It seems hard to fathom that crypto has existed for over a decade. Within this timeframe, we have experienced unprecedented fluxes and influxes in economies and cryptocurrencies. Bitcoin and Ethereum remain the big hitters, while thousands of coins follow suit – while some are backed by gaming enterprises, others look to supply stability to melting economies such as Venezuela and Sri Lanka.
Similar to online poker and sports betting, cryptocurrencies are unpredictable; you can go from hero to zero in a matter of seconds. This erratic nature has led to a rising interest in online crypto gambling, where people stake on the outcome of coins. For instance, a gambler may stake $50 on 6-4 odds that Bitcoin will go below $15,000 by the end of May. The increased popularity of crypto gambling has created a new wave of online casinos – regarded as a bitcoin casino. Read on as we discuss the benefits of gambling with crypto.
What is Crypto?
To most, the concept of cryptocurrency is overwhelming and complicated. However, if you see it as a digital currency, it becomes much clearer. In essence, without using physical money, it’s a peer-to-peer system that allows individuals to send and receive money anywhere in the world. The big plus? You don’t need a bank’s time-consuming permission.
Stored in digital wallets via applications and websites, it uses encryption to verify transactions. Although the future of cryptocurrencies is unclear, many believe if more of the world adopted it, the world economy would be revolutionized.
Bitcoin was first to enter the crypto scene in 2009 and remains the poster coin of digital currencies. It seems when it rises or dips, the market follows suit.
Advantages of gambling with Crypto
Due to its close resemblance to sports and stocks, online crypto casinos are on the rise. Plenty of gamblers are transitioning away from traditional online casino games such as poker, bingo and roulette to crypto gamble.
Just like watching a game of American Football or an NBA game, the excitement of online crypto gambling derives from the anticipation of the unknown coupled with the fantasy of striking gold. From a gambler’s perspective, there is no better feeling than making the correct prediction. However, as thrilling as it seems, it’s vital that you gamble responsibly; be sure to only stake what you’re able to lose.
From faster transactions (anywhere in the world) and protection to secure and private banking, there are endless benefits of crypto. Moving away from finance, the ability to gamble with crypto is fairly new to the scene. Here are some of the advantages affiliated with online crypto gambling:
Decentralization
Decentralization is one of crypto’s main pull factors. From the beginning of banking, we have seen fraud, mismanagement of money and data leaks. A decentralized system means you have full autonomy over your money – no company or government can control it. Moreover, it also means your account can’t be shut down or frozen.
Better security
Over the years, we have seen millions of gambling sites fall victim to hackers gaining millions of bettor’s personal information – name, address, bank account number and so on. It’s a known fact that many online casinos follow poor security practices resulting in data leaks.
The fact that cryptocurrency is decentralized eradicates the paranoia of your information being stolen. Here you can gamble knowing that you will not be exposed.
Transparency
Transparency is often lost in the world of casino gambling and sports books. You’re often hit with hidden transaction fees and when you win, they seem to take a larger slice of the pie than you’d assume. This is the downfall of utilizing centralized organizations – all their funds are stored in one central location, making transactions slower and more costly.
Online crypto casinos are run via decentralized processes meaning funds are stored on multiple computers resulting in no control from a central authority. This ensures there is no way to manipulate your outcome.
Speed of transaction
Regardless of where you’re in the world, crypto casino transactions are almost instantaneous – the perks of having no middleman (centralized bank) processing your funds.
The time it takes to receive your winnings from casino sites remains an issue; people often wait over 24 hours to receive their money. This is not an issue with crypto gambling.
Where can I find crypto casinos?
Although it’s new to the scene, there are already numerous Bitcoin casinos to choose from. One of the most popular sites remains Bitstarz, which boasts several crypto-exclusive titles and accepts six different cryptocurrencies. Another alternative is mBit Casino, which has instant transaction speeds and mouth-watering Bitcoin bonuses. Other notables are Red Dog, Cloudbet and Bovada.
Gamble with Borgata Online
Before deciding to gamble with crypto, why not test your skills first? From poker and roulette to slots and bingo, Borgata Online is regarded as one of the best online casino sites. Register today and try out our wide array of casino games.