Although the price of cryptocurrencies like Bitcoin or Litecoin has yet to reach the stability provided by national currencies, the gap is narrowing. And, as more people have access to crypto, more people want to gamble online with this currency. For those who want to hold on, but don't want to miss out, this is becoming a perfect choice.
Additionally, as cryptocurrency casinos are following their fiat counterparts and offering bonuses for new players, gamblers can basically hedge their bets by using crypto as their main betting option.
Currently, this is still a small part of the market. But, judging by the speed it is developing, it is becoming quite likely that blockchain gambling will dominate the future.
Advantages of Blockchain Gambling
There are several benefits of playing with crypto rather than fiat. Primarily, for those who distrust the oversight and are content with the reviews and remarks made by independent reviewers like Lioncasinos, they have the possibility to stay completely anonymous while gambling.
Aside from legal and personal reasons why someone would want to use Bitcoin, Litecoin, or Ethereum as their means for payment, there are also strictly technical reasons. If you are an expat or reside in a nation where access to gambling is limited, you can use a VPN to access a gaming platform and play freely, but you need to use your hot wallet to buy-in.
Anonymity if Guaranteed
The only way to remove anonymity from cryptocurrency gambling is to advertise publicly that you are playing under a specific code, which is not advised in the slightest. The platforms won't ask to confirm your personal information and you will be able to use any name to play the game.
Unlike a regular bank account, where you need to provide valid info to confirm the transaction, with crypto gaming you only need a hot wallet key to send or receive any money from your online gambling account balance.
Global Service
There is no central authority for any blockchain technology, including crypto. While there are some especially large mining operations around the world, nobody is controlling the bulk of the production or the prices.
Because of this, you can gamble with crypto no matter where you are, as long as you have access to your crypto-wallets. This means that VPN users who connect to servers outside of their native country will have no issue playing.
Decentralized is Better
While some people might have issues by the fact that no government does, or can, control cryptocurrency flows, this is actually very beneficial for an average consumer.
Even if we thought that the age of moral busybodies and nanny states has died out with the victory of rock and roll, they have been resurrected in a new form as social activists. These people with too much time on their hands often pressure governments to either limit or outright ban anything that they don't see as beneficial to their cause.
This is why some countries introduced large taxes or fees on gains from casinos, or have directly banned some types of games from being played in their jurisdictions.
But, with crypto, that is not your problem, and you can play anything you want, from wherever you want. You will be responsible for your own choice of operator and won't be protected from shady ones, but with websites reviewing them there shouldn't be any problems after just a bit of research.
Risks of Cryptocurrency Gambling
There are some risks with cryptocurrency gambling. And, while some will be mitigated as the system keeps growing and stabilizing, some will remain as a feature rather than a bug.
Primarily, as there is no central bank to stabilize cryptocurrency with fiscal policy and macroeconomic moves, the volatility of the currency will forever be greater than that of fiat money.
But, in the future where you will be able to buy and sell anything with crypto and might even get your salary and pay utility bills in it, this will cease to be a direct issue. The same as we don't directly feel the fluctuations of our national currencies on a daily basis, we won't be able to tell for cryptocurrencies.
The second issue is the risk for your personal information. As the American founding father, Benjamin Franklin famously said: ''Those who would sacrifice liberty for security deserve neither.'' The same is the case with crypto, as you can't have anonymity and liberty without being charged with your own safety.
Those who gamble with crypto, or even use it on a regular basis, need to invest a bit in their cybersecurity and protect their devices both with software and cyber hygiene practices. That is the only way to be safe from intruders and be left to gamble, game, and have fun at your own leisure.