What is online crypto gambling?
Crypto gambling is no different to regular online gambling. You're wagering your assets on a game of chance - often at an online casino.
However, rather than using fiat currency like USD, you wager your cryptocurrencies like Bitcoin and Ethereum.
The popularity of online crypto gambling services has grown incredibly in the last few years. As the global pandemic stopped many people from taking part in gambling in real life, the online crypto gambling world saw more action.
This may not continue in the long term though. Manay analysts believe we're heading into a recession which traditionally sees fewer people wager their hard earned assets in games of chance.
Why is crypto gambling popular?
Gambling in general is always popular. Since the dawn of modern civilization humankind has found some form of gambling to take part in. Be it a game of chance liek cards or dice, or placing bets on the winner of sporting competitions.
Gambling has been around for a very long time, and crypto gambling is simply the next stage of evolution for online casinos and gambling game providers.
But why is crypto gambling so popular when there are more established mediums and games out there?
Crypto gambling security
If you're taking the necessary precautions like using a good cold wallet for crypto storage, cryptocurrency can be far more secure than other mediums. You control the keys to your storage and so you are solely responsible for its security.
Within crypto gambling, that security carries over. For many online casinos you'll need to provide only your public wallet address for finds to be sent or received from the casino.
Unlike regular fiat gambling, you're able to keep your banking and account details hidden. So if the casino is breached, you have little to worry about.
Anonymity of crypto gambling
In the same vein as above, sharing only your public wallet address helps you keep your identity more secure and secret.
People can see that a payout has been made using something like Etherscan, but they won't necessarily be able to tell that it's you who received the funds.
Negatives of crypto gambling services
While interest in good crypto gambling services is increasing, there are a few negatives that need to be addressed as well.
No central governing body
Crypto in general is seeing a huge number of scams and problematic projects right now. And there's little being done ot curb their impact as there's no central governing body to establish and enforce rules. We're relying on existing bodies to update their processes to include this quickly developing asset class.
Crypto gambling services are no different. a lot of crypto gambling transactions are carried out between peers. Meaning there's no centralized entity to control or oversee transactions.
It makes it very difficult for centrlized entities that might be looking out for your best interests to secure things for you.
Limited international availability
Not every country is on board with crypto, especially crypto gambling.
Even though the number of platforms, sites, and crypto exchanges increases with every month, there are some territories that simply don't allow them to operate within their borders.
If you're in a territory that doesn't support crypto adoption, you won't be able to take advantage of the upcoming crypto gambling sites.
Getting started with cryptocurrency gambling today
If you want to get started with crypto gambling today, the services outlined on this page are a good beginning point.
However, always make sure that you gamble responsibly and don't play with money you can't afford to lose.