Bitcoin has been the most popular form of cryptocurrency since it’s beginning. A lot of people have been skeptical about the use and safety of cryptocurrency in general. But when the world has been hit by a pandemic and online transactions of all kinds have become the usual, people are using cryptocurrencies more than ever.
One may question how this affects the online gambling circle. To answer that question, we have to delve a little deeper into the world of betting.
What is Bitcoin?
If you are unaware of exactly what bitcoin is, it’s a type of cryptocurrency. It’s a digital currency that you can use to buy and sell things. But most importantly, we can use it for betting and trading.
Since its birth, the online gambling world has been full of rigged betting and frauds. Bettors have to pay high fees to get to play and there is a huge house edge while playing against casinos. On the other hand, while you are playing with bitcoin, the house edge lowers to almost 1%-2% instead of the usual 4%-5%. This leads to huge profits for the customers.
What’s Crypto gambling?
If someone uses cryptocurrencies like bitcoin to form bets on online casinos and gambling websites, it’s called Crypto gambling. Even though cryptocurrencies are completely legal only in the USA, many online casinos across the world use cryptocurrencies as a form of gambling money, even with the legal boundaries. Some of these platforms exclusively function on cryptocurrencies like Bitcoin and Ethereum while others also transact with traditional forms of money.
A lot of crypto gambling websites are secure to use. Bitcoin adds another layer of security to your money. With the increased speed of transaction and lower processing fees, bitcoin is now a popular choice for gamblers worldwide.
Is Crypto Gambling better than normal gambling?
There are many upsides to gambling with cryptocurrency instead of real money. One of them being the aforementioned speed of your money transfer. The other one would be the zero processing fees. Often when you use Visa or MasterCard to gamble, they take forever to process, and the fees that apply to the processing are also high. But with bitcoin, you’re getting rid of this process altogether. Since cryptocurrencies are created and used only online, the transactions are high speed and safe.
This also makes for timely payouts after games. If you use your bank account or cards for transactions online, it may take a while for your payouts to appear. But with cryptocurrency, the payout is faster as the money is processed faster and without any hassle.
If you want to give crypto gambling a try, you first have to make an exchange account. These allow you to transform your real money into bitcoins. Then you can use those bitcoins to gamble online as much as you like. With lower house edges and lower processing fees, the chances of winning also increase for you.
Cons of bitcoin gambling
Like everything else in this world, crypto gambling also has its cons. Firstly, bitcoin exchanges can be very expensive. When you are converting your real money into bitcoin, it’s an expensive process in itself. Secondly, most of the service providers across the globe don’t accept bitcoin or other cryptocurrencies. So if you wanted to spend the money you won on something, you would have slim pickings.
Another one of the cons would be the most fundamental one, the accessibility of the internet. If you end up going somewhere where there is no internet connection, you cannot use bitcoin at all. Since there is no way to turn bitcoin back into real money. Bitcoin is also not very stable and is not recommended as an exchange of fiat money.
These are the cons of cryptocurrencies in general. But still, if you are betting and gambling with bitcoin, you run a lower risk of fraud. They are faster and safer too.
There are some pros and cons of bitcoin gambling and the process can also be long. But the way things are going right now, the day when cryptocurrencies become the new money may not be far off. Some countries are slowly legalizing the use of cryptocurrencies in limited amounts. Other countries will soon follow suit, especially with the global pandemic situation that we’re going through. Gambling with cryptocurrency is also not far behind. If you want to get used to crypto gambling, you might want to find an exchange website and start your journey there.
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Original source: https://creatives.jeetwin.com/2021/01/28/how-does-gambling-with-bitcoin-work-a-beginners-guide/?utm_source=rss&utm_medium=rss&utm_campaign=how-does-gambling-with-bitcoin-work-a-beginners-guide