Can You Gamble Online with Cryptocurrency?
Cryptocurrencies, such as Bitcoin, have increasingly been gaining traction worldwide as a form of digital currency. They’ve become so popular that several online business platforms have begun to accept cryptocurrency as a form of payment.
Online casinos have been the fastest to adapt to this new payment model as far as internet-based businesses go. However, many gamblers still don’t understand how to use this type of currency to place bets effectively. If you have questions about gambling online with cryptocurrency, this is the place to look for answers.
What is Crypto Gambling?
The only difference between crypto gambling and regular online gambling is the currency you use to place bets and receive payouts. Some benefits come with using digital currencies.
Most online casinos take some time to process your payouts using conventional currency. While the wait time varies anywhere from two hours to seven days, you still have to wait to make a withdrawal from your account. Using cryptocurrency provides you with instant payouts.
The other greatest upside to using cryptocurrency is the lack of identifying information attached to your money. Since it doesn’t go through a traditional credit card or bank, your identity isn’t linked to your online transactions. The total anonymity provided by digital currency allows you to freely gamble online without any risk of fraud or identity theft.
While Bitcoin is arguably the most popular form of cryptocurrency, you can also use Etherium, Ripple, Litecoin, and many others. The only limiting factor to crypto gambling is whether your online casino of choice accepts crypto as a payment method.
Cryptocurrency casinos aren’t hard to find. Many popular online casinos accept both digital currencies and real money as forms of payment. Bodog casino, for example, has both Bitcoin and Bitcoin Cash options and offers several benefits to using cryptocurrency to play, including the lowered fees and instant payout options discussed earlier.
A quick google search will yield you long lists of results for casinos using cryptocurrency located all over the world.
Is Crypto Gambling legal?
There are several parts of the world where the legalities surrounding crypto gambling are unclear. Regardless, some fundamentals are worth understanding before you begin online crypto betting.
There are no laws
There are no specific laws regulating crypto gambling because cryptocurrency isn’t considered an official currency. In contrast, it’s not prohibited from using either.
It varies by country
How cryptocurrency is used and viewed varies by your location. Like the United States and Canada, some countries are optimistic about cryptocurrency as the future of online transactions. Other countries have flat out banned its use.
Licensing is key
While some countries, like Curacao and the United Kingdom, offer gambling licenses to crypto-only casinos, most casinos offering crypto gambling also allow transactions with real money. The rule of thumb is that as long as the online casino is licensed within its chosen jurisdiction and following the rules and regulations of its licensing body, it’s operating legally.
The first step in gambling with cryptocurrency is to choose your currency and establish a virtual wallet. Your digital wallet is essentially your online “bank account” used to transfer funds from one account to another.
Registering for a reputable cyber-wallet service that completes a crypto exchange will allow you to exchange regular currency for crypto easily.
Once you’ve purchased your digital coin, you can wire the funds into your account on any crypto gambling website. After that, you play as normal, only betting with digital currency. Deposit and withdrawal processes remain the same, except for time delays on withdrawals.
Your cryptocurrency can be exchanged back to standard, legal money at any time using your digital wallet.
Gamble Online With Cryptocurrency: Summary
Gambling with cryptocurrency is quite simple. While loading and cashing out your coin is slightly different than using your credit card or bank account, there’s a very minimal learning curve. The security and convenience of cryptocurrency make it a more common form of online payment in the future.