Bitcoin’s resurgence in the market has been a good sign for investors in the last several months, but many skeptics still harp on the same concerns, Bitcoin still has little utility. Cryptocurrency skeptic Warren Buffet recently called Bitcoin a “gambling device” that has little value as an investment. But, one area that cryptocurrency is continuing to grow is the online gambling and casino world.
An increasing number of online casinos and betting companies accept Bitcoin amongst other cryptocurrencies as legal tender on their websites. It’s viewed as a huge potential growth area for cryptocurrency, as online gambling attracts customers looking for a secure payment system. It also can provide the option to gamblers to place bets on a wide variety of websites from countries all over the world.
However, as with many aspects of the nascent cryptocurrency market, there lies the potential to fall victim to scams. There are bad actors masquerading as legitimate gambling websites and cryptocurrency schemes.
But there are several steps you can take to ensure that you are using the best Bitcoin casino sites that will not pilfer away your money.
If you want to gamble online using cryptocurrency, it is not difficult to find a website, like http://bitcasino.io/ that will let you move your Bitcoin on to their website in order to place bets. But, make sure that the gambling website you choose is regulated in the country in which it is operating.
It is recommend that gamblers on UK sites make sure that the UK Gambling Commission has given the website a license to legally operate. With proper licensing, you can rest easier knowing the website won’t steal your money or have games with illegal odds.
To stay safe, your best bet is to only gamble on establish websites, and while this limits your options, you are far less likely to have your Bitcoin fall into the pockets of scammers.
Of course, gambling with Bitcoin does also offer some benefits. If you use cryptocurrency than you do not have to hand out your banking information to as many websites, and you can potentially bypass your local gambling laws and gain access to more gambling websites.
But, with volatility in the Bitcoin market still so high, many Bitcoin owners and investors will be wary of parting with their cryptocurrency.
There are plenty of cryptocurrencies specifically designed to be a vehicle for online gambling transactions, but none of them have caught on and become useable in the mainstream. FunFair (FUN), a gambling cryptocurrency, famously peaked at a market cap of just under $800 million in early 2018 before crashing back down to around $40 million.
So, for the foreseeable future Bitcoin is the one and only cryptocurrency with the ability to cross over to gambling and gain more widespread use.