Online gambling is a monster industry that is valued at around $53.4 billion. At the core of it, now we have crypto-gambling. Exactly, one can effortlessly gamble over the internet using crypto-currency. These are referred to as Ethereum-based casinos and are powered by blockchain technology. Does it ring any bell for you? Well, let us shed some light on crypto casinos or crypto gambling. In this article, we will help you build a sound understanding of crypto casinos. We will get to peek into the amazing realm of crypto gambling. Moreover, we will talk about the pros and cons of crypto casinos. Let us tap into that.
First, we will find out what crypto gambling is.
What Is Crypto Gambling?
In the past 3 years, crypto gambling or Ethereum-based casinos have taken the internet world by storm. Online crypto gambling is a form of betting, where cryptocurrencies such as Bitcoin or Ethereum are used instead of money. Digital currencies are on the rise with more and more people being forced to use them due to globalization and a world plagued by pandemics. That’s why more and more people are learning about how important these currencies can be for their everyday payment needs. Crypto gambling gives them an opportunity to make the most of the crypto boom.
How Crypto Casinos Are Different From Traditional Ones?
It’s important to think about the differences between crypto casinos and traditional ones before you choose where to play.
With Ethereum-based casinos, you can enjoy its many benefits. While selecting crypto casino platforms from the available list, be sure to take note of the differences between them and other types of casinos.
In essence, there are two key points of difference between the two.
Currency Being Used
Casinos differ primarily in the way they process and transact money. Regular casinos assess value using regular cash. To mention a few, these are the US dollar, the British pound, and the euro. whereas, crypto casinos employ cryptocurrency to measure and trade value.
Security
When we want to place bets online, security is one of the first things that comes to mind. Crypto casinos offer a more secure channel for people to bet. There are several ways in which crypto casinos have an advantage over traditional casinos. To begin with, bitcoins are more secure than bank accounts or debit/credit cards. Since crypto casinos aren’t centralized and don’t use our personal information, they’re less vulnerable to hacker attacks. Traditional casinos can be hacked more easily.
Traditional casinos have a level of safety to them, whereas online crypto casinos might not. Crypto casinos put your safety first by using strong encryption and blockchain. Furthermore, keeping your identity secret is key to a safe betting experience.
Crypto casinos are more secure than regular ones because they don’t require the player to submit their personal info. This increases their safety and prevents any external interference.
Pros And Cons Of Crypto Casinos
It is good to know about the two sides of the same coin. That is why we will learn about the pros and cons of crypto casinos.
Pros Of Crypto Casinos
Decentralization
Because there is no central authority to regulate it, you are the sole owner of your crypto and nobody can freeze your account.
More Security
Crypto transactions do not require any personal data, protecting you from identity theft. Nor can you be charged back – once a transaction is sent, it cannot be overwritten.
More Privacy Ensured
When it comes to crypto wallets, there’s no telling who spent their money on what. Cryptocurrencies are also considered transparent because anyone can find information on a given address and its balance from the public ledger.
Immune From Inflation
There will only ever be 21 million Bitcoins because any more would devalue them and stop people from buying them. The crypto has a well-balanced amount of coins created every day, so there is no inflation like with fiat currencies.
Cons Of Crypto Casinos
Volatility
The price of Bitcoin changes every day due to the limited number of Bitcoins in circulation and the increasing demand for them.
Not Traceable
Bitcoin’s anonymity, viewed by many as an advantage, on the flip side is often associated with criminal activity in the sense that it is easier to get away with fraud.
Limited Options For Withdrawal And Depositing
The number of crypto-friendly online casinos may be on the rise, but for now, the options for withdrawing and depositing are quite limited.
Limited Usage
You may have heard about cryptocurrency casinos but have still not visited one yet in the mainstream.
FAQs
What Do I need For Crypto Gambling?
You will need an Ethereum-based online wallet or a crypto wallet for crypto gambling.
Are Ethereum-Based Casinos Regulated?
No! Crypto casinos are not regulated.
Final Note
Crypto casinos are surely an amazing venture that has revolutionized the realm of the internet and how we see gambling. One should definitely tap into it. However, you need to consider the risks as well.