What is crypto gambling?
Crypto gambling is simply gambling that involves digital assets in place of conventional fiat currencies as the medium of exchange.
The mechanics of the gambling activities will depend on each of the gambling platform you will be participating in, but the underlying concept is the same. Another major difference is that all the gambling activities, betting, and etc are conducted securely online.
For those unfamiliar with cryptocurrencies, they are digital assets that serve as a medium of exchange to send and receive funds peer-to-peer securely through blockchain networks.
In most cases, online transactions involving crypto are anonymous and also relatively lower cost than their fiat counterparts.
Keep in mind that before you proceed, the tips and guides that we share in this article are meant to help you get started.
Be sure to do your own research on both the casino games you play, and the crypto asset you wish to use for gambling. The tips we share are not meant to be interpreted as financial advice.
Why should you gamble with crypto?
Gambling with cryptocurrencies, has several advantages some of which were prefaced above. There are three distinct advantages of gambling with cryptocurrencies, as explained below.
Privacy
One of the main advantages of gambling with cryptocurrencies is the privacy and anonymity that the user gets.
Cryptocurrencies such as make use of decentralisation and blockchain technology to send and receive online payments that are anonymous on both ends. All that’s being disclosed is the public key of the user’s crypto wallet, which has no identifying personal information.
Low fees
Cryptocurrencies enable users to send and receive payments directly between the two parties involved, or peer-to-peer.
This removes the traditional middle man in a conventional online translation where the user has to go through a payment gateway that introduces additional fees for using their network, before the recipient receives the funds. Hence, lowering the overall fees involved.
Fast withdrawals
Similar to the previous points, blockchain technology and decentralisation enables users to withdraw their crypto funds and earnings quickly and securely.
And as mentioned above, cryptocurrencies remove the need for a third-party to be involved during the payment process and settlement which results in much lower fees and faster overall processing of payments.
Before proceeding, it’s worth to keep in mind that any gambling game involves elements of luck which is something that cannot be controlled. While this arguably keeps the games fund and exciting, it’s important to always be aware of your risk levels and your limits. This is especially important considering the volatility of cryptocurrencies, hence the importance of doing your own research beforehand.
What coins are best for gambling
When it comes to the choice of crypto coins for gambling it will ultimately depend on the platform you choose and the volatility and risk tolerance that you are comfortable with.
All cryptocurrencies are subject to significant volatility, but there are certain coins that are more stable than others, or have other distinct advantages such as lower cost, fast processing times and more. The following are examples:
- Bitcoin (BTC)
- Ethereum (ETH)
- Tether (USDT)
- Litecoin (LTC)
- Tron (TRX)
- Ripple (XRP)
The list of coins above are also widely used for medium of exchanges in a variety of gambling platforms, and also supported by many crypto wallets – making them ideal coins to proceed with crypto gambling.
Tips and tricks to maximise your wins
Below are some tips for those considering to gamble with cryptocurrencies.
Check the current rates for the crypto you wish to gamble
Make sure to check the on-going live rates of the crypto you choose before participating. All cryptocurrencies are subject to significant volatility.
However, there are some crypto that are more stable and reliable than others, namely Bitcoin, Ethereum, Tether, Litecoin, and many more. Also be sure to check the gambling platform beforehand to see which coins they support.
It’s best to participate when prices are relatively stable so you have a more predictable outcome of your earnings.
Participate in gambling activities that you’re familiar with
Every gambling user will have their own preferences when it comes to the games they participate in. Stick with something you’re relatively comfortable and confident with to minimize your risk of losses and net more earnings.
Check the platform and support
It goes without saying, but the platform for crypto gambling that you play is also worth checking before you participate. Make sure that the withdrawal process is clear, the site is secure, and that the platform has solid customer support that can aid you should you have an inquiry.
How to gamble with crypto
Open a crypto Wallet
To get started you will need to download and set up a crypto wallet. A crypto wallet is a place where you will securely store your digital crypto assets, similar to how banks store your fiat currencies.
The difference being that a crypto wallet is fully managed by the user, and only the user will have access to its funds, no other third parties involved.
There are many different types of crypto wallets out there, but for the sake of simplicity you can get started with Trust Wallet, or Metamask.
Both are what’s known as a non-custodial, crypto hot wallet – which simply means you are the sole owner of said wallet, and it being a hot wallet means you will need an internet connection to access its features.
Buy crypto from crypto exchange
To gamble with crypto, you will need to buy your choice of cryptocurrencies from a crypto exchange and have it sent to your crypto wallet.
The choice of crypto ultimately depends on your preference and the gambling platform you wish to gamble in.
Once you’ve bought the cryptocurrencies, you can proceed with the next steps.
Login or create an account at Gambulls
Once you’ve got some cryptocurrencies, proceed to login to your account at Gambulls. If this is your first time – welcome aboard! Register and create an account with us to proceed.
Once you’ve created an account, proceed with the verification process and get your crypto wallet ready, and you’ll be all set!
Deposit your crypto to your Gambulls account
Once you’ve created an account and finished the verification process, you can proceed with depositing your crypto assets from your wallet to Gambulls.
Make sure to double check the deposit address before you proceed. After you’ve sent your cryptocurrencies, confirm on both your transaction history on your crypto wallet and also on your Gambulls account balance.
Start gambling with crypto
Once you’ve deposited your funds on Gambulls, you can then proceed to browse our selection of casino games on Gambulls and choose one to gamble in.
In most games, you have the option to demo the games first before continuing to gamble with your real funds. Be sure to take advantage of this and familiarise yourself with each game before gambling with your real crypto funds.
Withdraw your winnings
To withdraw your earnings, you will essentially do the same steps as the deposit process but in reverse. Navigate to the wallet menu on the gambling platform, and then you’ll input your own crypto wallet deposit address.
You will then have to enter the amount of crypto you wish to deposit back into your wallet address. There will usually be a minimum amount of withdrawal, so be sure to meet the required amount before you proceed.
Takeaways
On a closing note, it’s important to keep in mind that as with any casino game there will always be an element of luck in the game. Despite the RTP claimed in the casino games, you still should be aware of your limits and set a target for when you want to fold and cash in your gains.
Gambulls is not responsible for any loss in funds caused by personal errors, such as but not limited to, transferring crypto assets to the wrong wallet address. Be sure to double check everything, and do your research well.
Additionally, cryptocurrencies are volatile assets with price and market movements that can fluctuate greatly depending on many factors. Be sure to assess your risk levels and do your own research on the crypto coins you decide to use before proceeding.
