypted connection. You can tell if the connection is secure by checking if there is a padlock symbol next to the URL. Insecure connections leave you vulnerable to data theft. Secondly, see what their customer service looks like. Check what channels they have available and send them a message to test their response times and the quality of their reply. If everything checks out, you might have a winner on your hands.
CONSIDER WHICH CRYPTOS THEY ACCEPT
When it comes to crypto gambling, most casinos will accept the most well-known and (relatively) stable coins, such as:
However, if you want more flexibility, you should look for casinos that allow you to deposit using other varieties. Some of the best-known, up and coming coins that could be interesting to bet with include:
YOU SHOULD AVOID USING MEME COINS
Meme coins are virtual currencies that are used to make a joke. They can be bought and sold on various exchanges, but generally only have speculative value. The idea for the meme coin was to create a currency that would be used for memes and other internet trends. Although a token like Dogecoin was once considered a meme coin, it seems to have transcended into the mainstream thanks to recent events and celebrity endorsement. Nevertheless, it is vital that you avoid most other meme coins like the plague. Fortunately, most reputable casinos don’t accept these tokens because they realize they are worthless; however, it still pays to remain vigilant. When investing in cryptocurrencies for any reason, one should always consider their value. It is no coincidence that tokens like Bitcoin and Ethereum are the most traded and have the highest market capitalization. They actually have value outside of pure speculation. Therefore, if you see a casino accepting coins you have never heard of, you should probably walk the other way.
UNDERSTAND THE INHERENT VOLATILITY OF CRYPTOCURRENCIES
Cryptocurrencies are volatile and can fluctuate by the second. This volatility is because there is no centralized authority to regulate them, and they are almost exclusively used for investment and speculative purposes. However, how is this relevant to gambling? Well, unlike the major world fiat currencies, the amount you win could change by the time you come to withdraw it. For example, it is possible that you could win $100 worth of ETH, but by the time you come to withdraw it, it is suddenly worth $90. However, three are some caveats to this:
- The volatility could work in your favor, netting you more
- It might not be such a big deal if you’re investing in crypto for the long-term
KEEP AN EYE OUT FOR CRYPTO-SPECIFIC BONUS OFFERS
In order to tempt you into using their services, most casinos offer a wide range of exciting and valuable bonuses. Moreover, those that accept cryptocurrencies might also have additional crypto-exclusive promotions you can take advantage of. Therefore, it pays to search around and see what promotions are on offer.
DON’T FORGET THE CARDINAL RULES OF GAMBLING
It doesn’t matter what currency you use to gamble; some cardinal rules always apply:
- Only bet what you can afford to lose: This one’s self-explanatory. Gambling should be fun, and if you find yourself betting the barn away, you might need to take a step back before betting more.
- Avoid using alcohol and other intoxicants while playing: Intoxicants lead to poor decisions. This is true when it comes to love, and especially true when it comes to spending money!
- Create a budget and stick to it: Setting a budget will allow you to have fun without worrying and understand how much you are winning or losing.
Cryptocurrencies and bitcoin gambling are gaining speed at a tremendous rate. With Bitcoin casinos popping up all over the place online, the battle for online punters is heating up. As long as you understand what you are getting into, you could find it a lucrative pastime.