Cryptocurrency is very popular in today’s time. Many people invest in it on daily basis. Another thing besides crypto which is popular amongst many people is gambling. Gambling is very much famous in most English countries. It also has good popularity in Asian countries like India, Bangladesh, etc.
In present days, the no. of people are enjoying crypto gambling are increasing. Today in this article we will discuss with you everything related to crypto gambling. This article will be a full guide to crypto gambling.
What is crypto gambling?
As the name suggests crypto gambling means making use of cryptocurrencies for payments and deposits. The benefit of using cryptocurrency in online gambling is that it includes extra security when compared to other online payment methods. The security in crypto gambling is offered by blockchain technology.
How to use cryptocurrency in online gambling
So as you know there are many cryptocurrencies but the one which is most common and mostly used is Bitcoin. Bitcoin is the most traded cryptocurrency in the world. It is used by many countries and people. So it can also be used for online gambling as well.
But not just Bitcoin you can use any other cryptocurrencies in online gambling. In this section, we will show the steps for using cryptocurrencies in online gambling.
1. Searching the right online gambling sites
Many online gambling sites offer their users the option to use cryptocurrency. You will have to find only those online casino sites which offer this option/service.
2. Creating a crypto wallet
Crypto wallets are used to store the cryptocurrency that you buy. It acts the same as a normal wallet that people use. Now there are many crypto wallets available on both PlayStore and AppStore. But make sure you choose a crypto wallet that has good ratings and genuine reviews on both platforms. We recommend you MetaMask it is a very popular crypto wallet used by many people.
After you set up your crypto wallet you will be asked to enter a private key (password). Your crypto wallet can be accessed by this private key only. So make sure you don’t share this key with anyone.
3. Buy the currencies
Buy some cryptocurrencies which you can use to gamble. Make sure you buy only those currencies that are supported by your gambling site. There are many online sites from which you can buy different cryptocurrencies. The most popular ones are Binance and Coinbase.
After you create your account on any of these sites you can purchase any cryptocurrency that you want. Buying is very easy you just have to select the currency > How much do you need (quantity) > And then you pay for that purchase.
4. Send the currency to your wallet
You can do this by following the instructions on the exchange website. On the website, you will have the option to send and receive cryptocurrency. Select the currency > Then add your wallet address and click on the “send” button.
5. Collect your winnings.
After you win a game you will need to withdraw the winning amount. In this case, the online gambling site will help you. All winning rewards are first transferred to your crypto wallet.
Once the rewards are in your wallet you can convert those rewards into normal currency and then send them to your bank account.
Gambling online with cryptocurrency
In this section, we will look at the advantages and disadvantages of gambling online with cryptocurrency.
1. Fast payments
Normal payments might take 2-3 hours to get transferred to your bank account. But this is not the case with cryptocurrencies with these currencies your payments are instantaneous.
It is one of the most secure options. Cryptocurrencies are secured by the blockchain itself so it becomes very difficult for someone to hack your account or your wallet. Because in blockchain the identity of the person is anonymous.
3. Low transaction fees
When transferring money from one bank account to another, you need to pay a transfer charge/fee. Now the fees are very nominal for low amounts but as soon as the amount for the transaction increases the fees with it also increase. This does not happen with cryptocurrencies.
Since no personal information is attached to your crypto wallet it becomes difficult to trace the transaction.
Cryptocurrencies are highly volatile so it becomes so difficult for normal people to buy them. And because it is highly volatile people might also suffer loss in purchasing it.
Not all countries have made cryptocurrencies legal. In some countries, it is illegal to trade in such currencies even for gambling.
Because it is untraceable it becomes difficult for the authorities to trace the criminal in case of any fraud or scams.
4. Not supported
Also, many online gambling sites do not support payments made with cryptocurrencies.
Crypto gambling is a new way of enjoying online gambling. It has its advantages and disadvantages. But it is also useful and many people are trying it as well. But always be careful when using any payment method and crypto gambling is not an exception.