With more cryptocurrencies on the market than ever before, and with more online and mobile casinos accepting them than ever before, it pays to know what’s going on with this unique way to gamble. While lots of places are going to tell you about the practicalities of using cryptocurrencies at casinos, we thought we’d take a different approach, and fill you in on the risks and benefits associated with cryptocurrency casinos.
One of the central tenets of cryptocurrencies is that they are decentralised and generally are never tied to the economy of a single country, relying instead of the peer to peer sharing of the currencies to determine the value of the currency. While many argue this means the democratisation of currencies, there are definitely risks attached, especially when you’re gambling with them.
A big win one day might be equivalent to a tiny amount the next day, and at any given moment, you might not really know exactly the value of money you’re risking when you wager. All this means a higher level of uncertainty and risk for cryptocurrency players against those who use standard currencies.
One of the biggest complaints about cryptocurrencies is the perception that the lack of regulation in the market makes playing with them a little bit like playing in the Wild West. And, to be fair, there is a certain level of truth in this. The decentralisation of the currencies make it hard to govern the usage and value of them, and there are certainly blind spots in both the regulation and taxation of the currencies.
Can’t Cash Out
Unfortunately, many governments – especially those who have a particular interest in influencing the exchange rates of global currencies – haven’t taken too kindly to the advent of decentralised cryptocurrencies. Their disgruntled response has been to ensure that it’s super hard to withdraw cryptocurrencies into other currencies or cash in certain countries, making their use increasingly problematic.
While the variable values of cryptocurrencies might bring an extra – and some might argue unnecessary – risk into playing, but other players would probably tell you that that’s exactly one of the main reasons they play with cryptocurrencies. For many, it’s the thrill of uncertainty and promise of disproportionately high rewards that attract them to gambling with cryptocurrencies.
Let’s not forget that, after all, we are talking about gamblers here – they’re people who feed of risk and get a kick out of uncertainty. Imagine if you were given the chance to win a huge prize from a relatively small wager, or knowing that depending when you cash out, you could be making loads more on top of your original win.
Is it starting to dawn on you here that all the risks we’re giving you also function as benefits too? Clever, right? Well, let’s talk again about how regulation works, and how the lack of regulation – or lack thereof… if you follow – really works in your favour.
Really, the perceived lack of regulation is just that; perceived. There’s actually plenty of regulation to ensure that the cryptocurrency casinos you play at keep you, your data and your money safe. Cryptocurrency casinos must still comply with the gambling legislation set down in their countries of operation – so, for example, any cryptocurrency casinos operating in Britain must obtain the appropriate licence from the UK Gambling Commission.
The only thing that might slip through the nets is the need for casinos to pay place of consumption tax, and that would just mean higher bonuses for you!
Can’t Cash Out
Well, this isn’t exactly a benefit, but we’ve started with this format for the post, so we’ll finish. While some countries like China and other in the Middle East won’t allow you to exchange your cryptocurrencies into other monies, if you live in the UK, Europe or the USA, this simply isn’t an issue. This more enlightened approach to cryptocurrencies mean they are just as useful as regular currencies, with all the other benefits.