Is Gambling with Cryptocurrency Safe?
Posted: August 26, 2021
Updated: August 26, 2021
In the beginning, cryptocurrencies were the preserve of tech-savvy people
Today, it is even possible to play online casino games using Bitcoin
But is gambling with cryptocurrency safe? Let’s figure it out!
In the beginning, cryptocurrencies were the preserve of tech-savvy people. Today, the virtual world welcomes crowds of new investors who are using cryptocurrencies and moving away from traditional exchanges. It is even possible to play online casino games using Bitcoin. But is gambling with cryptocurrency safe? Let’s figure it out!
What is Cryptocurrency?
Cryptocurrency is a type of virtual or digital currency. It uses a sophisticated computer coding system to create a reliable and secure transaction. Indeed, the exceptional level of security is what makes it difficult to counterfeit cryptocurrencies. Besides, it attracts many people who are concerned about preserving their wealth. Moreover, cryptocurrencies are often designed as decentralized systems and built using blockchain technology. The result is a distributed ledger with the participation of various computer networks and programmers.
In this way, the cryptocurrency has no central issuer. Therefore, it cannot be manipulated or restricted by any government. These digital currencies are independent, which is one of the most popular attributes. But is gambling with cryptocurrency safe? Many online casinos in the USA have already introduced this payment method. Find out more about the Pros and Cons of Cryptocurrency Gambling.
Is gambling with Cryptocurrency Safe?: Benefits
Here are some of the top reasons to use digital currencies while playing. online casino games:
- Anonymity: Cryptocurrencies are decentralized. Thus, no country or jurisdiction regulates value or use. You don’t have to go through identity verification processes when opening an account or making a transaction. Indeed, traditional payment methods are fraught with an identity hoop. In this way, cryptocurrencies protect your online identity as you don’t have to provide a lot of information to any third party or regulatory financial institution.
- No location restrictions: Regardless of whether online gambling is illegal in your country or not, cryptocurrency casinos admit players from all over the world. These crypto casinos give you the freedom to decide if you want to play from anywhere. Visit the Intertops Casino and make sure of it yourself!
- Security: One of the main goals of digital currencies is to ensure user privacy. We have seen that most crypto casinos do not ask for any personal details other than the crypto wallet and username. If an online casino asks you for more information, you should probably avoid it and switch to a more reliable operator.
- Control: When it comes to accessing your money, traditional payment methods are at the mercy of financial institutions. You enter into an agreement with these institutions that allows them to control access to your finances. Indeed, banks may change the terms of service without consulting you. It may result in additional restrictions or additional fees that you did not expect. Cryptocurrency skips these restrictions and gives you complete control over your funds. Thus, you can make transactions from anywhere without the intervention of third parties.
- Transaction speed: Cryptocurrency transactions take place in a decentralized environment. The money is transferred directly from your wallet to the casino operator’s account. Thus, the intermediaries such as banks are not participating in this process. There is no overview of your transactions, and this does not slow down the flow of funds. In this way, all transactions are going much faster.
- No commission: We have seen that banks are not involved in the cryptocurrency transaction process. Indeed, no commission is charged for such transactions. This can significantly reduce your online gaming costs. Read our article about Updated Bitcoin Betting Guide for Safe Crypto Gambling in 2021 to find out more.
Disadvantages of Using Cryptocurrency for Online Gambling
Despite its many advantages, cryptocurrency is not without its drawbacks:
- It’s changeable: The price of cryptocurrencies, especially bitcoins, fluctuates constantly due to limited availability and growing demand. While the price stabilizes, it is unwise to maintain significant savings in cryptocurrency.
- It develops: The cryptocurrency is still under development. As its use increases, it becomes more accessible and its functions more sophisticated. At this point, there are still some kinks in the system that can complicate your financial life.
- Unusual payment method: Only a few online gaming platforms accept cryptocurrencies as payment. You cannot go to any online casino and start playing with bitcoin or any other digital currency like a credit card. However, if you plan to switch to this platform, don’t despair. The adoption of cryptocurrency is growing every day around the world and the number of crypto casinos continues to grow. But is gambling with cryptocurrency safe? It is most certainly safer than a lot of modern payment methods in the online casinos in the USA.
