What Are Cryptocurrencies?
Cryptocurrencies are a digital and intangible form of currency. The most well-known of the bunch is called Bitcoin, but there are dozens of different types of cryptocurrencies or coins out there.
The appeal of cryptocurrency is that it is not controlled by a central authority, like a bank, so you have more control over your money. It’s also not trackable by the government, though this is beginning to change as the use of cryptocurrencies has become more popularized.
It’s also said to be more secure because all transactions are validated through what’s called the blockchain.
What Is the Blockchain?
The blockchain is a record of all transactions made in a given time period, listed in chronological order. It makes wallets and personal information more secure from hacking and theft and helps combat scams like double-spending.
Double-spending is a fraudulent technique that basically means the person committing the fraud is trying to spend the same amount of cryptocurrency twice, and the transactions have to be done in quick succession.
Say Jack has one Bitcoin in his wallet. He purchases something from Jill in exchange for one Bitcoin, but he also wants to buy something from John for one Bitcoin, so he quickly sends one Bitcoin to John before his transaction with Jill clears.
Remember, Jack only had one Bitcoin in his account to begin with. This is the essence of double-spending. Jack is getting more than what he paid for. But the blockchain’s setup works to prevent fraudulent tactics such as these through separate validation.
Don’t worry if this seems confusing or hard to understand. You really don’t need to understand all the technical stuff behind cryptocurrencies to enjoy gambling with them. If you’d like to learn more, however, you can check out the following page.
In most cases, you would purchase your cryptocurrency of choice at what’s called an exchange.
An exchange is basically an online marketplace for buying, selling, and trading cryptocurrency. After you’ve purchased your coin of choice, it is put into your online wallet. This wallet is where all of your different cryptocurrencies are stored.
Your wallet is kind of like a bank account. When you make a purchase with your cryptocurrency or use it in an online casino, you will provide your wallet’s ID number in order to complete the purchase.
Of course, it’s the same with most other investments. And there are risks involved in gambling, too, which is perhaps one reason why cryptocurrencies have become so popular among those who gamble online.
Online Gambling with Cryptocurrency
As cryptocurrencies continue to rise in popularity, many online gambling sites have worked hard to accommodate this new type of payment and betting method. Now, any online gambling activity you have enjoyed in the past without using cryptocurrency can be enjoyed using cryptocurrency as your betting method.
Some sites that accept the cryptocurrency of your choice may only offer sports betting. Others may only offer casino games. This may be slightly inconvenient for those who enjoy an array of gambling activities and games and would like to continue to enjoy them with the same ease and convenience that they are used to.
The good news is that there are some sites that DO offer an “all-in-one” gambling experience. These are typically the sites we choose to recommend, although not exclusively.
If you’ve spent time previously combing the long list of available online gambling sites to find one that meets your needs and is safe, trustworthy, and reputable, you’ll know how much of a pain that can be. That’s precisely why we’ve put together our list of recommendations above.
We’ll talk a little more about these recommendations and why we’ve chosen them later. There are a few key points we should make first, though.
Online gambling with cryptocurrency is just as easy as using traditional currenciesUsing cryptocurrency is an especially good option for American gamblers, who may have issues with getting online gambling transactions approved by their banksWithdrawing from gambling sites in cryptocurrency typically results in you receiving funds more quickly than the alternatives These are among the primary reasons you should consider using cryptocurrency for your online gambling. Provably fair gambling is another good reason, which is another topic we’ll get to later.
First, we should explain the different types of cryptocurrency gambling sites.
Types of Cryptocurrency Gambling Sites
There are two different options for you if you want to gamble online using your cryptocurrency of choice.
You can go with cryptocurrency-only sites, which are usually in their infancy and have less of an established history, or you can go with pre-established sites you may already know and love that have added cryptocurrencies like Bitcoin as a method of payment.
These sites are in their infancy and therefore are more of a risk. There is not a very long list of proven safe and reputable sites of this nature, so it’s important that you use caution and take the extra time and extra steps to ensure that your money and information are as safe as they can be.
The cryptocurrency-only setup, as the name suggests, deals only in cryptocurrency. Your bets and payouts are both going to be in whichever types of coin or cryptocurrencies the site hosts. This setup is very convenient for avid and frequent users of cryptocurrency, as you do not have to take the extra time or effort to transfer your winnings back into your chosen coin.
But again, these sites are in their infancies and may not have the experience and capability of dealing with high-volume patronage, making the site susceptible to sudden shutdowns or crashes.
There are some exceptions, though, and we do consider cryptocurrency-only sites when it comes to compiling our recommendations.
Established Sites Accepting Cryptocurrency
A better option for those who are not as serious about cryptocurrencies but still would like to use them to gamble or bet are established sites that have added cryptocurrencies as a payment option.
If you have been gambling or betting online for a while and have a site that you know, love, and trust, making the switch to a different site just to use cryptocurrency is not ideal or convenient.
But luckily, some of the major sites have begun to add certain cryptocurrencies to their sites for use in payments or payouts.
Using these sites allows you to continue to play your favorite games on an interface you are familiar with, but now you can pay with and collect your winnings in your favorite coin.
Sites that have established histories also have a setup that can handle a high traffic volume and are capable of handling the volatility of cryptocurrency, so they are not as likely to go bust.