Gambling with Cryptocurrencies, How Safe Is It?

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Over recent years, the use of cryptocurrencies in gambling has significantly increased. What started with a handful of crypto-only platforms has now snowballed into a sweeping revolution of the online gambling space where even traditional online casino platforms have started to support crypto payment options alongside fiat deposits and withdrawals.

The reason for the increased adoption of cryptocurrencies in gambling is due to the advantages these digital currencies offer over fiat transactions. Cryptocurrencies are easy to use, have a wider geographical reach, and faces fewer regulatory roadblocks in comparison to fiat. However, there is a lot of apprehension among many about gambling with cryptocurrencies, mainly due to low adoption rates and lack of understanding of digital currencies and crypto casinos. The major concern among many is about the safety of funds and the reliability of such casinos.

Should One Use Cryptocurrencies for Gambling?

Definitely! Even though it is all about individual preferences, the use of cryptocurrencies for gambling is a lot better than fiat currencies. As long as one takes certain precautions, using cryptocurrencies for gambling could offer a much better experience. In fact, few high-quality crypto platforms like Syndicate Casino strike a fine balance between crypto and fiat payments by including support for fiat payments through bank cards and wallet services so that users don’t compromise on quality and convenience.

However, users should first conduct their due diligence on the crypto gambling platform of choice to ensure its trustworthiness. They can do by cross verifying the platform’s credentials and regulatory status etc. It can be followed by a quick search on the internet for reviews and social media conversations about the platform to get a better idea of customer experience. Once convinced about its legitimacy, they can go ahead and signup on the platform to start placing bets.

Safer and Better

Cryptocurrency transactions are much safer and faster than traditional currencies. In fact, it is an ideal fit for gambling as it not only erases geographical and jurisdictional boundaries that prevent users from accessing the platform of their choice but also offers a certain degree of privacy and anonymity to all transactions made by the user. Further, most of the crypto-only online gambling platforms don’t require the users to furnish their personal information in the name of KYC requirements, thereby eliminating the possibility of such information being compromised in the event of a breach/hack.

With just a VPN solution and few cryptocurrencies, users can place bets on most of the online crypto casino platforms from across the world. All transactions using cryptocurrencies are instantaneous and transparent as users can check its real-time status on blockchain. It also means that with cryptocurrencies, players can expect winnings on the platform to hit their wallet much faster than fiat during withdrawals. Few casino platforms have gone a step further to enhance transparency by using blockchain-based random number generators and provable fairness mechanisms.

Better Bonuses and Other Benefits

Apart from quick transactions, added privacy, and transparency, crypto gambling platforms offer better bonuses, promotions, and other benefits than traditional online casinos. The promotions offered by the platforms range from deposit bonuses, reload bonus, cashbacks, free spins, etc., which increases the chances of winning. These benefits are sometimes paired with VIP programs where one can earn the perks as they continue placing bets on the platforms.

In short, gambling with cryptocurrencies has no downsides and it is much safer than traditional currencies. But as with any form of gambling, one should always be careful and wager only what they can afford to lose. If lucky, they may end up winning a fortune.

 
Image by Thorsten Frenzel from Pixabay