Bitcoin has been around for over a decade. While it was met with some skepticism and scorn when it was established, it is by far the most well-known and widely used gaming cryptocurrency now. The industry and the market size of crypto coins are growing rapidly. The number of places where you may place bets using cryptocurrency is surging.
Some are well-known bookies who have begun to accept cryptocurrency payments, while others are solely cryptocurrency sports betting sites and online casinos built on blockchain technology. Gamblers can now bet on casino games using crypto coins. Some of these top Bitcoin casinos are BitCasino, mBit, CloudBet, and others. Moreover, there are more than 1400 types of crypto casino games. It’s no wonder that the percentage of online crypto gambling has increased since Bitcoin’s high price and in a year when the crypto sector has generated so much buzz.
However, there are pros and cons of using crypto betting to earn cash and other rewards.
What is crypto betting?
The term “crypto betting” refers to the act of online gambling. Instead of using typical payment methods like a debit/credit card or an e-wallet, the gambler uses a cryptocurrency like Bitcoin, Ripple, Ethereum, and others for gambling. One can bet on games like Blackjack, Roulette, Video Poker, and others.
Crypto betting sites function similarly to any other online gambling platform in many aspects.
Pros of Betting using Crypto
Unlike banks and most other deposit alternatives, no costs are involved while transferring cryptocurrency. As a result, most online casinos and bookmakers will not charge any fees — or may charge a little processing fee at most.
The key benefit of crypto gambling is the privacy offered by sites allows internet gamblers to keep their transactions confidential. While Bitcoin users may be upset, there are ‘top secret’ cryptocurrencies such as Monero, which is one of the most popular online casino currencies.
The private nature of Blockchain ensures that the game is fair: any user may verify whether the game’s outcome was calculated using random numbers and whether it was tampered with by the casino or other participants. You just input the bet ID number and some other parameters on the site to obtain fast and independent verification of each bet placed and verify if everything is in order.
Any casino is, first and foremost, a business that seeks money from its registered players. Contrary to popular belief, casinos do not defraud you to do so. Instead, they have a set profit margin incorporated into every wager a client places. The term “House Edge” or “Casino Advantage” refers to this phenomenon. This strategy ensures that ‘The House Always Wins’, making gambling profitable.
- Irreversible Transactions
Unlike bank transfers or credit card payments, currencies transferred to or from a cryptocurrency in gambling cannot be reversed. You might lose money if you use the wrong wallet code during the transfer. The good news is that it’s rather simple to prevent – as long as you’re cautious and avoid making any blunders.
Although digital assets have been in the market for years, the Bitcoin network is constantly evolving. Bitcoin is becoming more accessible with its rising popularity, and its features and procedures are becoming more refined. The Bitcoin network, which was not designed to handle the present volume of transactions, has run into scaling concerns with such overuse. So in many cases, gamblers fail to get the benefit they should have from the crypto while gambling.
- Scamming Gambling Website
Many online scam casinos and bookies have sprung up as a result of the popularity of cryptocurrencies and the adaptability they afford. In general, it’s preferable to play it safe and stick to well-established websites with a proven track record.
Is Crypto Betting Safe?
It is safe to bet and gamble using crypto casinos, but it entirely depends on how well the website is. It is vital to check if the gambling site is licensed and regulated by respective state laws.
Future of Crypto Betting
Since the growth of cryptocurrency is high, and more and more people are engaging in legal casinos, crypto betting certainly has a positive future. Bitcoin gaming is becoming more popular, with more bitcoin gambling sites allowing gamblers to deposit cash and withdraw prizes using digital currency. Bitcoin regulation will change quickly, and casino operators will be required to follow gaming rules in order to be licensed.
Now that you know crypto betting has its own set of pros and cons, it is vital to use it skillfully. You need to follow the rules and research well before getting into online crypto betting.