An Introduction to Gambling with Cryptocurrency

Before you can begin looking for the best crypto casinos on a review site such as CryptoGamble.Tips, you need to understand the basics behind cryptocurrency-based casinos. People new to the world of cryptocurrency tend to imagine that investing in crypto is the same as gambling.

To a certain level, the difference between gambling and investing is gray. If you put five hundred dollars per month into a pension plan that is tax-free and invests in index funds, that is investing. If you put the five hundred dollars on the number nine on a roulette wheel, you are certainly gambling. The question becomes a little more complicated when you put the five hundred dollars into your friend’s startup.

It could prove helpful thinking about the matter in terms of reward and risk. In general, the two are closely related, and so you can consider expected returns and get a clear idea of the risks involved. One example of a high-risk investment is the Vanguard’s Growth Index Fund – rated four out of five in the Vanguard’s risk scale. Over the last decade, it has yielded a 140% growth, which translates to a 9% annual rate of growth and high investment risk.

Simply put, if you are putting money on a wild outside shot, you are gambling, you are not investing.

Using cryptocurrency in gambling

There are online gambling sites that currently accept cryptocurrencies and have been doing so for years. The industry has been looking for innovative ways to manage how payments are processed, given how costly traditional methods have become. Crypto has been an excellent solution to that problem, but it is still taking its baby steps. Cryptocurrencies also provides an opportunity for people living in countries with betting-restrictions such as Norway due to the autonomous features of cryptocurrencies such as Bitcoin and Ethereum. 

The best places for casino players who want to use digital currencies for payment are sites such as Bitcasino and Stake among many others. These sites have the best promotions, software, and support together with strong mobile compatibility. They also offer options to make cryptocurrency withdrawals and deposits.

Note that not all the sites will be of the same quality.

Why use cryptocurrency to gamble? 

As cryptocurrency becomes more popular with the general public, people wonder why they would use them in playing casino games. The primary reason people use crypto to gamble in online casinos is record keeping.

When you deposit with crypto, a transactional record is kept around the world. It’s difficult for the site operator or the receiving party to disappear with your money. They would need to make other transactions which will also be recorded. There is always a digital paper trail, and so you can follow your money.

How to gamble with crypto

There are six steps to follow when you get to the tables:

  • Open a crypto wallet

There are nearly as many crypto wallets as cryptocurrencies in the market today. A wallet is a central location where you can manage all your cryptocurrencies. When it comes to gambling, some wallets outdo others.

You need a cryptocurrency wallet if you plan on playing casino games in cryptocurrency. Most people already have a wallet by the time they seek out information about crypto gambling. If you are one such person, you can skip this step and the next one. If you are new, choose from any of the many digital wallets. Register for an account; you get a digital address tied to that account – keep it safe.

  • Buy coins

To deposit and play using cryptocurrency, you need coins. Once you have a wallet, log in and buy them using fiat currency the same way you would buy anything else online. Select the type of coin you prefer and the amount, and you will have a funded account within seconds.

  • Pick a site

Now that you have a financed wallet, you are ready to get started. Find a place where you will spend that money.  You want to find a site that enables the use of digital currency but also has what you want to play – bingo, sports, casino, poker, and so forth. Remember that you can always switch to another site if you like.

  • Deposit some coins

Different sites will have different variations of the steps to take to deposit cryptocurrency. All you need to know is that your wallet needs to be open and ready. The transaction takes a short while since many sites would even give you ‘credit’ until the funds settle.

  • Choose a game

You are now ready for the actual play. Go to the lobby, find the game you want, pick a table, and the level of stakes. From there, the gameplay looks like playing with fiat currencies. As usual, you need to read the game rules because small tweaks can affect the odds of winning.

  • Think about the value

When gambling with cryptocurrency, think about the exchange rate to your local fiat. It will appear like you are using fractions when betting with coins like Bitcoin when really you are using an amount much higher than you are used to. You don’t want to play and get into a hole. Stay on top of the value of each bet to manage your crypto bankroll.

More cryptocurrencies are being launched, which means more coins in use at gambling sites. It was no mistake that the gaming industry was an early adopter of cryptocurrency. It does not look like the industry will slow down regarding coming up with innovative ways to use digital wallets to fund accounts and play online. 

Myra M.

Experienced business writer with a solid track record of work in tech-related companies and online marketing.

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