It might have seemed like an oddity back in 2009, but it seems like Bitcoin and cryptocurrencies, in general, are here to stay. At least in the foreseeable future. Another industry destined to stick around is gambling. We have evidence of gambling going back thousands of years, and players placing wagers to (hopefully) win money is going strong in the 21st century where online casinos are proliferating.
There was a sort of inevitability that the two industries – crypto and online gambling would collide eventually, and that day has well and truly come. Now, it is possible to find online casinos like https://crypto.vegas, dedicated to serving cryptocurrency gamblers. Is this a match that is going to work long-term, though, or is a bitter separation brewing? Let’s look at some of the pros and cons.
Advantages of Gambling Online With Crypto
One big advantage of gambling with crypto is the added anonymity factor. There are no transactions listed on bank statements, for example, providing a new way to play. It means that players can register at an online crypto casino using a minimum amount of personal information. However, keep in mind that due to anti-money laundering measures, players may need to prove their identity when making certain withdrawals.
Using crypto can also assist with making transactions. For example, some banks do not process funds that will be used for online gambling – crypto helps sidestep this issue. Of course, players must still abide by the laws in their country. There is also the subject of the games themselves. Some online casino games built on blockchain technology allow players to verify that the outcomes of each round are random and fair. Provably fair games are used by some players as an indicator of a trustworthy operator.
Disadvantages of Crypto Gambling
There are several factors that may be holding down more widespread adoption of online gambling with crypto. One is that the technology is seen as overly complicated to use. There is some validity to this argument, though the process of buying and using crypto is actually quite straightforward when using one of the major exchanges. Crypto can be bought with a credit or debit card, stored at the exchange then transferred to an online casino when ready to gamble. Still, it is relatively new tech and takes some time to get used to.
Another element is that crypto’s volatility makes it almost a gamble in itself. A case in point is Bitcoin which was virtually worthless when it was first introduced, mushroomed to over $60,000 per coin – and has stalled at various points in between. This presents a double-edged sword since some players may lose value in their crypto when the price dips. However, Bitcoin has tended to go up over time, so there is a chance to make more of an investment when hodling.
So they do, or they don’t help each other?
For now, there doesn’t seem to be much downside to the meeting of online gambling and cryptocurrency. Like any industry, some less scrupulous types will seek to take advantage, perhaps not being as diligent with KYC as they should. Otherwise, when you strip the argument down to its basic elements, if both parties are acting above board, then cryptocurrency gambling is more or less the same as betting with regular fiat and should be approached as such.