Cryptocurrency is virtual money that, unlike fiat money, has no physical expression. Gambling is a game where the participant pursues a goal: to win material values or money. Victory does not depend on the skills, abilities, or abilities of the player, it depends on luck and chance. So gambling with cryptocurrency is a virtual game in which you can win not material values or money, and victory depends on somebody mythical. To be honest, it doesn’t sound good. We live in a time when demand generates supply, and as more gambling sites appear, then we can conclude that the demand for crypto gambling is raised. But why? Why do people want to play in these notoriously losing and not real casinos? Something is wrong here, let’s figure out what exactly.
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Cryptocurrency for gambling
Let’s start our analysis with a cryptocurrency. As already mentioned, digital currency is not material money, and a cryptocurrency is a kind of digital currency, the accounting of internal units of which is provided by a decentralized payment system with the name – blockchain.
One of the best aspects of blockchain technology is its transparency. This means that a business that uses a public chain can make its activities completely open. Each user can check the promises made by the company, etc. One of the potential uses for this kind of openness is cryptocurrency gambling websites.
Yes, many consider that any gambling is a scam, but in fact, it is not. Any official gambling establishment has a license and it’s paying taxes, which confirms its clearly. After all, the basis on which cryptocurrency gambling websites earn money is a part of the winnings. The question is who will get this prize
Online gambling is hugely popular today, and in countries where gambling is legal, the business generates billions of dollars. The problem is, no one knows how honest the mechanisms on these platforms are: does the player really have a chance of winning?
Thanks to cryptocurrencies, this has become possible. Casino software developers create a special technology, which called “provably fair”. More details on how exactly these technology works is described here. As for purpose, it is very simple – testing the honesty of the results. In short: in online gambling, algorithms decide who wins when and where, the “provably fair” help to check is this algorithm honest or not.
Benefits from gambling crypto
Besides honesty, cryptocurrency also offers other significant benefits. For example, the speed of the transaction. On our page about instant withdrawals, you will able to find the table with payout times at different crypto gambling sites. The results are different, but in any case, withdrawing money will take no more than one day, which is simply unrealistic for the fiat currencies.
Here are some more benefits of using cryptocurrency for online gambling:
Low transaction fees
For work in the cryptocurrency network, you need to pay a commission, at first glance, everything is exactly the same as in banks, but in reality, this is not. The commission is not fixed, and you choose it by yourself 😯. How does it work?
First, let’s consider with names and numbers: 1 Bitcoin = 1000 mBTC = 100 million Satoshi. That is, 1 Satoshi is 0.00000001 Bitcoin. Usually, for transactions, you pay in Satoshi.
Transactions have their own characteristics, each translation is a program code. It is generated based on where the coins came from and where they go. Thus, the length of the code will grow depending on the number of participants in the transaction.
You don’t even need to think too much to indicate the amount of the transaction fee. The modern Crypto wallet is configured in such a way that when the user makes a transfer, the amount that the system recommends to pay is already displayed in the window with the commission fee in order for the transaction to be competitive. Yes, you all understood correctly, the miners will decide to conduct your transaction or not, so it’s better to use the average-recommended amount.
Of course, the user has the right to propose the amount that is convenient for him. If you change the commission, the speed of the executed transaction also changes. The lower the amount, the longer you will have to wait. In some crypto wallets, this value is indicated. If you will propose a big amount, the transfer will be included in the next block, and if you are greedy, it is not a fact that the transfer will be included in block 25. Also, the cost of cryptocurrency transactions depends on the price of Currency which you use. Since when coins become more expensive, the activity on the network increases too. And the last moment:
In any case, transactions in crypto will be cheaper and faster than fiat money transactions.
Crypto gamble companies use encryption algorithms that protect users’ data, as well as information about transactions of network participants. Similar algorithms are used by the banking system, but there is one big BUT. If we talking about banks they own a lot of your information such as your full name, passport id, and so on.
When you use the crypto wallet, the only thing that you have is a wallet id. Moreover, all information is q duplicate each other, which means that it is not possible to change or steal information through the cryptocurrency network. The only chance to steal your bitcoin wallet is to steal your account login details.
Possibility of small bets and deposits
If you are just starting to gambling with cryptocurrency or want to test the new site, then for you it will be a useful option. With crypto, it is possible to send not only whole money multiples of one but also small portions of coins. For example, you can transfer not 1 bitcoin to a person, but it’s one hundred millionths part – Satoshi, this is the minimum piece of BTC. Other cryptocurrencies can also be split and deposited as much as needed.
But be careful here, most casinos have a requirement about the minimum deposit, and if you try to deposit money in less amount than the smallest requirement you just lose them.
Is gambling with cryptocurrency legal?
Cryptocurrencies are international blockchain networks and cannot be controlled or prohibited. Across the globe, the number of stores accepting virtual coins has only increased in recent years. Even big companies like Microsoft and Dell accept bitcoins.
