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Can You Gamble Online With Cryptocurrency?

Truth passes through three stages: first, it is ridiculed, then it is violently opposed, and then accepted as self-evident. The same happened with cryptocurrencies, which went through a roller coaster over the last decade. Bitcoin was initially regarded as a gimmick, then as a dangerous investment and today is considered by many as a strong asset. One of the industries that were early to adopt cryptocurrencies is the online gambling industry. Online casinos, bookmakers, and poker rooms were among the first to accept Bitcoin deposits and they continue to support cryptocurrency gambling in all its forms.

How does cryptocurrency gambling work?

To explain the success of cryptocurrency gambling, one needs to understand how the system works. The beauty of gambling digital money is that anyone can do it and there is no steep learning curve to worry about. Prospective players need to acquire cryptocurrency from an online exchange and then transfer the funds to the casino account from the personal wallet. The process is just as fast and simple as a traditional deposit using fiat currency, with no downtime and no fees to worry about.

Once you have your account funded with cryptocurrency, you can proceed with gambling. Whether you choose to bet on sports or video games, play casino games or poker, the process will be straightforward and fast. Players select the stakes and place the bet just as they would with traditional money. When the gambling phase is over and players are ready to cash out profits, the advantages of cryptocurrency become self-evident. There are no fees and transactions are performed almost instantly.

Is it safe and legal to gamble with cryptocurrency?

Just because something can be done doesn’t automatically mean that it is also legal and secure. One of the cherished qualities of cryptocurrencies is that they provide an anonymous way to gamble. Players have to disclose little information about themselves and their online gaming activities remain private. When casinos don’t pressure players into disclosing banking information and private data, some people might worry that the scrutiny process is superficial. That’s why it is important to play at licensed and regulated casinos especially if you plan on using cryptocurrency for gambling.

The advantage of choosing a licensed operator from trusted comparison websites that list brand new slot sites or at danske betting sider also helps alleviate any concerns regarding legality. You hit two birds with one stone when you play at a licensed operator, as you gamble legally while protecting yourself from fraud. Cryptocurrencies are merely the resource used by players to gamble. As long as you play at a casino that operates legally in your country, it makes no difference if you bet traditional or digital money. If gambling profits are taxed in your jurisdiction, it will be your responsibility to do it, even if you choose to gamble online with cryptocurrency.