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Things You Absolutely Need to Think About if You Gamble with Cryptocurrencies

You must have been living under a rock if you haven’t heard terms like Litecoin, Bitcoin, Ethereum, blockchain technology, or cryptocurrencies. These terms are so common today and have made their way into the common public vernacular. 

What you may not know by now is that the cryptocurrency gambling scene has been in existence for quite some time. As a matter of fact, it has been there since the introduction of these digital coins.

Today, there are so many online casino sites where you can make withdrawals and deposits in cryptocurrency, with other brands letting you gamble in crypto denominations. So, why there is a really fast rise in the usage of cryptocurrency in the gambling world? 

The reason why fiat currencies are being replaced by cryptocurrencies is that they provide a lot of benefits. These advantages include anonymity, higher security, minimal fees, faster withdrawals, as well as the ability to avoid regulations and gamble in any destination.

So, cryptocurrencies are not only making online betting more accessible but also more appealing. Still, if you want to start gambling using cryptocurrencies, what are the things that you need to think about? Read on to learn more about gambling with these digital currencies.

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Image by WorldSpectrum [2] from Pixabay [3]

5 Factors to Consider if You Gamble Using Cryptocurrencies

According to the New York Times [4], cryptocurrencies may have revolutionized the gambling industry. Still, this does not mean that it is a form of payment to use blindly while gambling.

It is always essential to get your facts right and do your due diligence before joining the bandwagon of people gambling using cryptocurrencies. There are so many factors that you need to consider before gambling using Bitcoin. 

Besides, there are so many risks involved, and you need to be aware of them. So, what exactly are the aspects that you need to learn? 

Be Aware of the Risks Involved

Of course, owning cryptocurrencies and online gambling come with some considerate risks of their own. The majority of the serious concerns with online gambling involve the safety of your personal credentials and security of your financial accounts that are linked to the online casino. 

Luckily, using cryptocurrencies as the main method of payment minimizes the risk. Still, you need to know that Bitcoin is quite a volatile currency. So, its value changes several times a day. While it may stay within a range during particular times, there are other times when it plummets or spikes. 

According to the Wall Street Journal [5], the biggest worry a lot of people have is that the coin will go below the value that it was purchased for, meaning that they will lose the money put into the investment. Besides, cryptocurrency transactions are uninsured and irreversible due to the blockchain as well as the currency’s unregulated nature. 

Making an accidental transaction, or another person accessing your wallet, transferring all of your Bitcoin to their wallet means that you will most likely never get it back. So, every transaction made is final as a result of the blockchain’s structure. 

You cannot tamper with blocks once they have been added to the chain, meaning that a transactional reversal is impossible. So, you need to understand all the intricacies of gambling using Bitcoin. 

Make Sure That You Select a Suitable Bitcoin Wallet

In a case where you are using or buying Bitcoin, it is important to have a safe, secure, as well as accessible wallet. Based on how often you visit online gambling sites or intend to use Bitcoin to gamble online, your wallet needs will vary. 

The types of Bitcoin wallets range from ultra-secure to ultra-accessible, and your priorities and habits will affect the compatibility of your wallet. If your wallet is easy to access, then there is a higher chance of exposing yourself to theft and hacks. 

Still, you can make use of a wallet structure, maintaining an offline hardware wallet and an online one to easily access your Bitcoin for the intentions of betting as well as collecting payouts. There are several types of wallets to select from, including online third-party, online, and hardware wallets.

Use Only Trustworthy Bitcoin Gambling Sites

The most important thing before you start is to have a handle on what cryptocurrencies are, how they work, and what is needed in order to start gambling using Bitcoin. Once you get this, you can start searching for particular online gambling sites to use. 

You shouldn’t take this lightly since you’re putting your hard-earned cash in the form of digital currency into the hands of the gambling site. Still, sites haven’t been created equally, and there is a serious concern on the number of potential untrustworthy or scam sites in operation. 

While being anonymous and unregulated is among the reasons why Bitcoin is loved, this also makes it easy prey for scammers, so the chance of the culprit getting reprimanded or caught is minuscule. You’re looking for a fun and risk-free Bitcoin gambling experience without having to stress if your wallet, as well as your personal credentials, are safe. 

A reliable online gambling site, like Ignition Casino, should have been there for a long time, have an incredible reputation and a trustworthy history, making it one of the best sites for gambling using cryptocurrency. You can check out this review [6] from OnlineCasinoGems.

Track the Value of Bitcoin

If you intend to gamble with Bitcoin, how about making a commitment to yourself to check its value at least once daily. There are so many sites that will show you the present value and chart of how it’s moving at a particular time, as well as the amount of Bitcoin circulating.  

According to the Washington Post [7], you don’t need to sell or trade Bitcoin to keep track of it; instead, you need to do this in order to understand how much you’re betting as well as your present wallet total at the start and end of each day. Besides, even though it may be intangible and doesn’t physically represent currency, Bitcoin is still an asset where you’ve placed your hard-earned cash into, meaning that it has to be treated as such. 

So, it would be best if you tracked it for tax purposes as well. The IRS has made it compulsory to report all types of bitcoin transactions despite their value. So, you need to keep a record of all your Bitcoin transactions, including gambling, since it is a form of bartering. 

Make Use of Provably Fair Gambling

Provably fair games are completely exclusive and unique to online gamblers using major cryptocurrencies. They make use of blockchain to show both the site as well as the user that the game was fair and not distorted in one way or another.

If you’re concerned about whether the game is rigged or not, then this is a great chance to take advantage of cryptocurrencies to play your favorite games without stressing about being ripped off. It works by publishing every action taken by a site in a particular game using open source algorithms.  

So, the user gets to see whether there is a fair outcome and that there were random odds just like playing at a land casino. Besides, each game has its own algorithm and code to determine fairness since various games need different processes. 

You may always try Slots.lv since it is famous for using provably fair gambling while betting using cryptocurrencies. For more information, you can check out this review [8] from Weeklyslotsnews.

Online Gambling Using Cryptocurrencies

Using Bitcoin to gamble isn’t really different from gambling using traditional currency. Still, you need to take certain precautions to prevent easily avoidable mistakes.

Following this guide should help you understand exactly what you need to know before gambling with cryptocurrencies. Most importantly, you need to know the present value of the currency; otherwise, you won’t have an idea of how much actual money you’re either losing or winning.

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