If you’ve been buying Bitcoin and other cryptocurrencies for a while, you’ve probably experienced both the highs of seeing your profits climb and the lows of a price drop.
Many people consider buying altcoins or doing leverage trading with Bitcoin to be gambling. You can, however, boost your holding if you are skilled at such techniques.
Unfortunately, despite the success stories on the internet, only a tiny percentage of those trying to succeed.
Another possibility is to go to one of the many dedicated Bitcoin gambling websites.
There is a lot of excitement about the potential for disruption in the gaming sector, as there are many bitcoin and blockchain industries. While many of the new sites on the market that are currently focusing on this may appear unprofessional, they do have advantages over established monopolies.
Bitcoin gambling on cryptocurrency exchanges
The first and most obvious advantage of employing cryptocurrencies on gaming websites is that they may sidestep the payout restrictions in the much more regulated gaming sector. Payouts are sent to customers significantly more quickly.
Furthermore, whereas licensed gambling websites are required to provide severe “know your customer” (KYC) processes, new cryptocurrency gaming websites are not. People will have significantly more privacy as a result of this. Banks also have no way of knowing where your money is going.
Because of the international nature of bitcoin, these new websites ensure that anyone anywhere is exempt from any local restrictions imposed by governments. Many elite poker players can still play online because of antiquated gaming rules in the United Areas, which prevent them from doing so if they live in specific states.
However, there is a risk in letting anyone use such sites, and thus despite Bitcoin’s global nature, many platforms ban IP addresses from specific countries. The bulk of bitcoin users, on the other hand, are aware of how to avoid such complications.
The concept of provably fair odds is the final feature that new cryptocurrency gaming websites promote. In essence, this means that a player can be guaranteed that the odds established by the casino or online gaming website are correct and can be confirmed using mathematics. This is one of the most prominent selling points of the new cryptocurrency gaming sites.
Risks accompany the advantages.
So far, these new gaming websites that accept Bitcoin gambling have performed admirably. However, real concerns can be expressed. To begin with, these websites’ security and competence can be questioned. In 2015, a user was able to take advantage of Primedice’s random number generator, earning the attacker $1 million.
Unlike the old gambling sector, the new Bitcoin gambling sites have so far managed to stay out of the reach of regulators in most countries. One exception to this rule is Japan, which is hostile to such services, owing to recent cryptocurrency experiences, namely the collapse of Mt Gox.
Many online gaming sites are required to be controlled by a third party. Licenses are issued through the UK Gambling Commission in the United Kingdom. Sites can, however, seek permits from countries with fewer regulations and operate legally. As a result, using a standard gaming corporation that operates under rigorous restrictions is far safer.
While many bitcoin supporters dislike restrictions, they provide a measure of safety and security in the gambling business. The wild west of emerging bitcoin gambling websites will have to cross this bridge or avoid it entirely.
Those who work with cryptocurrency are well aware of the dangers. People are concerned, whether it’s the fear of losing their cryptocurrencies or the potential of unpredictable prices. As a result, it’s not unexpected that the notion of continuing to gamble with Bitcoin is appealing.
On the other hand, the traditional gaming market still has a stronghold on this industry that has yet to be pressed. If another price increase occurs, such as in 2017, earnings are likely to flow back into cryptocurrencies and these new gambling ventures.