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There are a lot of different options available for online gamblers, and one of them is the opportunity to play at online casinos using cryptocurrency. If you invest in crypto, you may already be aware that one way to spend it is at crypto casinos, which generally offer the same range of game options as any other casino, such as slots, roulette and various card games.
There are now plenty of mainstream casinos that offer customers the option to make crypto deposits, alongside other payment methods such as Skrill, Neteller, PayPal and Venmo. Payments in cryptocurrencies are usually processed quickly and are often available to play with instantly.
As well as regular online casinos that allow you to make deposits with crypto, you will also find dedicated crypto casinos. The main difference is that at a true crypto casino, you will actually place wagers in the cryptocurrency of your choice, and your winnings will also be in crypto. If you play at a regular casino that simply accepts digital currencies as a payment method, it will then convert your crypto into fiat currencies or credits that you can use to play the casino games.
Which cryptocurrencies can I use at an online casino?
It will come as no surprise to crypto enthusiasts to know that there are plenty of Bitcoin casinos available online, but it’s certainly not unusual to find casinos that accept several different digital currencies, especially the more popular ones such as Ethereum, Litecoin and Ripple. You’ll also find casinos that accept Binance, Cardano, Dogecoin, and many other virtual coins.
There are also crypto casinos that use specific gambling tokens such as LBLOCK, FUNToken and DG. Many of these tokens might not be commonly traded on the crypto exchanges, but they are widely accepted and used when it comes to online gambling. LBLOCK, for example, is the native token of Lucky Block, which is in itself a lottery platform that allows participants to buy a ticket and potentially win the Lucky Block jackpot. The participants in Lucky Block use the token to purchase tickets, play games and participate in the lottery, so it is a crypto token that is predominantly used for gambling as opposed to anything else.
Why would I gamble with cryptocurrency?
There are several reasons why gamblers might prefer to gamble at online casinos using cryptocurrency:
- It’s convenient. You can use your crypto wallet as a quick, easy and convenient way to fund your online account.
- It’s secure. People often worry about using cryptocurrency, but experienced crypto users know that the security built into blockchain technology means that your transactions are, in many ways, more secure than regular fiat currency transactions.
- It’s flexible. No matter what digital currency you hold, or how obscure your favorite altcoin is, you can probably find a crypto casino that accepts it.
- It’s a way to use your cryptocurrency, and potentially make more. While many crypto enthusiasts spend time trading crypto, most are also interested in ways to use their crypto in the real world, to pay for goods and services or otherwise make it work for them. Online gambling is one such opportunity, and you might even win more coins.
- Anonymity and ease of use. While some online casinos need a lot of information from you to set up an account and verify your payment method, it is often possible to set up a crypto casino account with less fuss, and fewer steps – sometimes with just an email address.
- Bonus opportunities. Some casinos offer special bonuses and promotions for those who use crypto, or who use a particular coin. Just be aware that at a regular casino that accepts crypto as a payment method, you may not be able to access all the advertised bonuses when you deposit with altcoins, so check carefully before you sign up.
Are crypto casinos safe?
This depends on how you look at it. If you are already a crypto enthusiast, you will, no doubt, fully understand the ‘gray area’ that crypto falls into. This is due to the fact that in most jurisdictions, cryptocurrency is neither classed as legal tender (though this is changing, at least for Bitcoin) nor prohibited as illegal. The deregulated crypto markets mean that digital currencies are not usually backed by central banks or national governments. However, very few countries have any laws against cryptocurrencies, meaning that it is legal to buy, sell, trade and use them.
Just as cryptocurrency itself is not subject to the same regulation as the rest of the financial sector, you may find that crypto casinos are not well-regulated either, but that’s not always the case. Many of the mainstream online casinos that accept crypto payments are fully regulated by the governing body where they are located, as are some true crypto casinos.
However, some crypto casinos will be either completely unregulated, or perhaps based offshore and regulated locally, which means that rules may not be as strict or as well-enforced as they would be if the casino was overseen by a well-known governing body, such as the UK Gambling Commission. It is probably fair to say that if you are the kind of person who enjoys buying and trading cryptocurrency, you will probably be happy with the level of regulation that most crypto casinos have in place and consider them safe enough to play at.
Are crypto casinos legal?
Just as cryptocurrency tends to exist in a gray area, so does crypto gambling. You may find that there are no specific laws either legalizing or prohibiting crypto gambling in your jurisdiction, though most casinos will follow the general gambling laws for the country they are based in. So, if gambling is illegal in your country, it may be hard to find a crypto casino that is based there. However, unless your country has outlawed crypto transactions, there is nothing to stop you depositing cryptocurrency at an overseas casino and playing there.
While there are always risks associated both with cryptocurrency and gambling, if you do your research, you will probably find a number of crypto casinos that you are happy to play at.
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Mr. Pratik chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and has spent over a year as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the Financial markets.
