While surfing the internet, you must have seen many advertisements, posts, articles, and discussions that have gone wild about the crypto gambling concept. Nowadays, everyone is talking about this new technology, splitting people into supporters and protestors.
Suppose you are one of the grey people who still know nothing about this industry and want to know more about it. This article is for you. We will introduce you to the basics of crypto gambling, crypto casinos, and the technology behind them.
We’ll spotlight the main advantages and disadvantages of crypto gambling so you can decide on which side you want to be on. Also, you have to be aware of the websites that you’re using, read more here about the best crypto casinos.
The technology behind crypto gambling
Blockchain is a new technology that organizes the peer-to-peer decentralized online transaction of digital items. This technology ensures a secure, transparent, and direct transfer without having a medium to manage the process between the two parties. Furthermore, it can keep a safe record of all transactions related to digital items without modifying past transaction details. This guarantees a high level of security, especially when digital items are precious, like artworks.
Cryptocurrencies are being used in various industries, and you can buy many things using them. Moreover, Blockchain technology started affecting many businesses worldwide, like arts, auctions, SAAS, and many other sectors.
What can you do in crypto casinos?
A crypto casino is an online casino without any differences in games, terms, and conditions. Gambling in a crypto casino is similar to gambling in an online casino, and the only difference is the currency you can use in crypto casinos. You should only use crypto money from your digital wallet to play in crypto casinos, and this means you have to buy crypto from an authorized dealer online, then use it to play your favorite games or place sports bets.
What about winning or losing?
The same thing here, you can win or lose, just like any other online casino, but the difference is, what will you win or lose? If you lose, you are losing crypto money, and if you win, you are winning crypto money. The catch here is the cryptocurrency exchange rate that could suddenly go higher, and your winning becomes more joyful, but if the rate went lower, you will not feel happy.
You can easily exchange crypto money for traditional money in different currencies, like US dollars or Euros, so you don’t have to worry about this point. As long as you are a winner, you can enjoy your gains and spend them as you like.
Pros and cons of crypto gambling
The pros are many in crypto gambling, and we will mention the top ones:
- The security level of online crypto transactions
- The anonymity you will have while playing because your bank is not involved anymore
- The low transaction fees compared to traditional money transfers
- The safety of your information and identity
The cons are also there, and you have to keep them in mind
- The changing rate of the cryptocurrencies
- The controversial legal vs. illegal discussion about it all over the world
- The widespread of scam and fraud websites offering fake crypto money dealerships or crypto gambling
Are crypto casinos similar to online casinos?
Yes, because both are online gambling platforms, but when you dive into the details, you will find many differences between the two platforms. The crypto gambling concept is trying to take over the online gambling industry. Still, there have been some obstacles like governmental authorization in some countries and the need for more time and regulations to organize the crypto gambling industry better. However, even online casinos went through the same process and steps when they first started, and until now, this is not a strange thing to know about.
Crypto gambling is something you will have to learn about sooner or later, especially if you are a regular gambler and want to explore all the new trends in the gambling industry. Keep reading and educating yourself about this new concept because you might be interested in crypto gambling instead of other types. You can also try it just for the sake of trying something new, and then you can decide whether you like it or not.
Captain Crypto Punish has been working in online media since 2004. He is a writer, music producer, life coach and investor.