Cryptocurrency and Gambling: Bets for the Future
Gambling is rapidly moving into the virtual space, and this process is impossible to stop. The opportunity to visit a casino without leaving your own home has made the world of gambling accessible to a huge number of gamers from all over the world.
New games have been added to the already traditional slots, roulette and blackjack:
- virtual sports;
- virtual versions of «Keno» and «Bingo»;
- instant lotteries;
- poker rooms.
No one can be surprised by communication with a live croupier via video call (live-tables). Of course, the trend of recent years —cryptocurrencies — is also related to this rapidly progressing area. What are the features of crypto gambling: has it come to virtual casinos for a long time, or is it just a tribute to fashion? Let's try to find the answers to the questions.
What is Crypto Gambling
Cryptogambling is a form of gambling. The important difference is in the fact that the payment instrument and the object of betting are cryptocurrencies. Of course, bitcoin is the most popular virtual money. Please note that so-called altcoins such as ethereum, litecoin, namecoin, and others are already «in hot pursuit». These payment tools in the future may replace traditional bank cards and electronic money systems thanks to modern technologies.
Crypto casino is not much different from a regular one apart from the peculiarities of the settlement system. There is approximately the same range of entertainment, support service, and verification of personal data. We have combined the ability to play on traditional currency and «crypto». You can buy cryptocurrency directly in the lobby of the virtual club. You also can get a small loan if it is necessary. Our service will help you to start gambling conveniently and comfortably right on the day of registration.
Electronic payments on the Internet have not surprised anyone for a long time, but crypto has become a real revolution. The main difference from bank payments and electronic money is complete decentralization. There is no register of account balances and transactions. Each payment unit exists on a specific medium and contains all the necessary data, while it is impossible to copy it. Thanks to this, it is impossible to recall the payment made, block the finances on the account or track the payers. Cryptocurrency is a complete semblance of cash.
The visitor signs a bilateral contract with the casino describing the conditions under which the automatic irrevocable transfer of funds occurs. This does not require the participation of a third party (bank or payment system), so there are no time lags and additional commissions. As a rule, such an agreement is an open public offer, which the player accepts by registering and opening a deposit.
Coins are used directly for bets, or they are converted into a regular currency unit chosen by the player depending on the policy of a particular portal. Our service uses the USDT virtual coin for conversion. This solution is optimal, as it meets the interests of the user.
The Benefits of Alternative Currency Systems
Many people ask: «Why should I think about bitcoins when I can use bank payments and electronic money?». It is necessary to highlight the advantages of a new means of payment to answer the question.
The main advantage is distributed data storage. Each computer on which the bitcoin client is installed is a node of the system. Information about the balance of each wallet and every transaction is contained simultaneously on many nodes in parts. It is impossible to collect this information the same as to track the completed transaction.
At the same time, the wallet owner himself has full access to the entire sequence of operations. So, he can always make sure whether the casino has fulfilled its part of the agreement by accepting bets and paying out winnings or not.
This is the main advantage, but not the only one. Also the pluses of cryptocurrency include:
- Reliable storage of data on bets and results of games. Fraudulent actions with cryptocurrency are not feasible.
- Player's confidentiality. The identity of the gambler is known to the casino and will be provided to state authorities in the manner prescribed by law. Unauthorized access to personal data is absolutely excluded.
- The speed of financial transactions due to the absence of intermediaries. The withdrawal to a bank account takes from several hours to several business days, but the winnings are credited to the bitcoin wallet instantly.
- The absence of intermediaries means not only speed, but also payments without commission.
These advantages were considered by thousands of players. It is enough for crypto gambling to become more and more popular. About half of the legal world circulation of coins is associated with gambling according to statistics.
Disadvantages of Cryptocurrency Betting
You need to be aware of the shortcomings, before you start playing in an online casino for bitcoins, altcoins, and other options for non-traditional means of payment.
For instance, the absence of control bodies and the irreversibility of the payment turn into the fact that in practice it is impossible to return the finances stolen from the wallet. And cryptofinance could be stolen if an attacker hacks into the protection of a bitcoin wallet. It will not be possible to withdraw the payments made by them, therefore it is extremely important for your part to take care of reliable protection and compliance with digital security rules.
As already noted, coins are a kind of virtual likeness of cash, and this applies not only to virtues. Coins can be lost or even physically destroyed like usual money. This happens when the physical media is stolen, broken, or damaged.
Who is Potentially Interested in Crypto Gambling
It is still premature to talk about the complete replacement of traditional payment instruments despite the growing popularity of cryptocurrency. This is due to the specificity of alternative payment methods.
We recommend cryptogambling primarily to the following categories of players:
- those who are already dealing with cryptocurrency by the nature of their activities;
- those for whom privacy is a priority.
Let's also say that the question of the legal status of bitcoins is still open. From a legislative point of view, they are in the «gray zone»: there is no ban, but there is no legislative regulation, which is also fraught with certain troubles. This situation is observed in most countries, but in some of them crypto payments are subject to a large number of various restrictions. Time will tell how the situation will develop in the future. You can read more about the use of cryptocurrency in online casinos here.