Unless you’ve been living under a rock for the last few years, you’ve probably heard of cryptocurrencies. These digital assets have taken the world by storm in recent times to a point where the entire industry is now valued way above the $1 trillion mark.
One of the reasons for their success is the vast number of real-world applications for blockchain technology, such as in the healthcare industry, payments and processing, and even supply chain logistics. However, one match that seems made in heaven for cryptocurrencies is the gambling industry.
You see, many of the features of blockchain go hand in hand with online gambling, and in many ways, it makes life easier for both the player and the casino owner. Furthermore, the sentiment of crypto investing and gambling has a lot in common, as many of the people who choose to invest in such currencies often see it as speculation in itself, naturally attracting those who are more inclined to take risks.
On that note, let’s take a quick dive into the pros and cons of gambling at a crypto casino and everything you need to know before you place your first bet.
First and foremost, crypto casinos offer much more privacy than their traditional counterparts. In most cases, regular online casinos that deal with fiat currencies usually require customers to complete a KYC process before placing a bet. This typically includes handing over their photo ID, current addresses, and proof of funds.
However, with most crypto casinos, none of this is necessary. Instead, users can usually apply with a pseudonym and play without revealing their true identity – but this varies for each provider.
Secondly, cryptocurrencies are mostly anonymous, at least when compared to fiat currencies. Whether you play at a Bitcoin or Litecoin casino, the only way anybody will be able to track your activities is through your wallet address; however, no name or identity documents are ever attributed to these addresses. The added bonus is that no gambling transactions will ever appear on your fiat bank statement, which may help if you want to keep your gambling activities to yourself.
Transparency and fairness
One of the most appealing aspects of playing at a crypto casino is the concept of “provable fairness.” In layman’s terms, this means that most casinos use an algorithm to assess and verify their fairness towards their players, ensuring that there is no opportunity for manipulation or unfairly skewed odds in the casino’s favor.
Furthermore, since blockchain technology allows all transactions to be traced through a public ledger, crypto casinos are far more transparent than traditional casinos. This technology allows players to independently verify that the outcomes have not been tampered with and that the games have not been rigged, giving you more trust in the provider and the assurance that you have a fair chance of winning.
Crypto casinos offer some of the lowest house edges in the online gambling industry. The lower the casino edge, the higher your chance of winning, which should be music to your ears if you’re trying to make a profit.
In addition to this, many of the crypto casinos display the house edge on each of their games which means you can find out your exact chances of winning before you even place a bet. In general, house edges range between 0.5 and 4%.
Lack of legal restrictions
Gambling is restricted in many countries, making it impossible for their residents to play at casinos using their bank accounts and fiat currency. Fortunately, as cryptocurrencies are not recognized as a legal currency, players can usually get around these restrictions fairly easily. All you need to do is purchase any cryptocurrency of your choice and then transfer it to the online casino. After that, you will be free to gamble until your heart’s content; just make sure you check the terms of conditions of each casino before you send your funds across.
What are the drawbacks?
As with anything in life, there are some drawbacks that you have to bear in mind before you dive in headfirst. First of all, cryptocurrencies can be extremely volatile. In fact, they are up to six times more volatile than fiat currencies, with an average daily fluctuation of 2.67%.
This means that you must always keep an eye on your account and ensure that you are prepared for the possibility that your coins could shoot up in value or drop like a stone in a matter of days.
Furthermore, buying and selling cryptocurrencies can be a daunting experience for many people, mainly due to the steep learning curve involved in exchanging your fiat for crypto. As time goes on, there are more and more services that make this process easier; however, there you will still need to be able to get a firm grasp of the basics such as how to operate a wallet, send and receive transactions, and how to keep your coins safe and out of the reach of hackers and scammers. After all, if you lose access to your funds, there isn’t any way to get them back, and there certainly isn’t any governing body you can call for assistance.
If you’re looking for low odds, improved privacy, and a place to gamble where you can objectively prove that the games are fair, then crypto casinos are the way to go. Many of the features of blockchain technology complement the requirements of an online casino, which is why so many have been popping up in recent years and have gone on to perform exceptionally well. However, before you place your first bet, make sure you brace yourself for the volatility of your digital assets and take the time to put in measures to bolster your security and safeguard your coins. Good luck!