This is another article about crypto gambling that we are posting on our gambling blog. But this is because cryptocurrency has become so popular as an investment, payment method, and technology itself. Besides, when more advanced players are using cryptos almost everywhere, others are just at the beginning of this process. Playing with cryptocurrencies is not difficult, but many players are still wondering how to play it right to get the best of it. Today’s article is exactly about this.
Crypto Casinos in Canada
Our casino reviews page includes more online casinos that accept cryptocurrencies. So if you are looking for the best crypto gambling experience, make sure to check the reviews and pick your best casino.
Besides, some of these platforms have sports betting software where you can place crypto wagers on your favorite sports teams.
The Idea of Crypto Gambling
Crypto online gambling is just the same as regular online gambling with FIAT currency. But in the case of crypto casinos, you use cryptocurrencies such as BTC, ETH, LTC and etc. to place wagers. The work of crypto gambling can depend on the chosen type of crypto gambling.
For example, the most common type is using cryptocurrency as your token when you are making wagers and playing games. Thus, your bet is measured in a cryptocurrency, and as a result, you receive the payout in the same crypto.
Some online casinos may offer their own credits that you can exchange for crypto or fiat currency. So you can only use cryptocurrency when you deposit and withdraw winnings. But the play itself works with casino credits.
Best Cryptocurrency For Online Gambling
Different online casinos offer different cryptos. There are only bitcoin casinos or casinos that also accept litecoin, dogecoin, ethereum, and more. The choice of cryptocurrency to gamble with is extremely important. If you choose the wrong crypto the value of which will drop overnight, you can lose a lot even though you won the game. Due to the fluctuations of the cryptocurrency price, players can potentially make mistakes. Nevertheless, there are some stable coins that will not change the value dramatically.
Bitcoin
Well, this is obvious. Bitcoin is the oldest and most used cryptocurrency in the world. Thus, if you choose BTC for gambling, you won’t regret your decision. The one and the only downside of bitcoin gambling are its fluctuations in price. All cryptocurrencies can be affected, and bitcoin is not an exception.
You can win or lose a lot more than you expected depending on the current price. It’s perfect to use bitcoin (or another crypto) for gambling if you intend to hold it anyway. Therefore, these fluctuations in prices won’t affect your wallet much.
Ethereum
The second most popular cryptocurrency is ethereum. This token is pretty stable, so you can easily choose it for online games. However, there is one big disadvantage of Ethereum. It’s the fee value. The gas value is pretty big. So neither online casinos nor players really want to use it for casino transactions.
When you deposit ETH or withdraw it from a casino, you need to pay certain fees for transactions. Before these gas scales calm down, you might be looking for a different crytpo to use on online games.
Other Crypto Payment Methods
Bitcoin and ethereum are the most used nowadays. However, if neither of them satisfies you as a gambling payment method, you can choose a different one. Besides, if this is the first time that you want to try playing with crypto, you might leave BTCs and ETHs in your wallet. Instead, you can risk less valuable tokens.
For example, you can use litecoin, dogecoin, ripple, and others that you have in your wallet. All of them can be used for crypto online casinos. Answering the question of which cryptocurrency is better for gambling, we advise you to rely on your own preferences.
However, before joining a casino, make sure it accepts your selected cryptocurrency. Otherwise, the casino operator might ask you to convert your crypto to a more stable cryptocurrency such as bitcoin.
Tips to Succeed in Crypto Gambling
Playing casino games with crypto is a bit more complex than normal gambling because the cryptocurrency brings extra concerns due to the mentioned fluctuations. There are some tips that you need to keep in mind when you are betting with crypto coins:
- Check the fees and conversion rates. Every casino platform has its own fees and conversion rates for cryptos. So always check how much you will need to pay for the transactions and currency conversion in each crypto casino, and choose the best one for you.
- Mind that the price of crypto changes. As we said, the value of a coin can change pretty quickly. So you should be always aware of how your crypto has changed in price since you started betting. Mind how it can affect your payout. If possible, choose stable coins.
- Make sure the site is reliable. Crypto casinos don’t always operate in the same way as traditional online casinos, meaning they might not ask your ID to comply with the KYC requirements, and so on. It’s good on the one hand, but on the other hand, players risk their crypto wallets. So make sure you are choosing a reputable platform, even though you want to avoid KYC checks.
- Choose the right crypto. We advise wagering the crypto that you are planning to hold for some time. Thus, you aren’t that vulnerable to price changes. Besides, do not place the entire amount of the chosen crypto on casino games.
- Bet on the bet, not the coin. Of course, you can get a double win, if you wager crypto that will raise in value. However, this shouldn’t be a part of your strategy unless you are a professional in both gambling and cryptocurrency.
In Conclusion
Crypto gambling is way more complicated and riskier than regular fiat betting. Nevertheless, if you use our tips and follow all recommendations from this article, you can easily master crypto gambling. So watch out for things like value fluctuations and you’ll be good.
More articles on gambling topic
