Online gambling meets cryptocurrency: Everything you need to know about crypto gaming

Curious about crypto gaming? It has been several decades now that humans all over the world have been able to do things that we would have thought impossible 30 years ago. 

It doesn’t matter how old you are; 30 years ago, would you have ever thought that you could chat for free on WhatsApp, buy stuff online, and have the ability to watch any movie directly from your PC pretty much for free? Or ever imagined that you could start earning money playing video games or having the casino come directly to your home, using just a smartphone or laptop? The online gambling industry has a business volume of about $53.7 billion annually. From slot machines to online roulette to sports betting, there are literally thousands of games and platforms on which to play for real money.

Now, with the expansion of the cryptocurrency universe, many of the services listed above can be paid for in cryptocurrencies. Among them, gambling today also offers crypto gaming, which is a fusion of digital gambling and the cryptocurrency world.

What is crypto gaming?

First of all, we should not confuse crypto gaming with crypto games: the term gaming refers to online gambling and betting, while crypto games are video games related to the world of blockchain and cryptocurrencies. To understand this, one crypto game is CryptoKitties, an online NFT game of collectible images of the play-to-earn type. In crypto gaming, however, the games are always gambling and use cryptocurrencies such as Bitcoin or Ethereum instead of traditional ones such as the Euro.

Apart from currency, there are no major differences between classic online gambling and crypto gaming. Most online casinos also offer both a browser-based version and a mobile app, so you can play anywhere as long as you have a device powerful enough to run the software.

A few reasons to try crypto gaming

Gambling online in cryptocurrencies makes sense for those who already use them to make purchases or trade. The universe of cryptocurrencies is vast and complex; there are thousands of projects behind the many tokens and coins that are launched on the market; and many of these are speculative microbubbles. If you don't know your way around this world (and the world of gambling), we recommend that you start with the traditional versions of the games and study the crypto universe before venturing into it.

One reason why some people prefer to play casino games in cryptocurrencies is that this way your financial movements are not tracked by the IRS or the bank. This regulatory aspect is also changing, so we advise you to inform yourself well, since theoretically every individual is obliged to include cryptos in his or her tax return.

In any case, until cryptocurrencies really start being used as a payment method and not just an investment asset, crypto gaming is also destined to remain a niche phenomenon.

What is needed for crypto gaming?

From a practical standpoint, getting started in crypto gaming is very easy. You just need a secure cryptocurrency wallet, an account on a gambling site that also offers crypto gaming, and a device to play on (even a mobile one is fine). Then, you need to create the wallet and gaming accounts; no worries about that, because it's easy for anyone with a minimum of online experience, and there are many tutorials on the Internet anyway!

Remember to keep your wallet passphrases carefully because, unlike passwords, if you lose them, you will not be able to recover them and you will never be able to access your wallet again.

This last point is very important and is more common than you might think. For example, it happened to Stefan Thomas, one of the first people in the world to buy Bitcoin. Stefan saved the transaction codes in his wallet and then lost the paper on which he had jotted down the passphrases. Now, that capital would amount to about $220 million, but because he cannot access the wallet, that money is lost forever.

The risks of crypto gaming

Cryptocurrencies have not only advantages, but also some disadvantages compared to traditional channels and currencies - chief among them the lack of protection and insurance from lending institutions in case of theft or loss (see the case of Stefan Thomas just above). If a cybercriminal were to hack your account, they could transfer your entire balance and you would have no way to recover it. Also, cryptocurrency transactions are (almost entirely) anonymous, so even if you wanted to, it would not be possible to trace the hacker.

Also, as we mentioned, this is a complex world, so you should definitely get well-informed before you start using cryptocurrencies, whether for trading or crypto gaming. From this point of view, our advice is to read the terms of use of the online casino you choose, to understand what guarantees and security systems it offers. As always, prudence is the virtue that can turn a potentially tricky online experience into an enjoyable and safe pastime. Just remember to use safe gambling platforms with good reviews, and you will definitely have a great time playing your favorite games!