Whether or not cryptocurrencies are here to stay, the online gambling industry is hoping to capitalise on the opportunities afforded for as long as possible. One of the latest fads is online casinos offering the possibility to gamble on slots and table games with various digital monies at stake, most commonly Bitcoin, and there’s no shortage of players lining up to claim bonuses and letting it ride.
Cryptocurrencies have limited real-world applications. They cannot be used for purchases outside of the world wide web in any meaningful way. That is not to say that cryptos are not used privately between consenting parties, it means that consumers cannot shop for traditional goods and services outside of the Internet with any of the popular cryptocurrencies available.
Still, as an investment, there is no slowing down. Monies like Bitcoin, Dogecoin, Ethereum, and many more are rapidly finding people willing to trade and so the value grows. Bitcoin was worth close to nothing when it was first introduced as a concept more than 10 years ago. And even though swings can be massive and fast, a single Bitcoin at the time of this writing was worth €40,337.56. At the same time there were 18.75 billion Bitcoins in existence.
Ways to get Bitcoin
There are three main ways to get Bitcoins: Through trading with others who have them by investing regular fiat currency money, there is the option of Bitcoin mining, which is painstakingly slow, costly, and not necessarily very rewarding, and then there is gambling. Lately, gambling with cryptocurrencies has become incredibly popular.
It is extremely fast due to the nature of gambling; It is virtually anonymous thanks to blockchain ledger technology; All transactions in terms of deposits and withdrawals are pretty much instant; It is also a way to store cryptocurrency online “free of charge” and without risk. This is where the double-gamble comes into the pictures.
Players can first try to win at various games and then decide to leave their online coins in their casino accounts. The value of Bitcoin when it was first deposited may have surged by the time it is withdrawn. There is also the possibility of gambling with Bitcoin, or any other crypto for that matter, when its value is low, therefore cheap, and then withdraw when the value has gone up again.
Those who invest in crypto are already not averse to taking risks and currency trading is one of the greatest gambles on Earth. Countless FOREX traders will agree. So, it should not come as a surprise that gambling in online casinos with cryptos is rapidly gaining in popularity.
Why gamble with Bitcoin?
Besides the double-gamble, which may end up in the player’s favour depending on swings on the market, there are two main draws. Firstly, the exclusive online casino bonuses that you will not find anywhere else. Bitcoin welcome bonuses are often structured in such a way that wagering requirements are quite easy to overcome as multiple deposits are allowed.
And lastly, there are casino games that are specifically designed to be played in Bitcoin and other cryptocurrencies. Two of the most popular ones are called Crash and Plinko.
Added risk to your bankroll
Pure Bitcoin casinos are often not regulated in the same sense as other online casinos. There are plenty of remote gaming licenses out there that will not allow gambling with crypto currencies and failing to comply may lead to their license being revoked. This is risky business for the casinos since licenses are costly and provide guidelines aimed at player safety.
These traditional licenses also require casinos to perform KYC duties and ask players to send in documents in order to establish their identity, home address, phone number, email, etc. And once players have made a few deposits they will have their accounts temporarily suspended until they fill out a source of wealth form to verify that they are not gambling with ill-gotten gains.
All of these requests are totally opposite of what most Bitcoin investors are looking for. They relish their anonymity and treat it as sacred – the less government oversight, the better (in their opinion). But this may come with an added risk.
To start gambling at pure crypto casinos, all that is necessary is an email address and a password. This will definitely sound appealing, but players will not enjoy the same protection. In case of a dispute, the online casino’s word is basically final. It definitely pays to read the terms and conditions first before taking that double-gamble.
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