Everybody in 2019 is talking about cryptocurrency; if you are not, then you are among the few. This innovation has added a different twist to the way players enjoy online gambling. But with the introduction of Crypto gambling in the gaming industry, this has been overwhelming. But this post is here to shed some light into the current state of crypto gambling.
What is Cryptocurrency, Anyway
Before you even learn what crypto gambling has been up to, it is important to understand what cryptocurrency is. This is a type of currency that’s based on cryptography and makes use of a distributed ledger system referred to as the blockchain. Therefore, it can be described as a decentralized digital currency designed to complete with the traditional forms of payments; and you know them.
What is Cryptocurrency Gambling
Crypto gambling, as it is commonly known, is the ability for people to bet using cryptocurrency. Just a few years after its entry into the gaming industry, crypto gambling business has advanced sustainably. The fact that this business is legal in many countries has made it grow into a billion-dollar industry.
It is speculated that some of the biggest regulated casino operators of sweden are investigating the option of crypto as a deposit method. Though nothing has been confirmed.
While you will find many online casinos who offers crypto, many of them are unregulated and thus not very safe.
The biggest worry among players and other stakeholders is the fairness of these platforms. There is always an assumption that the house is always steps ahead. This begs the question; do you have the same opportunity to win big? That’s the same concept that drives gaming platforms that have been branded as crypto casinos.
Before diving into crypto gambling, you need to understand that blockchain is at the core of cryptocurrencies, therefore, smart contracts control everything. The smart contracts can be audited easily, and anyone at the backend can try out the verification process. Therefore, players will have a more open and honest gambling experience.
Is Crypto Gambling Legal?
The last thing you want is to be on the wrong side of the law when exercising your freedom to gamble. The legality of crypto gambling varies depending on the country in question. For instance, in the US, the Justice Department prohibited online gambling that involves interstate transactions; a ruling made in early 2019. However, the current legal framework in most parts of the United States doesn’t expressly stipulate that betting cryptocurrency is illegal.
According to the Unlawful Internet Gambling Enforcement Act signed in October 2009, credit card companies and banking facilities are not entitled to carry out transactions related to online gambling. This means that online casinos that started their operations before 2006 could use the US banking system for their purposes before UIGEA closed those doors.
Regulations of Crypto Gambling
The physical destinations of traditional casinos must run according to local regulations; that is what differentiates them from crypto casinos that operate online. A good number of crypto casinos have licenses in Curacao. This is because getting regulated in this Caribbean island is cheap and easy.
The Glitz and Glamour of Crypto Gambling
Crypto gambling is on every player’s lips, and no one cares about the possible risks involved with this type of gambling. Players mostly make use of cryptocurrencies that are connected to blockchain platforms since such handle gambling transactions. However, the most common type is the bitcoin considering that it was the first to exist.
Watch Your Steps
Crypto casinos are on the rise and those that exist offer a wide range of games, including live dealers area. You may be tempted to invest more and play more. However, players should be cautious when working with an emerging trend that has not been entirely accepted worldwide.
With that said, you now understand the current state of crypto gambling and what it has been up to. This is an outstanding innovation, and players should do their research on its legality and regulations before taking part in it.