The casino industry has been evolving at such a quick pace that sometimes it’s hard to keep up. Ever since the internet was a thing, online casinos have slowly inched their way in, replacing the need to visit land-based casinos and making games accessible to anyone, anywhere, on a 24/7 basis.
Nevertheless, the more the internet grows, the more we value online anonymity, which led to crypto casinos really catching on – but is this just a trend? The past few years have seen a healthy increase in Bitcoin no deposit casinos as well as providers accepting top ranking altcoins, not only because such currencies are widely used, but because of their convenience factor.
If you’re new to crypto gambling, we’ve got you. Today we’ll be finding out how these casinos work, and more importantly, finding out whether they work for you. Let’s dive right in and find out what crypto gambling is really all about.
What Are Crypto Casinos and How Do I Pick One?
In practice, a crypto casino is an online casino that will allow you to affect payments in cryptocurrencies such as Bitcoin, Litecoin or Ethereum as opposed to the standard FIAT currencies such as US Dollar or Euros for example.
This type of gambling is typically carried out at crypto friendly casinos, and more recently, sports betting sites. The types of crypto accepted at each individual casino or betting platform may vary so it’s always a good idea to confirm that your coins line up before signing up. You’re also going to want to double check on the withdrawal options available, as there are some casinos that will only pay out in Bitcoin, irrespective of the cryptocurrency you chose to deposit.
Once that’s settled, then it’s business as usual, simply sign up by completing the registration form (after you’ve double checked that the casino is legit of course!) and you’re able to get the reels spinning on your favorite real money games right away on all devices.
Crypto Gambling Player Tips
Like any other gambling game, having a clear strategy in mind before hitting the reels or your favorite table is always recommended. Here are a couple of tips to keep in mind if you’re interested in venturing into the world of crypto gambling.
Sort Out a Crypto Wallet
Before you even think about opening a crypto casino account, you need to have a crypto wallet sorted. This virtual portfolio is basically where you’ll be storing your crypto coins in a safe place. There is usually also the option to buy and save coins on the same platform.
In terms of wallets, you’ll be able to pick between hot and cold wallets, with hot wallets available online and cold ones offline. If you’re considering playing at an online casino, then hot wallets are the way forward.
Get Involved
Because crypto gambling is a fairly new concept, it’s harder to find established casinos that have been focusing on this trend for a long time. For this reason, we’re faced with a myriad of online casinos and picking the good ones from the bad ones could be tricky at times.
For this reason, we’d suggest doing your research when picking your next crypto casino, as well as keeping ahead when it comes to market news. The truth is these currencies tend to be extremely volatile, which is why it doesn’t always make financial sense to use this method of payment every single time.
Stay Responsible
Just like any other form of gambling, crypto gambling also includes certain risks and you’re going to want to make sure you’re fully aware before going ahead. In order to avoid going overboard, we’d recommend setting a budget beforehand and only gambling whatever you’re comfortable with losing.
Other smart ways of keeping your crypto wallet safe from yourself could also include taking regular breaks from gambling, setting a time limit on your game session, as well as opting for self-exclusion options if you feel like things are getting out of hand. As always, if you ever feel gambling is an issue there’s no shame in getting help.
Keep It Legal
Before considering whether a crypto casino is right for you, you need to make sure that it’s actually legal to gamble using cryptocurrencies in your jurisdiction. You also need to be over 18 years of age to register an account with an online casino.
It’s also important to register your complete and correct details when signing up to a new crypto casino, because there’s also a chance you’re going to need to pass diligence and KYC checks at some point in order to verify your account and ensure that your sources of income are legit. By doing so, online casinos are able to offer a safe environment for their players to enjoy while ensuring that they’re not involved in fraud or money laundering for example.
Be Aware
Unfortunately, with the good comes the bad and there are a couple of scam sites out there you’re always going to want to keep very far away from. If you come across a casino that seems too good to be true, it probably isn’t. Unfortunately, the crypto world is rife with criminals eager to get their mitts on your hard-earned cash – the last thing you’d want is to willingly hand it over.
Another nifty tip to keep your crypto coins safe is to apply a two-factor authentication system to your wallet that will allow you to increase the safety of your wallet, even if your password happens to become accessible for whatever reason.