What Is Crypto Gambling?
Games of chance have fascinated humans from the dawn of civilization. The wager, the possibility of a favorable outcome, and the risk of an unfavorable one- all make gambling a heady experience. A philosopher once reflected that all that we do in life is a gamble. Indeed, crossing the road, cooking a dish, investing in stocks; all carry a risk of not coming out right – and therefore, may be considered a gamble.
Crypto gambling is, in principle, similar to conventional gambling. All that is different is the medium used. Cryptocurrency replaces ordinary money in crypto gambling. Some readers may need clarity on what exactly cryptocurrency is. Cryptocurrency (or “crypto” for short) is a form of binary data money. Transactions using crypto are recorded simultaneously over numerous entities on the network. The validity of these transactions is verified by a ‘Blockchain’. It is not within the scope of this article to go into the details of the technology used in Blockchain or Distributed ledger. It is enough to understand that cryptocurrency is a non-physical medium of exchange carrying a high degree of security in transactions.
One must first own cryptocurrency to be able to gamble with it. Here comes the role of the crypto exchange. A crypto exchange facilitates the purchase of crypto with traditional money. This crypto is stored in a wallet and can be used in gambling games just like ordinary money. A factor that needs to be kept in mind is that the value of cryptocurrency is highly volatile in terms of traditional money.
Crypto gambling is an online activity since all crypto transactions work over networks. There are online crypto casinos that provide games like slots, blackjack, roulette, video poker, etc. Las Atlantis Casino, SuperSlots Casino, Red Dog Online Casino, Wild casino, and PlayAmo are a few top online crypto casinos. These online casinos offer welcome bonuses and attractive promos, just as physical casinos or online casinos that use traditional money.
Some Tips to Choose the Best Methods for Crypto Gambling
Gambling is admittedly an activity of chance. The odds in a gambling house are always in favor of the house rather than the bettors. And yet, there are strategies that one can adopt to improve one’s odds. We discuss a few of these here.
- Select high-quality games that one would like to play for longer.
- Select a casino that has a good standard of customer service. Customer Care executives should be available 24/7.
- Choose a casino that has a native mobile app. This enables one to play even on the go.
- It is better to keep most of one’s gambling capital in a stablecoin (a coin linked to a fiat currency) than in crypto form. This is because volatility is typical of cryptocurrencies.
- Security is a major concern. Therefore, it is important to use secure passwords and not to share credentials with anyone.
- Logins from unknown networks are best avoided.
- Avoid shady links and suspicious files.
- Use two-factor authentication whenever possible.
- Keep your mobile device logged out of cryptocurrency gambling apps when you are not using them.
Which Is the Best Crypto for Gambling?
It is recommended that one goes with the mainstream currencies. There are hundreds of cryptocurrencies available on crypto exchanges today. Online crypto casinos are increasingly adding more of these to their repertoire. Yet, it is advisable to use cryptos like Bitcoin, Ethereum, and Bitcoin Cash. These cryptos can be exchanged for fiat currency faster. They have better security and are universally accepted. These cryptos also have been around for longer and gained traction. Therefore, they are less likely to go to zero in value.
Different Types of Crypto Gambling
As discussed earlier, the whole gamut of gambling events in traditional fiat money gambling casinos can be replicated in crypto casinos. Some of the best crypto gambling sites have several users who used to play on their platform with their cryptocurrencies.
Outside of crypto casinos, crypto gambling can also take the form of sports gambling, where bets are placed on the outcome of a certain sporting event like a game or a match. The time gap between the placing of bets and the outcome may be longer in such cases. This means a higher possibility of volatility in the value of the crypto used.
Final Thoughts
Crypto gambling is an activity that can be entertaining as well as profitable. It replicates conventional online gambling in many respects. The inherent security and the strict verification of transactions are characteristics of crypto that make it much safer than fiat currency.
