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Is Cryptocurrency the Safest Option When Playing Roulette at Real Money Casinos?

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The cryptocurrency industry has grown exponentially since its inception in 2008 and is still meandering its way into the core of giant industries as an alternative payment option. One such industry is the gambling sector.

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Yes! Today you can use your crypto assets in any casino that accepts payment in such forms. This is a timely additive for gamblers as crypto-assets continue registering all-time highs in global financial markets.

There has been skepticism on the adoption of cryptocurrencies as a form of payment in many industries, and in this article, we will elaborate on why cryptocurrency digital assets are a safe payment option for your roulette deals. Read through this page to learn more about roulette games.

Is cryptocurrency safe?

Yes! Cryptocurrency has become a stable and one of the safest digital assets in the globe.

Have there been instances where crypto merchants have suffered from cyber-attacks? Yes! However, much has changed in the past few years, and the crypto environment has developed robust security systems thanks to the acceptance by various governments and financial institutions globally.

Why use cryptocurrency over real money?

Cryptocurrency comes with many advantages over real money. Here are some top ones:

  1. It offers discretion

Cryptocurrencies are unregulated forms of currency that processes transactions over anonymous blockchain technology. With such technology, your transaction details cannot be tracked by spies and hackers.

  1. It is fast and convenient

Carrying out a transaction in the gambling ecosystem can take ages due to numerous protocols and regulations governing the industry. With crypto, long delays are a thing of the past as blockchain technology initiates, verifies, and carries out the transaction in a matter of minutes.

However, your roulette casino finance system also plays a crucial role in determining the amount of time taken for a withdrawal to be processed. Therefore, this is an essential factor to consider when selecting a roulette casino.

  1. Crypto is digital assets

Like any other financial asset, cryptocurrency’s market value can appreciate. Unlike fiat currency, whose market value changes marginally, crypto currency’s volatile market can experience up to a 1000% increase in market value in a matter of weeks. For instance, bitcoin’s market price, the pioneer crypto coin, moved up $40,000 in 4 weeks, changing the financial market’s history and setting an all-time high record for a market asset.

Therefore, if you store your roulette winnings in cryptocurrency, there is a chance that your investment can appreciate with time. 

Unfortunately, the opposite is also true. Crypto prices can plummet as fast as they rose; hence it carries a high risk.   

How to start playing Roulette with crypto

Roulette is a classic game with different versions in different parts of the world. However, if you are to use cryptocurrency as a payment form, you have to set up a cryptocurrency wallet.

Secondly, you need to buy cryptocurrency of your choice from a cryptocurrency exchange center or an online cryptocurrency merchant such as Binance. There are various crypto coins to choose from;

  1. Bitcoin

Bitcoin has grown to be an investors’ favorite and for all the good reasons. It is the most valuable crypto asset and with a high rate of acceptance. 

Despite its current high price, using bitcoin for your roulette payments allows you to play in any casino that accepts crypto payments. It has fewer limitations than other crypto coins and can be converted to fiat currency at any time.

  1. Ethereum

ETH comes second behind bitcoin in acceptance rates. It is less costly and can be easily converted to other coins if your favorite crypto casino does not accept it as a mode of payment.

  1. Tron

The Asian crypto giant coin has grown in popularity despite being less than three years old. Most crypto casinos in Asia accept Tron as a payment mode, where other Western-based crypto coins such as bitcoin are unacceptable. Tron is affordable and safe.

That said, other notable coins include USDT and TETHER, referred to as stable coins due to their low volatility standards. There are hundreds of cryptocurrency coins, but only a handful are accommodated in most roulette casinos.

Making a deposit

After acquiring your favorite crypto coin, you can transfer it from your merchant’s crypto wallet to your casino’s crypto wallet. Remember, cryptocurrency is a digital currency, and at no time would you be handling physical money.

To safely deposit into your casino crypto wallet;

  1. Log in to your favorite online casino and enter the crypto wallet credentials upon clicking the ‘deposit crypto’ icon.
  2. If you don’t have a crypto wallet yet, talk to an assistant to set you up.
  3. Once logged in to your crypto wallet, head to the leading crypto wallet, say Binance crypto wallet, and initiate a transfer of funds
  4. Input the receiver’s address as your casino crypto wallet address.
  5. Once the transaction is verified, which takes minutes, your crypto funds will reflect on your account.
  6. You are now free to wager on Roulette.

Withdrawing your crypto funds follows a similar procedure, only that you are sending your crypto assets from your casino wallet to your merchant’s crypto wallet.

The legality of cryptocurrency depends on your location and the prevailing local laws and regulations. Since digital currencies are unregulated, most governments have been skeptical about adopting this revolutionary technology due to fear of losing control over the financial sector.

Therefore, only a few countries such as Canada have partially accepted cryptocurrency as a payment form, while most are still reluctant. It is prudent to check your local regulations on cryptocurrencies before converting your money into digital currencies.

Fortunately, most gambling sites offer cross-border services; hence, you can still use cryptocurrency on your online roulette games on foreign sites if your local sites are non-accommodative.

Conclusion

Cryptocurrency is still in its infancy stages of development and acceptance, and these digital assets still have a long way before being fully appreciated as a global alternative to fiat currencies. However, with most casinos and countries already adopting the technology, it is only wise to exploit the opportunity as long as it lasts. 

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Disclaimer : The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of Coinpedia. Every investment and trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Sara K

Sara is steadily working on cryptocurrency evaluations, news, and fluctuations in digital currency prices. She is guest author associated with many cryptocurrencies admin and contributes as an active guide to readers about recent updates on virtual currencies.

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