Further development of cryptocurrencies is guaranteed. A high level of decentralization, protection from states and the banking system, minimal losses on commissions, the ability to convert into any currency, there are no territorial ties – all these are the advantages of cryptocurrencies.
Okay now we know about the advantages of online gambling with cryptocurrency, but what about the disadvantages.
As they say, any medal has a downside. Cryptocurrencies are entirely decentralized, which means there is no supervisory or governing body. Why that is bad 😕? If you, for example, have lost the password for your cryptocurrency wallet, then no one will restore it to you. This works exactly the same with canceling payments. If you sent money to the wrong address, no one will return it to you. Once again – NO RETURN.
When working with cryptocurrencies, you need to be extremely careful and accurate.
Gambling for cryptocurrency
Okay, it seems like we figured it out with cryptocurrency, but what about gambling, what the difference between usual online gambling and gambling with crypto? As mentioned at the beginning of this article:
Gambling is the wagering of money or something of value (referred to as “the stakes”) on an event with an uncertain outcome, with the primary intent of winning money or material goods.
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This is a succinct definition of games that have different terms and conditions, but are united by two key characteristics:
- the player’s experience and knowledge does not become a guarantee of 100% victory, a significant role is assigned to the factor of chance;
- Participants are interested not so much in the process itself as in the result – the opportunity to receive a prize, to test their luck.
This is how most people, or magazines, or websites, or other resources describe the concepts of crypto gambling. But I allow myself to disagree with this. First of all, there is no winning 100% anywhere, not only in gambling with cryptocurrency. In any game, even if you greatly surpassing your opponent, you can lose, which means you do not have a 100% chance of winning. Moreover, you cannot be 100% sure of your every action. The average American walks 3,000 to 4,000 steps a day and we seem to be able to walk perfectly, but sometimes we stumble.
So if you rest on the definition that crypto gambling is games in which you cannot guarantee yourself a 100% victory, then all games, like and all other activities can be considered as gambling. But what then gambling with cryptocurrency is? Everything is simple as always:
Gambling is any game in which players are required to place bets
And it doesn’t matter which ones. For example, you are playing football with friends and you agree that the losing team will make ten laps around the field. In this case, all participants in this match are gamblers.
Gambling and cryptocurrency coins
Okay, I think now with crypto gambling everything is clear and I hope you understood that the main thing in gambling is betting, or rather, how exactly you betting. That is why cryptocurrency is so important for gambling, and all those advantages of this digital money, which were mentioned earlier, are starting to work in full because. Anonymity, speed, simplicity, and independence make crypto the best currency for gambling. As a result, today it is not difficult to find an online casino where you can make a deposit in cryptocurrency.
Well now, is two questions remain, and the first one is:
Which is the best cryptocurrency as a gambling coin?
The popularization of cryptocurrencies increased demand, and as we know, demand generates purpose, and after the success of bitcoin in 2013-2014, a large number of cryptocurrencies began to appear. And this is good because now there is plenty to choose from, but how to choose? What is the best gambling crypto coin?
Bitcoin as a cryptocurrency for gambling
Bitcoin is the pioneer of all cryptocurrencies, as a result, BTC is the most popular cryptocurrency for gambling. But time passes and now there are enough cryptocurrencies that can compete with bitcoin. Typically, in bitcoin review report goes about the next advantages:
- Anonymity – which is ensured by the decentralization of digital currencies. Thanks to this, users can make completely anonymous bets and receive income that is not taxed. In addition, it does not tie the player to a geographic location and allows you to legally take part in the games even for those users who live in countries where gambling is prohibited by law. Most of the services require a minimum of personal information for registration, intended solely to protect the account, and there is no need to enter bank card and account details.
- Minimum commissions for instant transactions for depositing and withdrawing funds. Conventional electronic systems, usually charging 3-5% for financial transactions, and blockchain technology provides highly secure transactions with a dynamic commission, the cost of which can be changed depending on the required confirmation speed. Almost any cryptocurrency has these characteristics, so in fact, excluding popularity, bitcoin has no advantages over its competitors. And popularity has both its pros and cons. Now let’s move on to Bitcoin’s main competitor.
Ethereum as a cryptocurrency for gambling
Ethereum was released in June 2015. Like Bitcoin, this type of cryptocurrency allows you to conduct financial transactions without taxation and any reporting to the authorities. Initially, the ether was created only to operate with smart contracts. In principle, the currency was supposed to become a kind of commission reward.
Why Ethereum can be count as the best gambling cryptocurrency?
There are several advantages that relate to the use of this type of cryptocurrency in gambling establishments:
- High speed of processing financial transactions. Deposits are credited instantly, just as quickly and winnings are paid out.
