Gambling is a pastime that has been ingrained into our society for as far as we can remember. It has evolved from simple betting on gladiators in Rome to online slot games on a smartphone. Nowadays, both online gambling and cryptocurrencies are very popular, especially with millennials.
In fact, you could suggest that gambling and cryptos go hand in hand in many respects, with many gamblers now looking to use their favoured cryptocurrencies to make transactions at recently launched online gambling sites. Before you go ahead and follow suit, it may be worth reading our guide first, especially if you’re new to the scene.
One of the main reasons why cryptos are becoming increasingly popular amongst online gamblers is because they are in many ways safer to use than normal payment methods due to the way blockchain technology works. There are other benefits to consider too, with cryptocurrencies being decentralised, therefore meaning there’s no middleman in transactions. Depositing and withdrawing at online gambling sites are completed instantaneously as a result, with no more waiting around for days while funds clear.
There are a couple of ways how cryptos and gambling can come together to work in unison, and again it’s important to be aware of both. There are cryptocurrency-only platforms out there, and these only accept cryptos as a payment method. It’s vital that if you’re considering using a crypto-only site, that you ensure it’s reputable, as most crypto-only platforms are unlicensed, and therefore unregulated. This is quite an important consideration, as it very much sets these sites apart from well established fully regulated services such as mFortune online casino, for example.
With that being said, there are some established sites out there which offer a range of payment solutions, with cryptocurrencies being one of them. It’s highly likely that an established and reputable site is the safer bet when it comes to gambling, especially if they are licensed and regulated too. However, the only drawback here could be that users are limited to when it comes to which cryptos they can use, with it likely that only the more recognised ones such as Bitcoin will be accepted.
The pros to consider when it comes to cryptos and gambling is that all details, both personal and financial, will always be kept secure via the blockchain. Gamblers will also be playing games which in most cases are provably fair too, meaning they’re not being gazumped in any way. Transactions being completed instantaneously is a big plus too, with delays being a cause for concern over the years where normal gambling sites are concerned.
There are, of course, cons to be aware of too, with cryptocurrencies being volatile in their value being the chief concern for most. Finding the very best games to play when using cryptos to pay may prove rather difficult too, with many crypto-only sites having a limited offering. There’s also the chance that laws and regulations could be applied to cryptocurrencies in relation to online gambling in the future too.
We’d suggest, however, that the pros do in fact outweigh the cons, and there are already some good platforms to check out right now. Edgeless and FunFair are more than worth looking into, especially if you wish to know more about gambling and cryptos, and how things could and probably will pan out in the not too distant future.