Over the last few years, people have been using Cryptocurrency as their main form of currency because Cryptocurrency has hit an all-time high. However, the people do not understand the risk involved. The poker houses and casinos, allow users to play with crypto currency.
What is Cryptocurrency? Is it like gambling?
Crypto currency is a digital currency, which can be exchanged for services and goods, using a blockchain that manages transactions and records. Examples of Cryptocurrency are Bitcoin, Litecoin, and Ethereum. The big advantage of trading with Bitcoin is the security and privacy it provides, coupled with the potential to increase their wealth.
Why is the crypto currency used in online gambling?
1) One can go global:
You can play from any part of the world, this is because the government can’t track the players if their money is not tied to any financial institution.
2) The speed of transaction:
Deposits and withdrawals can be made faster than a traditional banking system. Crypto currency also reduces the transaction fees on your earnings.
3) There is no 3rd party:
Your transactions are decentralized and encrypted with crypto, which means that your money is not processed by a bank, and goes directly goes to and from the casino.
Many casinos do not require you to verify the identity if you want to cash out. This offers the users complete anonymity.
Crypto currency trading: is it similar to gambling?
Some argue that trading in crypto is the same as gambling and some argue that they are different.
Both crypto trading and gambling have risks. In both cases, you hope of making a profit. And you cannot predict the future price of Bitcoin nor can you predict the outcome of gambling. Both cause addiction.
Gambling and crypto trading can have similar emotions like the depression when the currency value drops and the high you get when you successfully make a trade.
Crypto is a much longer game while gambling is instant gratification. Crypto has no house edge and it is not based on chance at all. Only by winning a jackpot, we can become rich in gambling. And only if you are strategic about crypto decisions can one become rich through crypto trading.
The following are the tips for responsibly trading on crypto.
- Always set a time limit and adhere to it
- Do not spend money, which you cannot afford to lose
- Always seek the tips and advice of experienced people
- If you cannot understand then do not spend or invest in it
- First, do some groundwork before diving in