Whether you’re a seasoned crypto gamer or a stranger to the world of virtual currencies and block chain technology, there are plenty of ways to play for money in the world of digital currencies. However, it usually seen as something that only those with deep pockets and an iron will can stomach playing crypto gambling.
Even though these two characteristics often go hand in hand, many people assume that crypto gamers must be bank robbers, terrorist financiers or other criminals looking to make their cash piles grow at the expense of society as a whole. Unfortunately, this simply isn’t the case.
What Is Crypto Gambling?
The biggest difference between casino gambling and playing crypto gambling is the level of transparency involved. In both cases, you’re playing for real money, but in the case of crypto gambling, this is done with a whole bunch of virtual assets. Just to be clear, there’s no such thing as virtual money since all block chain transactions are recorded in real-time, irrevocably and digitally.
What you play with, therefore, are cryptocurrencies such as Bitcoin, Litecoin, Ethereum or Monero. What’s more, most casinos only accept cash and/or credit cards, making it very difficult for people who don’t have access to such luxuries to get their money’s worth.
How To Play Crypto Gambling
To put it simply, you play by putting down some money at the casino and then choosing your favorite bet from a wide range of possible outcomes. For example, you could place a small bet on a winner when playing roulette, or you could put down a larger amount if you’re playing blackjack. Then, depending on your chosen bet, you may win, payout or lose money.
How To Tell If Playing Crypto Gambling Is Legal Or Not
If you’re thinking about joining a crypto gambling site, the first thing to check out is whether or not it’s regulated. You can usually find this information on the signup page. Also, check out whether or not the operators of the site adhere to any sort of regulatory body. If they don’t, it’s probably best to stay away from this kind of gambling.
Is Cryptocurrency Gambling Legal Or Not
Cryptocurrency gambling is not a legal activity in every country. Most of the countries where cryptocurrencies are still in their infancy, such as Russia and China, have outright banned them. It’s also worth noting that a lot of the government-backed cryptocurrency exchanges like Robin Hood and CapitalG are subject to strict scrutiny from the U.S. Securities and Exchange Commission (SEC).
Like any other form of gambling, you should try to play crypto gambling only when you’re aware of all the risks. With that in mind, here are a few tips to help you avoid getting burned: Only play with real money when you know you have funds available to lose.
