What Is Crypto Gambling?

Posted on July 6, 2021 - Last Updated on August 18, 2021

It’s thought that gambling has been practiced by the human race for thousands of years. Today, you can gamble on pretty much anything, whether it be a physical sport or a digital esport. These days, we have casinos, both physical and online, and more gambling games than we can possibly consume. But there’s a new trend circulating, and it leads us to ask a clear question: what is crypto gambling?

Crypto gambling is a fresh, innovative, and modern practice that is spreading like wildfire. It’s the fusion between traditional, classic gambling, and the currency of the future – cryptocurrency. In the last few years, cryptocurrency has experienced a massive and overwhelming incline in popularity. It’s now a legitimate and formally accepted mode of payment for many outlets all around the world.

And today, that list of outlets includes many gambling organisations and platforms. This forms the base foundation of crypto gambling – the literal practice of gambling with cryptocurrency.

Crypto Gambling: Step Into The Future

There are many who claim that digital currency (cryptocurrency) is the financial future of the world we live in. It was in 2010 that the first cryptocurrency – Bitcoin – surfaced, after being created by an individual who today remains anonymous. When it first entered the market, Bitcoin was being traded for a maximum of $0.08 per coin.

At a peak in 2021, Bitcoin had surged to a value of more than $63,000 per coin.

It’s a massively valuable digital asset that can essentially be used in the same way as ‘fiat’ currency, and that includes gambling. It’s highly secure, easily traceable, and in many cases, extremely accessible. There are almost no downsides to trading, gambling, and betting with cryptocurrency, and many platforms are adopting the future-thinking practice.

So, what is crypto gambling?

It’s exactly what it sounds like – it’s traditional gambling, but instead of funding your wallet with fiat currency, you’re using cryptocurrency. Where before you may have funded a wallet with GBP, USD, or EUR, you’re now using Bitcoin or Ethereum. There are thousands of cryptocurrencies out there, but there are the most common by far.

There are many benefits to gambling with crypto, such as increased anonymity, security, and a fast and easy payout. It’s easy to see why it’s a growing trend in several countries around the world.

Image Credit: GoBankingRates

How Does Gambling With Crypto Work?

Admittedly, there are a few more steps to getting started with crypto gambling. When you sign up to an online casino or betting website, you’ll often need to fund an account with some kind of fiat currency. Once that has been completed, you’re almost always able to start gambling immediately.

However, with crypto betting, or crypto gambling, you’ll need to open an account with a platform like Coinbase. Once that step has been completed, you’ll need to purchase some cryptocurrency from the market using real, fiat currency. Then, you’re ready to make an account with an online casino, fund your wallet, and start placing bets.

It’s relatively easy once you’ve got started, and before long, you’ll be enjoying the benefits of crypto gambling. The entire world of cryptocurrency is inherently a safe and anonymous one, and transactions are made in nanoseconds. Once you’ve won big, you can cash out knowing that the cryptocurrency you’ve chosen will be safe in your wallet in a matter of seconds.

Ultimately, the actual act of crypto gambling is identical to traditional gambling. In most cases, there will be deposit bonuses and welcome offers, and the odds and features will be exactly the same. The only thing that truly changes is the currency you wager and win with.

Read also: How to Bet on Crypto

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Grant Taylor-Hill

Grant is a lifelong, multi-platform gamer with a passion for journalism and more than ten years' experience in the industry. He'll try any game once, and when he's not playing them, he's watching them, being as he is an avid esports fan.

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