Cryptocurrency and Online Gambling: A Match Made in Digital Heaven
Cryptocurrencies seemed like a novelty a few years ago. However, they’re still here and plenty of people use them as investments and as a method for buying things online. You can also use them as deposit and withdrawal methods at plenty of online casinos.
But what might this mean for you? Is it a match made in heaven… or a nightmare you’d rather back away from?
Do online casinos accept cryptocurrency?
Many do, yes, although some will only accept Bitcoin whereas others will accept plenty of different virtual currencies. We’ve seen a trend in recent times where casinos launch as crypto casinos and do not accept any traditional deposit methods. Others have added virtual currencies to their roster of payment methods, so there is a good mix that ought to appeal to anyone looking to dip their toes into this area.
Why use Bitcoin for online gambling?
We’re talking about Bitcoin here, but the following points equally apply to many other cryptocurrencies as well. Some people prefer the fee-free and fast process of depositing. Withdrawals can also be much quicker than with traditional methods. Furthermore, some players like the anonymity that accompanies these crypto methods.
Another perk for some is that offshore casinos might welcome crypto methods where onshore sites do not, according to the regulations in force for that country. In some cases, then, players can access casinos they would otherwise not be able to play at.
What are the disadvantages of crypto gambling?
The main setback is that crypto casinos do not adhere to any regulations as normal casinos do. For instance, UK online casinos cannot offer crypto as a deposit method, nor accept it for withdrawals. This means anyone in that country would either need to forget about crypto or use an offshore casino that offers it.
Offshore casinos can be reliable, but since they do not follow the laws of any particular country, it could leave players high and dry if they cannot get a withdrawal sent to them for any reason. There are trusted offshore casinos to try, and we’ll guide you through those elsewhere on this website. Put simply, though, crypto casinos and crypto gambling look set to keep on getting bigger.