Crypto Gambling: How To Gamble With Cryptocurrency – Insider Tips
First things first, you’re never going to gamble with crypto like a pro because there are no absolute pros, to begin with. The market is heavily manipulated by the unseen forces, which – let’s face it – we are not.
But don’t be discouraged by that. The trick with crypto is knowing when to catch the wave. What do I mean by that? When the volatile prices are really, really low, that is your chance to score (read: purchase crypto) because they’re eventually going to go back up again.
The world is still on the cusp of embracing crypto and I don’t see them caving anytime soon. In fact, I can only see them going up – and the gambling industry is among the first to bet on that horse.
But Wait. What Is Cryptocurrency, Anyway?
It’s decentralized cash. Digital moolah. Computer coinz. Internet money. Come through, blockchain technology!
Essentially, it’s something that people assign value to other than paper. You may not be able to hold it in your hand. You may not be able to give Bitcoin cash to a retail cashier and expect change. But man oh man, you can make it rain like it’s the Great Flood IF you play your cards right.
The first crypto was invented in 2009 by some guy called Satoshi Nakamoto, a person nobody knows exists. The general idea was that money can be sent to places that previously had no way of receiving it. And in record time, no less. When I say that, I imagine a shepherd in Nepal who wants to send money to his kids in college. All it takes is three clicks on the mobile phone. Oh, did I mention that the money can’t be traced? Illegal things like this. Don’t buy drugs with BTC, kids.
Before You Gamble Online With Cryptocurrency…
Unlike conventional online casino payment methods, staying up to date with crypto is your bread and butter. Make or break level stuff. Follow the news, follow Twitter, and – I hate to admit – follow Elon Musk. So far, that guy managed to be the only real crypto influencer. I’m not going to say this is because he’s smart or oblivious or a shrewd businessman; it’s just how it is.
What I am going to tell you is that his tweet about Dogecoin can make the price go up or down by at least a 10% margin. Heck, the last time he tweeted about Tesla not accepting Bitcoin anymore caused the market to crash. Go figure. Twitter, crypto newsletters, all those things are super important if you are considering crypto gambling. Since there is no physical proof of crypto ownership and the value is what people make of it (some would say imagined), I cannot stress enough how crucial word of mouth is.
Online Casinos 101: Getting Started With Crypto Online Gambling
OK, first you have to make a profile on one of the more reputable trading apps. These include Binance, Coinbase, Voyager (mobile only), eToro, Gemini, to name a few.
Next, insert money into your profile via the deposit option in your wallet. Most countries support your run-of-the-mill credit cards, so you probably won’t have any problems with that. Then, search for the best bitcoin gambling sites or best crypto gambling sites, depending on your coin of choice.
Word of advice: Prior to selecting your favorite Bitcoin gambling site, check out the sign up bonuses and deposit bonuses. You don’t want those insane wagering requirements to run you down.
How To Deposit With Cryptocurrency?
We’ve still got some steps to follow so bear with me. Let’s say that you are using the Binance app and their wallet. So what do you do?
- Go to Wallet, click on Withdraw.
- Choose BTC or whatever coin they are accepting (ETH, DOGE, etc.)
- Copy the code that they have assigned to your wallet. Here’s an example: 1CK1tWVrB2iV4jDBF7ajTyAPK36L9dQG12.
- You pick how much money or coin you want to deposit, and voila!
E-wallets exist to keep your money safe. In the past, they were getting hacked on a regular basis, but times have changed for the better. Still, the question remains: Can you get hacked? Well, yes, everyone is susceptible. Is that enough cause for concern? It depends on your authentications and security protocols. And even if you make it easy for hackers to have a date with your wallet, they’ve probably got bigger fish to fry. In other words, avoid bragging about how rich you are if you want them off your back. But, let’s cut the bull here. Here are some recommendations for online wallets:
- Ledger Nano X is a premium wallet which means it requires some storing fees. Although their security is top-notch, they’re not the most popular choice because you have to pay for it.
- Trezor Model T is the oldest wallet there is, straight from Satoshi Labs. It supports a handful of coins and Android-only users.
- If someone were to recommend Wasabi, and I would endorse it. However, it’s meant for desktop and Bitcoin users only, and I also presume beginners would have a hard time navigating it.
- My top pick of desktop wallets would be Exodus. The only downside is that it’s not fully open source. Personally, I don’t see a problem with that. That just means they are careful with selecting their users, which I understand completely.
Tips And Tricks: How To Gamble At A Cryptocurrency Gambling Site?
