It is a form of digital currency gambling that uses cryptocurrencies as the only form of payment, players can deposit, bet and withdraw using various cryptocurrencies.
Cryptocurrency gambling is a relatively new phenomenon, however, it’s one that’s captured the attention of many people in recent years as more and more people are becoming involved with blockchain technology.
This type of gambling has several benefits: players can bet anonymously with no need for any personal information, there are minimal fees, games are faster and bonuses are given when betting in cryptocurrencies.
However, while cryptocurrency gambling may be an attractive way to play some games without much effort, it isn’t without its risks, not just to your financial investment but also to your personal security. The question is: how do you stay safe when playing cryptocurrency gambling?
Is Crypto-Gambling Safe?
Many people have already invested in cryptocurrencies, and it’s not just those with a knack for trading, some people choose to invest in cryptocurrencies because they want to get in on the ground floor of this exciting new industry, while others are looking to use their online gambling skills to make some money.
However, is crypto-gambling safe? We’ve taken a look at the risks involved and how you can stay safe if you choose to gamble using cryptocurrencies.
Should You Care About Cryptocurrency Gambling?
Bitcoin might be the most well-known crypto, but there are plenty of others to choose from, in fact, more than 3,000 cryptocurrencies are currently in circulation.
The latest and greatest of these is a stable coin, which is designed to keep the value stable by being pegged to a tradable asset or currency.
Here’s the thing: gambling with cryptocurrency especially tokens is just as common as investing in it and potentially even safer if you know what you’re doing.
Cryptocurrency gambling doesn’t require third-party involvement or credit card information, and it can also offer anonymity for players, moreover, because blockchain technology tracks everything happening on the network crypto gambling can provide players with foolproof verification of their wins and losses.
The online gambling industry grew 15% last year alone that’s over $6 billion in revenue! With this level of growth expected for at least the next five years, there are plenty more opportunities for those that wish to get involved with this burgeoning industry from ICOs to bitcoin mining.
While it might seem like an expensive investment at first glance and many people will tell you not to invest your money into cryptocurrencies, looking at how much money is being made in digital currencies every day might change your mind.
How to Avoid Becoming a Victim of Crypto-Gambling
It is a hot topic, it’s been in the headlines thanks to scandals with ‘unfair’ games and illegal gambling sites.
But, how do you know if crypto-gambling is safe? To stay safe, follow these three steps:
1) Double-check the authenticity of any crypto-gambling site before signing up.
2) Trust your gut if something feels wrong, if you don’t feel right about a site or game, move on.
3) Have fun! Crypto-gambling doesn’t have to be all business and no fun, remember to take time out of your day to enjoy success, whether that means playing games or winning money.