It’s your turn to get a big win and rake in the chips! Welcome to the new age, of crypto gambling. Get ready for the new, safe way to gamble online, anywhere in the world.
In most of the United States, online casino gambling is prohibited-but crypto gambling is different. Digital currency is considered “fiat”, which means it is not an internationally recognized currency. It also means that the law does not restrict gambling with crypto the same as with USD and other national currencies.
So, get your bankroll ready. This guide teaches you all the basics for playing online with cryptocurrency in 2019.
What is Crypto Gambling?
The only difference between a crypto casino and any other casino is the currency with which you deposit and play. Crypto gambling is just like normal gambling, but with a virtual currency, like Bitcoin or Ethereum.
With a normal online casino, it takes days to verify your bank account and identity information before you can play. If you are in one of the many countries in the world that outlaw online gambling, you are not permitted to make deposits from your bank.
Crypto gambling differs, in that, deposits and withdraws on your account are anonymous. Your name is never linked to any cryptocurrency transaction. You can view here to find out more about the difference between virtual currencies and online casinos.
So, even though the IRS says that virtual currency counts as a taxable commodity, their means to track your expenditures are more limited.
And, cryptocurrency casinos verify your deposit as soon as it is made, so you don’t have to wait for approval from a financial institution. Digital currencies let you transfer funds easily and discreetly, to and from your crypto gambling account.
Legality of Online Gambling
Across the world, less than 100 countries offer legal online gambling of any sort. But Europe is the largest collection of countries that have legalized online casinos and gambling activity. The Caribbean also offers friendly policy around online gambling businesses.
Gambling websites must be registered in a legal jurisdiction. For this reason, gambling websites are often registered in the United Kingdom, Malta, Antigua, Costa Rica, or Barbuda.
In the United States, three States offer a legal framework for online gambling, and sports betting is newly legal to six.
Deleware, Nevada, and New Jersey are the first to accept online gambling as a legal business, and more states are expected to follow. In addition, Mississipi, West Virginia, Rhode Island, and New York recently legalized sports betting.
Cryptocurrency gambling is legally akin to other forms of online gambling in the US. If the crypto gambling site originates from the USA, they must operate from one of the three jurisdictions where online gambling is legal. If you play from outside the state in which online gambling is legal, you are technically breaking the law.
Don’t worry, the FBI is probably not going to break your door down – it’s more interested in the source of the illegal activity.
What Makes Blockchain Secure?
You might wonder, how cryptocurrency is more secure and anonymous than the money in your bank? The answer is blockchain technology.
Cryptocurrencies, like Bitcoin, exist on a blockchain in digital space. Blockchain technology lets you make near-instant transactions with minimal transfer fees. Blockchain is often used to build virtual currencies because it is extremely secure.
The space in which your cryptocurrency data is stored is never linked with your personal information. Instead, your currency makes up a block on a chain of blocks. Each action you take with your currency creates another block on the chain.
Each block has an identification key and a security key. The identification key is publicly available to see by anyone, but it is useless without the corresponding private key. When you make a transaction, you receive both pieces of information.
The identification key holds the information data for the amount and destination of the transaction. From the transaction destination, you retrieve the currency by unlocking the block with the security key.
This makes transfers extremely secure since you have complete control over access to your funds. Without the security key, your funds are untouchable. Which is, also, what makes blockchain security merciless.
If you lose your secure key, you lose your currency. In fact, there are millions of dollars in Bitcoin that are forever stranded on the blockchain.
Back when a coin was worth less than a penny, some early Bitcoin investors disregarded or lost the information for their coins. Fast forward to the peak in 2016, and each Bitcoin is worth more than $20k. Today, Bitcoin is hovering around $5,000 per coin, which adds up pretty quick for those who bought-in for pennies.
How to Start Gambling with Crypto
Thanks to Bitcoin and other cryptocurrencies you can safely play from the comfort of your computer. Cryptocurrency gambling sites feature all the games, slots, and sports betting of reputable online casinos. Depositing and withdrawing your currency from a crypto casino, however, involves a few extra steps.
Choose Your Cryptocurrency
Before you start playing you have to make a deposit of funds in a currency that the site accepts. Chances are that the site will accept Bitcoin or Etherium. To buy Bitcoin or Etherium, start out on Coinbase.com.
From Coinbase, you can buy the five most reputable crypto coins on the market using United States Dollars (USD).
Get a Crypto Wallet
Once you have your cryptocurrency from Coinbase, you have to store it in a wallet. You cannot transfer cryptocurrencies from your Coinbase account to another online account. First, it must go into a crypto wallet.
Deposit on a Crypto Casino
After you transfer your crypto into your wallet you can transfer it onto your crypto gambling website account. Once the transfer clears, you can play.
Some crypto gambling sites have an additional step. If the site uses their own cryptocurrency gambling coin, you will buy their coin using Bitcoin, Etherium, or another crypto coin. This is the same as paying for chips at the table.
When you are ready to cash out your playable coins exchange for your original currency.
Thanks to crypto, anyone in the world can take part in the recreation of online gambling. What are you waiting for? The tables are hot, so get your chips at the crypto casino or gambling site of your choice.
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