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Bitcoin is the first cryptocurrency ever created and now it is the most valuable and famous crypto in the world. It was launched in public on January 2009 by a computer programmer (or a group of programmers) using the pseudonym Satoshi Nakamoto. Up to this day, Nakamoto's real identity has never been verified.
More than a decade since its release, cryptocurrency (crypto) has become increasingly popular for online casino gambling due to several advantages:
- Faster Transactions: Crypto transactions are typically faster than traditional payment methods like bank transfers, allowing for quicker deposits and withdrawals. Some crypto-friendly sites even offer instant withdrawals or at least super-fast withdrawals.
- Auto conversion: Many crypto-friendly gambling sites automatically convert your crypto into your account's fiat currency (EUR, USD, etc), which makes it easier to keep track on how much you spend.
- Increased Privacy: Crypto transactions offer some level of anonymity compared to traditional payment methods that link directly to your bank account. This means one can play anonymously, and obviously it eliminates the hassle of having to comply with verification (ID, utility bill, etc) just to get winnings paid out.
- Decentralized Network: No one can suddenly take your crypto away from you or freeze your crypto account since there is no central regulatory authority in the system. Thus, you own your money and control your transactions.
- Lower Fees: Transaction fees for using cryptocurrencies can be lower compared to fees charged by credit cards or payment processors. As there are no middlemen in a decentralized network, no one will charge you for anything. On the other hand, the way the technology is set up, there might be fees for faster processing of transactions or conversion of crypto into fiat currency. Still, one can enjoy a lower transaction fee in exchange for a fast crypto transfer.
From a player's point of view, cryptocurrency is the perfect gambling coin. Players love using cryptocurrency because it offers anonymous high-speed transactions for both deposits and withdrawals, as there is no need to go through a centralized banking system. Moreover, cryptocurrency games are "Provably Fair".
However, there are also important considerations before using cryptocurrency for online gambling:
- Volatility: The value of cryptocurrencies can fluctuate significantly. This means your winnings (or losses) could be worth more or less depending on market movements.
- Regulation: The regulations surrounding cryptocurrency and online gambling vary from country to country. In some regions, it might be illegal altogether. It's crucial to ensure you're gambling on a platform that operates within your legal jurisdiction.
- Security Risks: If you're not familiar with cryptocurrency wallets and online transactions, there's a risk of theft or loss. Make sure you understand proper security measures to protect your crypto holdings.
Here are some additional things to keep in mind:
- Not All Casinos Accept Crypto: While crypto use is growing in online casinos, not all platforms offer it as a payment option. Make sure your chosen casino accepts your preferred cryptocurrency.
- Bonuses and Withdrawal Limits: Bonuses and withdrawal limits for cryptocurrency deposits might differ from traditional payment methods. Check the casino's terms and conditions carefully.
Responsible Gambling Practices Still Apply
Regardless of the payment method, remember that gambling should always be approached responsibly. Here are some essential practices:
- Set a Budget and Stick to It: Only gamble with what you can afford to lose.
- Focus on Entertainment: View gambling as a form of entertainment, not a way to make money. The odds are always in favor of the house.
- Take Breaks and Know When to Stop: Don't chase losses and walk away if you feel like you're gambling excessively.
If you have any concerns about problem gambling, seek help from organizations like Gamblers Anonymous and GamCare.
