If you’re already involved in the cryptocurrency scene, you’re probably looking for new ways to harness your assets beyond the obvious trading options.
Playing at crypto casinos is one cutting edge activity to try out, but before you dive right in, here are some talking points to consider ahead of your first blockchain-based gambling adventure.
Online casinos can deal with crypto differently
There are a couple of main examples of casinos that accept crypto, and understanding the difference between them will save you a lot of confusion.
The first type is a pure crypto casino, which means that it not only lets you deposit and withdraw funds using the currency of your choice, but it also has games in which crypto can be wagered without the need for conversion.
The second type is a hybrid crypto casino, which basically describes a site that supports deposits and withdrawals in cryptocurrency, but will convert this to its own token, or to a fiat currency, in order for bets to be placed.
Both examples have something to offer crypto evangelists, but you should check this thoroughly before committing to a specific site.
Not every casino site will meet expectations
Just like any online service, the quality of casinos varies from site to site, and so it’s worth being discerning when deciding between the available options.
To make this choice easier, check out these amazing crypto casinos which have been ranked and rated by independent experts.
You could also look for user reviews to get a sense of whether a specific site will tick the right boxes for what you want out of the experience.
Crypto volatility can impact prizes
At the moment, cryptocurrencies are still fairly volatile. While you may be comfortable with this in the case of making an investment in a particular asset on a mainstream exchange, you might not have thought through the implications that this has in a casino context.
Say, for example, you deposit crypto at a hybrid casino and it is then exchanged to a fiat currency for you to play games. You spend a few days spinning the reels or placing wagers, and then you win and you want to make a withdrawal.
If the price of the token you originally deposited has skyrocketed in the interim, then you might be left with less of a payout than you’d hoped when you convert it back from fiat.
Equally, if you don’t act quickly after a win and leave your currency sitting in your casino account, rather than in your crypto wallet, you might miss out on earning any staking benefits that could otherwise be accumulating.
Security must be your priority
It’s not worth taking any risks when playing at crypto casinos, so as well as sticking to reputable sites, you also need to be conscious about how your own actions can influence this aspect.
Staying connected over a secure Wi-Fi hotspot, rather than one which is open to the public without a password to protect it, is wise in this context.
Keeping your details to yourself, and not sharing things like wallet addresses or keys with other players in games that support social features, should also be in your crypto casino security tool kit.
Speaking of wallet addresses, the last piece of advice when using crypto casinos is to make sure you are totally accurate when using these to deposit or withdraw currency. Mistakes can lead to assets getting lost in the ether, so double and triple check that the information is right before you submit.