So imagine you deposited Bitcoin cash and decided to play Texas Hold’Em, for instance. You’d probably be investing somewhere along the lines of 0.005 BTC for the first blind and 0.010 BTC for the second (which is a high roller game). How much you are willing to bet after that is up to your game strategy. The same principle can be applied to other casino games, be it table games, video poker, roulette, slot games, live dealer games – you name it. Bitcoin gambling at its finest.
Heads up: Not all gambling websites accept crypto. However, the number of Bitcoin gamblers is increasing rapidly. Goes to show the crypto gambling trend is gaining traction – and crypto gambling sites are reaping the benefits big time.
So before you create a casino account and make your first deposit, google the s#!t out of every online casino you are interested in. Check out our online casino reviews here. Shake that crypto gambling site. See which casino bonuses benefit you the most and dip your toes into the crypto gambling market. It would be a lot to write about how every single casino trades in crypto money, but let’s just say it boils down to two types of crypto casino sites:
- Casinos that accept cryptocurrency but will immediately convert it to dollars, euros or whatever traditional currency they use. If you have no problem with that, gamble away!
- Casinos that allow players to gamble with crypto without converting it. Personally, I prefer such online gambling sites simply because I want to have complete control over my conversions.
The Expected Rise Of Bitcoin Gambling Sites
Although Ethereum is the one to watch, we’ll focus on Bitcoin once again for a better frame of reference. Its price has jumped by more than 800% since the pandemic was first declared in March last year, rising from about $5,000 to $40,000.
And yet, this sudden leap is nothing out of the ordinary. Bitcoin is riddled with unpredictable outcomes. Similar to the 17th-century tulip mania in the Netherlands, Bitcoin soared from just below $1,000 at the start of 2017 to come close to $20,000 within 12 months! Then BTC almost pulled a Hindenburg by dropping to about $3,000 within a few weeks in early 2018.
It is estimated that there are more than 18 million Bitcoins now in existence and some optimistically predict that a single unit will reach $100K by the end of 2021. No doubt, Bitcoin gambling sites are among the first to recognize the true potential of crypto and seem hell-bent on hoarding it, too. Once the prices go up (which they most likely will), fortune will smile on the boldest hoarders of them all.
IMHO, Bitcoin casinos are the future and I have a gut feeling they will give online gambling a push in a new direction. Not only that, bitcoin’s best online casino promotion are going to be out of this world. Free spins and bonuses and promotions galore. So to risk sounding like Dr. Frankenstein – rise! RISE!
Crypto Gambling Vs. Traditional Gambling
Crypto gambling versus traditional gambling? Is it a contest? Well, not really. They will probably just fuse into one at some point if the crypto trend keeps rocking the market. At the moment, the welcome bonus offers seem to be affected the most. In other words, players can now use both crypto and regular cash to snatch those incentives when they sign up. It’s a win-win situation. When you are out of money, you can use both reload bonuses. When you are out of casino free spins bonuses, you can just switch to depositing crypto to reopen those pretty casino games and free spins.
Most importantly, crypto gambling has one undeniable advantage. Providing your confidential data on traditional platforms can pose numerous data protection challenges, whereas Bitcoin casinos have eliminated this impediment guaranteeing that gamblers’ personal information is safeguarded. Bitcoin casinos also eliminate the monotonous task of filling out your details while joining and logging in every time you get bitten by the gambling bug. Safety and simplicity at their finest.
The only downside, however, is that not all casinos are simultaneously cryptocurrency gambling sites. Just imagine having to deal with customer support that has no notion of crypto deposits and withdrawals. My cringe gland is swelling just by thinking about it.
The Benefits Of Crypto Gambling
Cost-efficiency and low transaction fees
Transaction fees at BTC gambling sites are almost non-existent. Of course, the charge depends on the wallet you are using. From my experience, Binance charges the least – around 1-2%.
Instant and borderless transactions
Yes, that was the whole point of cryptocurrencies from the offset. Time’s a-wastin’.
Privacy and transparency
To explain this, we would have to delve deep into blockchain technology. Let’s just say each coin is made of a substantial series of letters and numbers. This guarantees privacy and transparency remains exclusive for you (the owner) and the person you are trading with (crypto casinos).
New tech for savvy generations
Younger and savvy generations will enjoy this because it’s easier, faster, and – contrary to popular belief – user-friendly. And hey, it’s always a lot classier to say you are into bitcoin gambling.
The Downsides Of Crypto Gambling
No chargebacks on crypto payments
Transactions using cryptocurrencies are placed in escrow until the transaction is confirmed by both parties. Once the transaction is complete, it’s impossible to reverse it.
