Crypto gambling is both real and legitimate. In fact, there are plenty of reputable online casinos that accept and even encourage customers to bet with cryptocurrencies. And as the online gambling industry continues to grow, you can bet that crypto gambling will become more popular.
Punters and casinos alike all have their own reasons for betting and accepting cryptocurrencies. From the punter’s perspective, cryptocurrencies are a more private and secure way to enjoy games of chance.
As for online casinos, cryptocurrencies are a great opportunity for them to offer their services to gamers in countries where gambling is illegal. All of which have driven up interest in crypto gambling in recent years.
While this is all great, you should only gamble at trustworthy online casinos with a proven track record. The unregulated nature of crypto gambling means that there's always a risk of you getting scammed by a fake site.
So, as a rule of thumb, always do your research and never assume that a casino is safe without doing your homework.
With that out of the way, let’s take a look at:
The Types of Crypto You Can Use for Gambling
Bitcoin (BTC)
BTC is the most widely-accepted form of crypto in the world and most online casinos will gladly accept bets in BTC. Some popular bookmakers and casinos already adopted it, as you can see here: https://www.bovada.lv/bitcoin
Fun fact: some investors have taken to gambling at crypto casinos to earn BTC for later investment.
Bitcoin Cash (BCH)
Also known as BCash, Bitcoin Cash or BCH is readily accepted by any online casino that takes in BTC.
Ethereum (ETH)
Another popular form of cryptocurrency, Ethereum casinos are nearly as plentiful as BTC casinos. This is probably due to the rise in popularity of NFTs and ETH’s status as the 2nd most popular cryptocurrency in the world.
Dogecoin (DOGE)
This crypto first started out as a meme and something of a joke before it was propelled into superstardom by Elon Musk. Since then, some online casinos have begun accepting DOGE deposits.
Tether (USDT)
Favored by many for its relative stability, Tether or USDT is one of the first stablecoins in the crypto world. Its value is pegged to that of the U.S Dollar. Due to that, USDT is often accepted alongside BTC, BCH, and ETH.
Litecoin (LTC)
Often called the silver to BTC’s gold, Litecoin or LTC is another popular option at many online casinos.
Benefits of Gambling With Crypto
Compared to fiat currencies, gambling with cryptocurrencies brings you more benefits. Let’s see why:
1. Quick Access to Winnings
Let’s say you’ve won big at the blackjack table so now you’re looking to enjoy your winnings. Unfortunately, if you were betting in some form of fiat currency, you’ll have to wait for a few days before you can access your funds.
But if you were betting with cryptocurrencies, you can immediately withdraw and access your winnings. There are no wait times and no delays — just instant transfers.
As an added plus, crypto gambling does not subject you to the transaction fees incurred on those betting with fiat currencies. If you’re willing to put in the time, you can easily find a crypto wallet that doesn’t charge any fees.
2. Private
Unfortunately, gambling has something of a stigma associated with it. Oftentimes, casual gamblers are viewed as addicts with a major problem when in actual fact, this couldn’t be further from the truth.
Because of this, gambling is usually frowned upon by society and governments around the world. As a result, anyone looking to place a few bets will have to keep their activities hidden from loved ones and the authorities.
By betting with cryptocurrencies, a punter can easily keep their activities secret and away from prying eyes. Unlike credit or debit cards, crypto payments do not leave a paper trail and offer some degree of anonymity.
3. Secure
Given the large quantities of money involved in betting, it’s perfectly understandable for punters to want to protect themselves. Placing bets with cryptocurrencies allows a punter to avoid having to reveal any personal information whatsoever.
And unlike a casino that utilizes fiat currency, the funds are not transferred to a bank account but a crypto wallet. Making it impossible for authorities or hackers to obtain any identifiable information related to the person placing the bet.
4. Designed For Online Transactions
Cryptocurrencies are the first true digital assets as such they are optimized for use in online transactions. This makes it extremely easy to transfer funds from one point to another with cryptocurrencies.
There’s no need to make use of banking infrastructure and the individual only needs a smart device, a crypto wallet, and an internet connection. Once all of that has been sorted, they’re good to go.
Closing Thoughts
Cryptocurrency gambling represents the next evolutionary step forwards for online gambling and the gambling industry as a whole.
While cryptocurrencies are only accepted at online casinos, their rising popularity means that there is every chance that land-based casinos may accept them in the future.
