Online Gambling With Cryptos - Is It Worth It?
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In my line of work, I get asked a lot of questions by friends and family. But for the last few years, these have mostly revolved around: “Nicola, do you understand cryptocurrencies and do you use them to gamble with?”. My standard response to these queries is of course “yes” which usually receives a sharp intake of breath from some. Cryptos don’t need to be scary though. But even I admit back in 2009 when Bitcoin plopped into the world, I had a mouth-open moment. How could I use money that I couldn’t see, feel or stash in my purse?
Thankfully since this time my knowledge and awareness of all things crypto has increased. I have a keen personal interest and have also written heaps of gambling articles, guides, and blogs on the topic too. I wasn’t at all surprised when crypto gambling became a ‘thing’ and it felt like a natural transition for me.
But diversity makes the world go round, and my excitement for virtual currencies may not be yours. Which leads me to another question I get asked a lot: “Do you think I should try crypto gambling?”. This is your personal choice, though I’m an honest bod so I’ll tell you why I love it so much and some of the stuff I’m not so fond of.
What I Like Best About Crypto Gambling
It’s difficult to write about everything that I like because there’s so much. I’ve also been warned not to go off on a tangent so here’s my top 5 list, in no particular order.
- The chance that my deposits and winnings can quickly increase in value, whereas my fiat cash values more or less stand still. Making some extra dosh for doing nothing has always appealed to me.
- Games! There are so many of these now which I think work better with cryptos, than fiat money. I love the likes of Plinko, Aviator, dice, and various crash games. Where I can wager teeny amounts of coin and still have the chance of a decent win. I’m also excited to see an increase in freshly released games and the emergence of software developers hopping on board with cryptos.
- Bonuses make me very excited and I am always surprised at the variety and volume of these at crypto casinos. I often don’t see such generosity and creativity at fiat-only online casinos. Who wouldn’t want a Satoshi faucet or a daily free crypto lotto?
- Being able to verify my own game-round results using provably fair gambling technology is great. I get far too excited about seeds and hashes.
- Many crypto casinos also allow me to make fiat and crypto deposits. They also allow me to deposit and play with multiple different coins. It’s this flexibility that draws me in every time, knowing that I can have a bet using Ethereum, Doge, or plain ol’ Euros.
Some Drawbacks and How to Avoid Them
I don’t want to sell you the perfect online casino experience, because we all know that that doesn’t exist. And just like anything, crypto gambling has its downsides which I've experienced firsthand over the years.
- Online gambling where I live in France is heavily regulated and don’t get me started on the hefty taxes. A few years ago it was possible to keep my crypto wallets safe from prying eyes. Nowadays everything has to be declared, and failure to do so results in eye-watering fines. Making my once ‘anonymous’ crypto gambling experience, not so confidential now. If playing without a trace is important to you, then check out your local tax laws before hitting that sign-up button.
- In the early days, I was sucked into signing up for numerous crypto casinos, each promising big bonuses and the best Bitcoin slots. Once I had made a transfer from my crypto wallet I couldn't understand why I was placing wagers in EUR. For a more authentic experience look for sites that actually offer crypto betting and not an auto conversion of your coins to fiat money.
- What goes up must come down. And if you know even a tiny bit about cryptos you’ll understand that a bear market isn’t so good. The storm of 2022 saw me flinging out my BTC and reaching for some TRX. And this of course came at a price to my bank balance as well as my nerves. Always keep in mind your attitude to risk, where winnings may be worth considerably less from one day to the next.
Safety Matters
I’ve keenly watched over the years the emergence of a lot of new crypto casinos. And even raised my eyebrows at platforms that I never in a million years thought would accept cryptos. But the question on my lips has always been about safety. My opinion on it is this, if you play at a site that has a valid gambling license then you can’t go far wrong.
Often crypto casino licenses are issued by gambling authorities in Curacao. And whereas once I would have been hesitant, I now don't raise an eyebrow. The Curacao eGaming licenses have received quite the overhaul and offer more protection for players. With a greater element of credibility and fairness, there’s not so much to worry about nowadays.
Don’t forget the added reassurance of blockchain security, the possibility of using 2FA, and peer-to-peer payments to take into consideration. If security is still a worry then you may even sign up at some crypto casinos anonymously - so you won’t need to share your data.
My Verdict
In my most humble and expert opinion, I’d advise you to give crypto gambling a try. With increased security, more choice, and some of the best casino bonuses I’ve seen - there’s no better time to get involved. If you are a more reserved player then wagering a small amount of coin will give you a feel for things. You may even win something or bump into me in a forum or live chat stream. Whichever direction you choose to go in, my advice is to always play responsibly and keep your crypto wallets secure.
This article delivers the thoughts and opinions of the author, and it doesn't represent the stance of GoodLuckMate.
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