Which Cryptocurrency to Choose?
The first step to playing at an online cryptocurrency casino is choosing the type. There are many choices. However, Bitcoin remains the most popular cryptocurrency. Many online gamblers trust Bitcoin because it was the first cryptocurrency ever. Other cryptocurrencies are just as good, but you will need to find out if your preferred crypto casino accepts the one you choose. It is also possible to use more than one type of compatible digital currency. Apart from bitcoins, there are other popular cryptocurrencies that you can use to fund your online casino account:
- Bitcoin Cash;
Indeed, it is worth noting that each casino offers its selection of acceptable cryptocurrencies. There are thousands of cryptocurrencies available on the market today. However, not all of them retain value well. You will not be able to use most of the opportunities to play online casino games as trust takes time to develop. It is also imperative that you understand that the value of a cryptocurrency can fluctuate significantly. A currency can be traded at the same price over a fairly long period, or the value can change in less than a day. Many online casinos advise players not to buy huge amounts of cryptocurrency at once to maintain account balance.
Tips on Crypto Gambling
You can suffer big losses if you spend a lot of money on cryptocurrency at a time. It is better to buy just enough cryptocurrency to minimize the negative impact if the currency loses its value. We also advise you not to spend more cryptocurrency than you can afford to lose. Indeed, this is still real money. The legality of cryptocurrency depends on your location and applicable local laws and regulations. Since digital currencies are unregulated, most governments are skeptical about the adoption of this revolutionary technology for fear of losing control of the financial sector.
Thus, only a few countries, such as Canada, have partially adopted cryptocurrency as a form of payment, while most are still reluctant. Before converting money to digital currency, it is advisable to familiarize yourself with your local cryptocurrency legislation. Fortunately, most gambling sites offer cross-border services. Therefore, you can still use cryptocurrency in your online roulette games on foreign sites if your local sites are not equipped to do so.
What to Look for When Choosing a Crypto Casino?
So, gambling at online casinos with cryptocurrencies is generally safe. However, as a responsible gambler, you should still do your research when it comes to choosing the right casino. You can always check online casino review sites. Indeed, there are some important factors to consider when shopping at an online casino. Whether you are looking for Bitcoin or a traditional casino, this is what you should always be looking for. Never transact with an unlicensed online casino. You can check if the casino site has the license to operate by usually scrolling down the page. Online casinos in the USA should display which jurisdiction the license they hold is issued.
Such jurisdictions as Curacao, Denmark, Malta, Gibraltar, United Kingdom, and many others can issue the license. Typically, you can also click the license icon they display. Once you click on it, you should be redirected to the jurisdiction’s website showing that they did indeed issue a license for that particular casino. Website security is important even if cryptocurrency transactions already have encryptions. Make sure the site is encrypted as well, as this can help ensure that your information and transactions cannot be accessed by anyone. Always choose online casinos with web addresses that start with HTTPS instead of HTTP. The lock icon should also be present on the web address tab when you are on the casino page. A secure online casino will also display the security software they use to keep you safe. Learn How Money Laundering Works In Online Gambling to never get tricked.
Is Gambling with Cryptocurrency Safe?: Final Thoughts
The numerous benefits of using cryptocurrency make it a great option for online casino gaming. Indeed, cryptocurrencies facilitate fast transactions and the security of personal information. They also give you complete control over your finances and you don’t have to pay commission to financial institutions. These currencies also have no location restrictions and you can access crypto casinos even in countries where online casinos are illegal. If you decide to use a cryptocurrency to play at the Intertops Casino, make sure the currency you choose is compatible with your preferred crypto casino. Good luck! In the beginning, cryptocurrencies were the preserve of tech-savvy people. Today, the virtual world welcomes crowds of new investors who are using cryptocurrencies and moving away from traditional exchanges. It is even possible to play online casino games using Bitcoin. But is gambling with cryptocurrency safe? Let’s figure it out!