Not all casinos are bitcoin casino sites. Not all are crypto casinos in general. In fact, most casino gambling sites are still on the fence about embracing decentralized money. But the biggest risk of all is price volatility and lack of inherent value. In a way, the cryptocurrency ecosystem is like a bubble. It’s without a doubt an important concern, but it can be overcome by linking the cryptocurrency value directly to tangible and intangible assets. Increased adoption should also positively affect consumer confidence and decrease this volatility.
Crypto is gambling
Lastly, dealing in cryptocurrency is synonymous with gambling, which may explain the appeal among seasoned players. Considering that even your average, anonymous guy has a shot at scoring big, it comes as no surprise that crypto and gambling go together like peanut butter and jam.
Which Cryptos Should You Gamble With And Why?
Short answer: The ones that are stable. The ones that are growing. The ones that have a future. Primarily, I’m talking about Bitcoin and Ethereum. Okay, if you are a passionate gambler and want to double down on your crypto investments, you can always have a go at popular shitcoins. Experts say buying them is ill-advised because they have weird ups and downs. And yet, they also tend to have the biggest jumps. In some cases, the risk can pay off substantially, especially since they cost next to nothing when purchased early.
Cryptocurrency Fun Facts
I have just one word: DOGE. It is something that professionals call shitcoin. But, despite the hand-me-down tag, DOGE made a regular Joe a millionaire. It all started as a meme. It cost less than a cent, and out of the blue, it went up to 70 cents in value. So, imagine having bought it at the right moment for 1000$ (which sums up to 100.000 coins) and now each coin you own is worth 70 cents. Just do the math.
Also, now we have something called NFT or crypto art, colloquially speaking. What is crypto art? Well, let’s put it like this: We all collected sports cards when we were kids. So now you have cards that come in the form of GIFs. A great example is NBA GIFs which portray famous blocks, dunks, three-point shots, and other sick moves. Each one of those cards has a serial number attached to it which determines its worth – and certain cards went up to $250K in value. $250K! Check out NBA Top Shot if you don’t believe me.
You also have crypto paintings or Google NFT paintings. You have crypto music, too. For instance, Wu-Tang Clan just released their new album in a limited series NFT. Just imagine the worth of that album in just a few years! If that’s not cool enough for you, consider yourself a Boomer.
Online Casino Crypto Gambling Summary
Let’s get one thing straight. Not every crypto coin is a scam, just as not every blockchain company is complete BS. But in this speculative mania, it can be very hard to tell which companies are for real.
Our hot take is this: If you choose to invest in cryptocurrency, just know that you’re not only investing. You’re gambling as well. The important thing to remember is crypto gambling is a brand new, complex space. Literally, nobody knows how exactly it’s going to develop so you need to be careful. I know that last bit sounds boring but boredom will be the last thing on your mind if your investment goes down the drain.
One thing is certain, though. Crypto-only gambling platforms are slowly but surely finding their footing in cyberspace. And I’m a firm believer that it’s only a matter of time before crypto gambling takes the world by storm. So stay tuned and learn how to play casino games like a boss. We got you, Bro!
Why would people use crypto for gambling?
People use crypto for gambling because the transactions are fastest, transaction fees are usually non-existent, and the money can’t be traced. And let’s not forget, bitcoin gambling sites offer great welcome bonuses.
Can you gamble with cryptocurrency?
Well if your question is can you gamble with cryptocurrencies like in the casino, the answer is yes. If your question is if you can gamble with cryptocurrencies like is it going to go up or down with prices, the answer is also yes.
Is crypto gambling legal?
There are no specific laws regulating crypto gambling, which is kind of the whole point of crypto. Unlike flat currency, It’s neither allowed nor prohibited, officially speaking.
Where can I buy bitcoins for gambling?
You can buy bitcoins from various certified exchange platforms, such as Binance, Coinbase, Voyager (mobile only), eToro, and Gemini.
What is the best crypto casino?
Our top crypto gambling site is BitStarz Casino. It offers some of the best bonuses and promotions for crypto. BitStarz accepts bitcoin mostly.
Is investing in crypto gambling?
In a way, yes, it is. It may not be like sports betting, playing slots or spending time at traditional gambling sites, but it’s still a long term gamble considering how volatile the crypto market is.
How safe is cryptocurrency?
Depends on what you consider safe. If by that you mean the money is kept safe against hackers, then yes, it’s safe. But if you mean the value is going to stay the same, then no, Bro, it’s not.