Do you Lose Money When You Gamble with Crypto?
Gambling with cryptocurrency over the last few years has been a great contributor to how profitable the online gambling industry has been over the years. With the boom in the crypto industry in the last five years, more stakeholders in the gambling industry have mapped out a way to allow users to gamble with cryptocurrencies like bitcoin.
So much so that the crypto gambling industry today is noted to be worth over $100 million and projected to be 10x in the coming years. Let’s see our specialists’ introspection into crypto gambling: what it entails, possible risks associated with crypto gambling and steps to protect yourself as a participant.
- How Can You Lose Money With Crypto Gambling
- How To Avoid Losing Crypto While Gambling
- Crypto Gambling Explained
- Legal Background of Cryptocurrency Usage in Casinos
- CasinoAlpha’s Take
How Can You Lose Money With Crypto Gambling
It is certainly possible to lose money when gambling with cryptocurrencies like Bitcoin, Ethereum, or Tether at online crypto casinos. While the decentralized nature of crypto gambling provides some advantages that we’ll discuss later, the core risk of losing your wagered funds remains just like at any real money casino.
When you play casino games like slots, blackjack, or roulette at crypto gambling sites, you still place bets and wagers with real monetary value. Though you are gambling with crypto coins rather than traditional currency, those digital assets hold tangible financial worth and can be lost if your bets do not win. The games themselves have the same built-in house edges as standard online casinos.
So, while the swings in crypto prices add an extra variable, the act of gambling itself carries inherent risk no matter what form your bankroll takes. Luck ultimately determines whether you walk away with a profit or loss after each gambling session. And as with responsible gambling practices at any site, players should only ever wager affordable amounts they are comfortable losing when pursuing the excitement of crypto casino games.
How To Avoid Losing Crypto While Gambling
One strategy is to take advantage of crypto casino bonuses judiciously. Only opt into bonus offers with reasonable wagering requirements, fair game contributions, and clear terms. Start your crypto gambling journey with small deposits or bonuses. Make small test deposits and cashouts before transferring large sums into suspect casinos. You can also find some minimum deposit bonuses to enhance your experience and gain extra funds.
You can always count on us to provide you with the best reviews of all NZ casino sites. We take our time and invest real money to test the casino’s welcome bonuses, games, and features. Our unbiased point of view can guide you towards a reputable crypto casino.
Moreover, check the status and confirmation of deposits and withdrawals on the blockchain. Monitor your transactions, impose limits, and withdraw regularly. Another piece of advice is to cashout your winnings regularly into your crypto wallet, rather than leaving profits in your casino account. This reduces the temptation to gamble away those wins again.
All these simple tricks will help you avoid scam exchange platforms, investors, and casinos. Trustworthy crypto gambling platforms will display everything you need to know about their work on the actual website.
Crypto Gambling Explained
Crypto gambling is basically like the other types of gambling where you are expected to use fiat currencies, only this time your gambling is transacted via crypto.
As the days go by, millions of gambling enthusiasts are joining the fray to bet with their preferred coin on casino websites. Even old casino platforms are beginning to include cryptocurrencies like Ethereum as valid payment. This recent wave of crypto gambling is not unfounded and is rooted in many factors.
Ease of Processing Transactions
Currently, more people are tilting towards crypto casino websites because of how easy it proves to cash out winnings. Since these sites use crypto as their primary means of processing payments, transactions tend to be faster as it is the trademark of crypto, taking less than a day. This is a step up for existing gambling enthusiasts who have been used to waiting days before their cashout is processed.
Low Transaction Fees
For most payment methods available in regular casinos, there are usually very exorbitant fees charged on transactions. E-wallets can go as high as 5% of the deposit or withdrawal amount. However, this is hardly the case with crypto gambling sites.
Since these sites explore crypto payment methods, which are known to be cheaper, players tend to pay even less when withdrawing their crypto gambling winnings. Also, they don’t have to be bothered by extra crypto gambling tax.
Crypto gambling sites can be accessed 24/7 from any jurisdiction where casinos are legal. Their decentralised nature (not controlled by governmental bodies) allows users across the globe to patronise their services.
Legal Background of Cryptocurrency Usage in Casinos
Whether crypto gambling is legal is highly dependent on where you live. This is one of the significant things you need to know before investing in the endeavour. For one, countries like New Zealand, the UK, and Canada particularly don’t have any special laws against crypto gambling, so we could say it is permissible in these regions.
However, that is far from being the case in countries like the United States, where the laws are conflicting across different states. So, in case you plan to gamble while visiting other countries ensure you know their laws first. If you want to learn more about New Zealand’s laws regarding gambling, check our Legal Guides page.
Our specialist, Mihnea Mosneagu, considers that crypto gambling carries risks like any other gambling activity, but smart practices can help minimize losses. Taking advantage of bonuses judiciously, withdrawing regularly, and monitoring transactions on the blockchain are some tips. While legalities vary by region, crypto gambling offers advantages like anonymity, rapid payouts, and low fees. When approached cautiously, new crypto casinos provide an exciting new way to wager.