Over the past few years, the crypto space has emerged from the dark and has become one of the fastest-growing and powerful industries. It has walked its way into the mainstream market, and today, some of the most powerful institutions across the globe, are investing in the world of crypto. With its market cap hitting $1 Trillion, the crypto industry is getting a bus place. And it looks like investments are making their way in that direction.
Such has been the success of the industry, that it has made powerful institutions like JPMorgan Chase change its mind about it. The opinion has turned in favor of them.
Online Crypto Casinos Are On A Rise
Cryptocurrencies have become a global powerhouse, and the number of crypto casinos has also increased. The number of online crypto casinos has increased vividly over the past few years. Gamblers have finally started to recognize the advantages of Bitcoin and other cryptocurrencies over traditional currencies and are making the most out of it. Players are playing more games with the help of Bitcoin, and this is why the popularity of crypto online gambling is increasing rapidly.
In some countries offering real money to gamblers online is banned, and this is where cryptocurrencies have gained more importance. Online crypto casinos are not regulated by banks. And gamers get the most advantage out of this. Such has been the popularity and success that some online ZCash Casinos are now only offering cryptocurrency payments.
Another reason why online crypto casinos are growing is that you don’t have to provide any personal details. And the payment process also becomes quick. The expenses of online crypto casinos are much lower as compared to mainstream casinos. This is because there is no regulation, and it is decentralized. However, some crypto casinos are wanting to get regulated because they want to earn the trust of their customers.
So Are Online Crypto Casinos Safe?
Gambling in itself includes high risk, and every one of us has heard about online hacks and scams on the cryptocurrency market. Hence, the entire concept of cryptocurrencies getting involved online might sound like a lot of risks. There are a lot of casinos that deal with cryptocurrencies, and their actions should be questioned. And this is why some players are still against the entire idea of payments with digital currencies in the online gambling world.
When we say that some online crypto casinos are not licensed, this means that they are illegally making money. When they invite you to come and play a game, this means they are dragging you to their illegal business. When the state or any authority finds out about this, the court will be your next stop and you have to face serious consequences. Therefore, it is extremely risky.
The fact that these online crypto casinos are not regulated by any central authority, drives away many gamers. These casinos do not hold any licenses. Moreover, cryptocurrencies like Bitcoin are quite volatile. Its price keeps changing now and then. This makes the exchange rate move very quickly. You are lucky if this moves positively. But it trunks against you when this change is moving negatively. Bitcoin withdrawals also take comparatively more time than the time taken by debit/credit cards.
Despite this, Bitcoin has gained a lot of attention in the online gambling world. In fact, if we really look at it, then we can say that Bitcoin or other crypto casinos are safer than other traditional casinos because of the cryptographic nature. Therefore, it has got its pros and cons.
The Need to Spot the Right Ones
Having said all that, it is important to know that there are good online crypto casinos as well as bad online crypto casinos, just like any other traditional casinos. Several Bitcoin Casinos are already put on the blacklist at Casino.org. They are declared to be unsafe and scam because they have several unsafe business practices and unresolved customer problems.
With the growing popularity and the success rate of cryptocurrencies, it is worth giving online crypto casinos a try. One just has to recognize the right ones. For this, they need to understand the world of gambling as well as the world of crypto.