Cryptocurrency popularity,especially bitcoin is on a continuing rise, the digital coin is now valued at $29,213.45, since BTC trading broke 19K record-high. The phenomenal growth of bitcoin occurred in less than a month after institutional Wall Street investors and bankers started seeing the value of bitcoin as a more secure form of investment. All sorts of businesses now support and accept bitcoin, including online casinos and poker rooms dedicated to crypto gambling.

What is Crypto Gambling?

Allow us to clarify that cryptocurrency gambling in the context of this article, refers to online gambling sites that cater to punters who prefer to use their crypto money when looking for online casino entertainment.

While trading in cryptocurrencies is also regarded by many as a form gambling due to the volatility of the prices, largely dependent on the current demand for crypto money. Crypto gambling is basically similar to online gambling where the games offered include video slots, lotteries and live casino table games like poker, blackjack, baccarat and roulette.

There are only a handful of online casinos that offer crypto gambling entertainment, of which bitcoin casinos are the most popular. Actually, gamblers often find there are more bitcoin gambling sites than those accepting altcoins. While U.S. authorities may deem cryptocurrency gambling as illegal, lawmakers still have to figure out how to develop laws that will see to the regulation of digital money, much less online gambling sites that accept digital money as wagers.

Whys is Cryptocurrency Gambling Safe?

Rather than think it unsafe to use BTCs, the very confidential nature of cryptocurrencies is one of the reasons why most gamblers prefer to play at gambling sites that accept BTCs. Like any regular transactions, BTC transactions related to casino gambling are also recorded in blockchain ledgers where info is kept confidential by way end-to-end encryptions.

Moreover, the validity of every blockchain entry is confirmed by BTC miners who solve the transaction encryptions as linked to a block of valid transactions starting from its original entry. That is also the very reason why the technology supporting crypto transactions is called blockchain. .

Unlike in traditional land-based and online casinos, government agencies can keep track of gamblers’ winnings via required periodic reports furnished by casino operators, to financial institutions and tax agencies.

Does Price Volatility Affect One’s Casino Winnings?

In terms of cryptocurrency values, the value of crypto winnings are likewise tied to the price of the crypto money at the time the related deposit was made. This eliminates the impact of price volatility where digital currencies are concerned.

Supposing BTCs valued at $19k per unit was deposited as gambling money, any winnings derived from that cryptocurrency deposit, will also be priced at $19k, regardless of the current value of BCTs at $29k+.

That is why cryptocurrency gambling sites do not charge fees when accepting digital money, since in the long run, the casino operators are the ones who will likely to benefit from future BTC to Dollar exchanges. On the other hand, bitcoin casino operators also take risks as they stand to lose in case BTC prices fall.