- Maximum protection for all transactions. You don’t have to worry about fraudsters taking your money.
- Anonymity. There is no need to provide personal information, so even players from countries where online gambling is prohibited can place bets with peace of mind.
Despite all the benefits, it is important to remember that it takes some time to process each bet. This is due to the block confirmation procedure. And each casino can have its own conversion rate. Usually, after completing a spin, you have to wait up to 15 seconds. But in any case, this is a profitable payment method.
As you can see, in terms of crypto’s main characteristics, Ethereum does not lose anything to Bitcoin, so it can rightfully pretend to the name of the best gambling cryptocurrency. For the advantages over bitcoin, they include the original purpose of ETH. Ethereum was created as a service for doing business but not just an equivalent to fiat money. This feature makes the demand for it more stable.
Dogecoin as a cryptocurrency for gambling
Moving on to the next challenger – Dogecoin. Dodge broke into the gambling market quite recently and is rapidly gaining popularity. It has all the main features of cryptocurrencies, as well as Bitcoin and Ethereum. The main aspect that Dogecoin gambling sites propose to their players is the availability of the game resource, absolute anonymity, and a guarantee of the client’s safety.
A feature of Dodge is the policy of its creators. In 2013, American programmer Billy Marcus and Australian marketer Jackson Palmer came up with the Dogecoin (DOGE) cryptocurrency. The official launch took place on December 8 of the same year. The project was conceived as a joke against the background of the hype around bitcoin, which in 2013 made several sharp leaps. The new coin was created by Markus and Palmer on the basis of the then-popular Internet meme about a Shiba-Inu dog.
The image of the dog got on the logo of the cryptocurrency and became its symbol. But over time, the joke turned into a serious project, and Billy with Jackson is doing everything possible so that Dodge does not repeat the fate of bitcoin and does not become a “gangster” currency. That is, they are trying to give Dodge a reputation as a reliable public currency and not as another means of drug laundering. So if you are not a fan of Donnie Brasco, Dogecoin will be interested for you.
Ripple as a cryptocurrency for gambling
Yes, yes – Ripple. I understand your skepticism. After the recent sharp drop in ripple, it seems like not the best investment, but let’s look at the reasons for the sharp decline in XRP price. Ripple’s token has fallen more than 30% after the SEC filed a lawsuit against the cryptocurrency firm. That is, the price was influenced by an external factor, which over time can destroy the currency or its price will become as high as before. This is why XRP is interesting as a gambling crypto coin. By buying it you have actually made a bet and if it wins you will hit the jackpot.
The above cryptocurrencies are only a small part of their total number, they were included in this list only due to their peculiarities, which I considered necessary to highlight. Also, very popular cryptocurrencies for gambling are Litecoin (LTC), Bitcoin Cash (BCH), and Monero (XMR). You can find detailed reviews on them in the corresponding section of our website.
Best cryptocurrency gambling sites
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So the last question on today’s topic, how to find the best cryptocurrency gambling sites. Here you have three options. The first is to search by yourself, read reviews, look for a license, etc. The second option is to take advantage of our site list. The third (best) is to combine the previous two, that is, select crypto casino sites from our list and double-check them.
To save your time, I created a table with the main applicants and their advantages in front of others.
List of best crypto gambling sites (pros and cons)
- +110% & 250 free spins;
- The richest selection of slots in the industry;
- “Jack’s Race” weekly tournament;
- Available for all countries.
- More than a 100 jackpot slots;
- 5 cryptocurrencies are accepted;
- Variety of bonuses;
- Provably fair games.
- daily 20% cashback;
- 24/7 live support;
- Vip program, promotions, and regular tournaments.
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- top casino 2017 AskGemblers awards.
In all these casinos available option of free crypto gambling
Crypto gambling app
According to the latest statistics, about half of the traffic in gambling clubs comes from users who visit sites from mobile devices: smartphones and tablets. At the same time, just 2 years ago, this figure was at the level of 20-25%, and already in 2022, an increase of up to 65% is predicted. This clearly demonstrates the growing trend of mobile gambling, which no self-respecting casino can ignore.
But, not all gaming sites rush their applications. This is due to the fact that with the development of technology, the speed of sites has increased and there is no difference if you use the mobile version of the site or the crypto gambling app. But I agree with the players who use the application simply because it is more convenient. Not because it’s faster, more beautiful, or more profitable, it’s just more convenient.
To be honest, if I want to play through my phone, I would also prefer to use the application and not just the mobile version of the site. I turned to my good friend and together we created a unique application. You can download it here. Its main task is to convert mobile versions of the site into an application form. So, you can open in the application those casinos that do not have their own application. Also, there are configured notifications about new bonuses and tournaments from various crypto gambling sites. And the application is not tied to any specific resource, you can choose any gambling site and play with available cryptocurrency.
Frequently Asked Questions about crypto casino