For new online casino gamblers, you may wonder if blockchain casinos are different from crypto casinos or whether they are the same. If they are, then what could be the difference between both blockchain casinos and crypto casinos. This is among the misunderstandings that newbies to gambling are faced with when searching for the best online crypto gambling sites where they can play various casino games like slots, bingo, poker, and many other casino games.
The main issue between both is that not every crypto casino can be regarded as blockchain tech. A blockchain technology casino is one that is designed with options for accepting not just cryptocurrency transactions but also other types of transactions. Now that you’re aware of what blockchain casino means, let’s get down to business.
Now that blockchain casinos and crypto gambling have become more commonly utilised by more persons, the online casino gamblers who have been active in online gambling can now tell the realities they have faced over time in the course of crypto gambling and blockchain casinos. What this text aims to do is to present you with the present realities in blockchain casinos and crypto gambling so you have no surprises when you choose to begin your crypto gambling journey. You can find the best crypto casinos at CryptoBetting.
Reality #1: Crypto Gambling could be volatile
Not all crypto gamblers have been unlucky to experience this. However, some gamblers go through a rude awakening as their welcoming into the blockchain casino and crypto gambling space. The volatility of crypto is what has kept some casino gamblers far from engaging in crypto gambling, this is because, with this factor, it could be impossible to know whether you’ll make a substantial gain at the end of the gambling session. By crypto volatility, this means the value of cryptocurrency coin shifts very frequently, this could be as a result of different factors such as comments on the use or disuse of crypto coins from renowned names in the tech world, such as Elon Musk or rumours on the crackdown of some coins amongst other reasons.
An example of Crypto volatility is shown below:
Imagine betting the amount of 10mBTC when 1Mbtc is $50, in a situation where you win 30mBTC, whereas the value of 1mBTC had already fallen to $30, instead of having $150, the value the win gets you placed at is $90, so in the end, you lose about $60 as a result of the volatility.
Reality #2: Blockchain Casino is preferable to sole Crypto gambling
We already explained the difference between Blockchain Casino and Crypto gambling in the introduction above. While crypto gambling entails gambling on casino sites that offer only cryptocurrency gambling, blockchain allows gamblers to also use other options of payment that are provided on the casino site. Blockchain casinos are generally safer since the majority of them are licensed offshore sites and such casinos have had to comply with Know-Your-Customer-Requirements and Anti-Money Laundering Regulations. There are also reliable crypto gambling sites we have recommended above.
Another factor to be considered in why blockchain casinos are more preferable is that they offer gamblers more options to transact. As a casino gambler, you might not want to be restricted to only crypto transactions, and you may prefer to use other transaction options in circumstances whereby the crypto markets may not be so stable, therefore most gamblers realise that blockchain casino gambling is more preferable.
Reality #3: Crypto Gambling requires more attention
This is another reality crypto gamblers have been faced with. When gambling with cryptocurrency coins on a blockchain or crypto casino, you must exercise care and caution in two main stages. These stages include when you are filling in the amount you wish to wager, and the second includes when you are about to make a transfer to the crypto address. You must exercise utmost care and caution in these two situations.
In the first situation, when filling in the amount you wish to bet on, take, for instance, you are betting using Bitcoin, you should take note that it trades up to 12 decimal places. So, where Bitcoin has a value of about $40,000, then, whereby you wager the amount of 0.40BTC, such has a value of $4000, not 40 cents as you may have imagined. So, to properly wager $40 when betting with Bitcoin, the number to wager is 0.00040BTC so you have to ensure you count well.
In the second situation, when making a transfer to a crypto address, you must ensure you crosscheck the address you are paying to. This is because whereby you make a transfer to the incorrect crypto address, your money is gone, and getting back such money will be impossible. Therefore, care must be exercised when transacting under cryptocurrency casinos.
Reality #4: Crypto Gambling is more protective of users’ identity
Here is another realization many online gamblers get to be aware of after a couple of transactions. Since users do not have to fill in their banking information, then the identity of the users is not as revealed compared to banking with fiat transaction casinos. When using online gambling casinos, all that is required is for you to fill in the details of your wallet on the casino. Hence, when a withdrawal is being made, the payout is paid into the wallet, without any contact with the bank of the user. Therefore, those involved in the transaction are just the casino and the user’s wallet.
Therefore, blockchain casinos and crypto gambling help in privacy, as the bank has absolutely no link with your gambling activities. The maintenance of privacy by blockchain casinos and crypto casinos is a really huge consideration for many crypto gamblers in the casino gambling sphere.
Final Thoughts
As cryptocurrency gambling is still relatively recent in the online gambling world, there are bound to be more realizations that crypto gamblers will have as time goes on. Some of these may be positive while others may be negative, however, in the long run, blockchain casinos and crypto gambling have been a positive addition in the gambling industry.