Cryptocurrencies are still in their nascent stages of development, and blockchain technology is also still unexplored in many ways. But that does not stop the decentralized currency from bringing in revolutionary changes in various sectors of the world, starting from finance to healthcare, agriculture, insurance, etc. The gambling industry is also reaping the benefits of blockchain technology, but the unregulated nature of cryptocurrencies sometimes raises speculations about the reliability of the casinos. Therefore, online casinos are required to abide by concrete regulations; otherwise, their operations remain skeptical, which is not desirable.
Things you need to know about crypto gambling
Players should consider the following points before registering at any crypto-powered online casino:
Crypto gambling requires a license
All online gambling platforms require licenses to operate, but crypto casinos require to abide by some more regulations; owing to the highly volatile nature of cryptocurrencies and the unregulated nature of the cryptocurrency market, the prices of their crypto coins may fall drastically, and players may lose everything within a second. Thus, players find it very difficult to trust a crypto casino so easily, and therefore a license from a reliable authority would provide extra backing to a crypto casino. Licensed crypto casinos are reliable, and they never part with the players’ money. Also, a licensed casino ensures timely withdrawals without any hassles and offers provably fair gaming without any manipulations. A license works like a legitimate certification and business permit for online casinos.
Strict crypto regulations worldwide
Casinos cannot officially operate in countries where gambling is banned, and any casino caught doing business illegally in restricted countries face strict legal consequences depending on the legal laws in operation in that country. Some countries impose large fines for violating their crypto laws and order for a complete shutdown of the platforms, while others seize all the digital assets found from the casino.
Players can enjoy anonymity and privacy
Anonymity is perhaps the most lucrative benefit that crypto casinos offer to their players. It gives them the ultimate freedom to gamble at casinos without letting the world know anything about their gambling desires. Players can get into a crypto casino website just with their wallet address which is their only identity recorded in the casino portals. All the transactions are kept private and thus do not affect the gambling experience of other players.
You can count on fast transactions
The absence of any financial intermediaries makes crypto transactions incredibly fast. Both deposits and withdrawals in crypto casinos happen instantaneously, which makes crypto casinos superior to traditional casinos; in crypto casinos, players do not have to wait for any financial intermediaries to confirm their transactions.
No transaction fees
Cryptocurrency transactions happen directly between the casino operators and the players without any financial intermediary to intervene. Thus, there is no scope to charge any overhead costs as happens in traditional casinos where there are bank charges and other fees charged from players for providing various services. With no transaction costs, players can keep on gambling at crypto casinos to their heart’s content because of which crypto casinos are often held responsible for gambling addiction to players. However, reliable crypto gambling sites often allow players to set a limit beyond which players are not be allowed to wager, thus saving them from overspending.
Tips for Crypto gambling
Cryptocurrency gambling is a bit more complex than traditional gambling, as using cryptocurrencies brings in more concerns than fiat currencies. Some of the essential tips to follow when gambling with cryptocurrencies:
Conversion rates and fees
This is important to check, especially for casinos that allow fiat currency deposits from players but convert them into cryptocurrencies when players place bets on any games. Hence, players do not get their actual winnings in return because that would be converted based on the specified conversion rates followed by the bookmaker, which differs for every bookmaker. Therefore, players should always check the conversion rate followed by each bookmaker.
Most crypto casinos do not ask for KYC and allow players to directly register at their sites with only their wallet addresses. This is an added advantage for players to play at crypto casinos, but at the same time, players should also be assured that the casino has a proper license to operate; they should not be blindly overwhelmed by the fact that they would not have to go through the lengthy KYC procedures.
Wisely choose the crypto coins
Players should only gamble with the cryptocurrency that they hold at the time of gambling and not with anything that the casino supports; otherwise, it would be risky if the price changes drastically, which is very common with cryptocurrencies.
There are no fixed regulations when it comes to gambling with cryptocurrencies, and thus it is neither legal nor illegal. Individual countries impose their own regulations, and casinos operating in those countries are required to abide by those regulations. However, registering at a licensed crypto casino will render a safe gambling experience to players.