The appearance of cryptocurrencies has completely transformed the financial laws around the world. People got the chance to transfer their funds within seconds for a very affordable price. Yet, Bitcoin and other altcoins are no longer popular just for everyday purchases. Many people are using cryptos for gambling, which ensures diverse benefits.
There are no insights that the popularity of cryptos in the iGaming world will stop soon. On the contrary, almost every month, a new crypto casino appears. That’s one of the reasons why the worldwide iGaming industry has never been more interesting and turbulent.
We would like to discuss everything you should know about crypto gambling on this article. You will find out more about the main benefits people can get and answers to the most common questions.
What Is Crypto Gambling?
Crypto gambling does not differ a lot from the traditional gambling most people have gotten used to. The biggest difference is how people transfer their money from and to their casino accounts. On these platforms, you mostly transfer money with crypto wallets. You can no longer transfer winnings expressed in USD, EUR, CAD and other currencies. Instead, you will transfer winnings or deposit money expressed in Bitcoins, Ethereums, Litecoins, etc.
Are There Any Safe Crypto Online Casinos?
Actually, most of the crypto casinos are safe, and people do not have to worry about finding them. Yet, we do agree that people need to be careful. The opportunity to deposit money with BTC does not guarantee complete safety. Because of that, people will need to check out whether the casino site they like is licensed or not. The license is the only proof of complete safety, so you must confirm it is valid before registration.
On the other hand, casinos that accept crypto-based payments do not always have a good offer. Because of that, we suggest all the people check other casino features before opening an account. That would include bonuses, diversity and quality of the games, mobile gambling, etc.
We absolutely understand that finding the best crypto casinos isn’t easy. If you really struggle to find the best Bitcoin casinos in the Philippines, you should check out websites that provide insights on all the mentioned features. In one place, you can find out more about crypto bonuses, available casino games, and so on.
Most Popular Cryptocurrencies for Gambling
Without any doubt, Bitcoin is the most popular option among gamblers. It is the strongest cryptocurrency in the world that many people trade, even today. Yet, the good news is that BTC is not the only available option. The best crypto casinos in the Philippines strive to offer many available crypto-based payments. That is the reason why you can find Ethereum, Litecoin, Dogecoin and many other cryptos on the list of available payment methods.
Generally speaking, this is also one of the features you should check. You may have chosen the wrong website if you see only 2 or 3 cryptos available for deposits and withdrawals.
Benefits of Using Bitcoin and Other Cryptos for Gambling
Using cryptocurrencies for gambling comes with a couple of benefits. People usually don’t know about them, so they stick to traditional payment methods. Here are some of the main advantages you should know about:
- Transactions Are Extremely Quick: You will not have to wait for days (or even hours) to get your winnings. All the transactions made with cryptos are completed within seconds. The reason for that is simple – no middleman is involved in the entire process.
- Transactions are cheaper: Bank transfers and withdrawals made with debit cards come with higher fees. Also, people can lose money additionally if they do not gamble in their national currency. Conversion fees can sometimes also be high. Neither of those issues exists with Bitcoin and other cryptos. You withdraw what you get!
- High level of security: We do not want to say that traditional payment methods aren’t safe. On the contrary, they also use the best data safety protocols. Yet, the blockchain network which supports crypto transactions is unbreakable. Apart from that, crypto casinos offer a high level of anonymity. Most of the data you expose on traditional casinos is not required on crypto gambling sites.
Does Bitcoin Gambling Come with Disadvantages?
There are some obvious disadvantages common to all online casinos. Financial losses and potential gambling addiction are the most common ones. Yet, the biggest disadvantage of all is the volatility of cryptocurrencies. The value of each crypto, including Bitcoin, goes up and down regularly. If you plan to keep your winnings in a casino account, they may lose value for a couple of days. Logically, things can go in a completely different direction. If their price goes up, you will get even more money.
We have explained everything people should know about gambling with Bitcoin and other cryptos. In the end, we must highlight the essential thing. People must gamble responsibly all the time! Always have in mind how much you can afford to spend. Work on your self-discipline, choose the best Filipino crypto casino, and have fun!