Fourteen years ago, a new light shone forth from Japan, changing the world’s long-held financial perspective. No matter the county you live in, there is a high chance that coins were once the primary means of transacting. In countries where it’s hard to see what those coins look like, people sometimes visit the museum to check them out. And years later, coins resurfaced in the finance world, but this time in virtual form – Crypto Coins. And this brought, consecutively, the concept of crypto gaming.
Crypto coins were designed to function in ways fiat currencies like dollars, pounds, etc., would. Therefore, they are often called cryptocurrencies. Regarding about is uses includes online gaming. Crypto gaming is now a well-established use case of cryptocurrencies. So many crypto casinos have emerged and are thriving. In 2020, about 30,000 players engaged in crypto gaming weekly.
The following subsections in this online casino news will explain more about Crypto gaming.
Crypto Gaming: An Intriguing Concept That Is Here to Stay
Crypto gaming involves using cryptocurrencies to wager on outcomes of online casino games such as poker, blackjack, roulette, craps, etc. You receive your payment into your crypto wallet that you must have created on a crypto exchange platform. Examples are Kucoin, Bybit, Binance, Coin base, etc. Engaging in it opens players up to different game variants, some of them available only for crypto.
Crypto Gaming Coins
Quite a handful of coins have been adopted in crypto gaming. They include:
- Bitcoin (BTC)
- Ethereum (ETH)
- Litecoin (LTC)
- Bit cash
- Binance Coin (BNB)
- Tether (USDT)
Aside from these coins, some have been designed for crypto gaming only. In 2020, a spokesperson for Cryptogamblingnews.com said: “Cryptocurrencies created for the gambling industry are increasingly attracting the attention of traders. As the crypto gambling sector continues to consolidate, investors are identifying a handful of cryptocurrencies with high growth potential, and investing significant sums to ensure they do not miss out on the action.”
An excellent example of such currency uses is the Metaverse casino.
Advantages of Crypto Gaming
Many online casinos for US players have already adopted cryptocurrencies, facilitating the payment of many casino online transactions. Let’s review some of the benefits of this currency.
Advanced Security and Privacy
One thing many players look for, when seeking online gaming, is to play at safe online casinos. But when you engage in crypto gaming, you rest assured that all your personal information and financial details cannot be compromised. This is because all your information and transaction processes and stored on a blockchain.
Players often face restrictions at regular online casinos—mostly payment methods. Crypto gaming removes such barriers. Whether you have a bank account or not, as long as you have a wallet that doesn’t need you to leave your house or sign any document, you can play casino games from various countries worldwide. Some of the best online casino providers already use this currency as their major payment method.
Bonuses and Promotions
There are several bonuses linked to this. And you can take advantage of them and get paid using crypto, which can see a 40x increase in games like American blackjack, poker, and almost any online casino game.
The Disadvantage of Crypto gambling
The value of any coin can fluctuate at any time. You might make a deposit today, and the next day, it has decreased in value, or you win today, and before you cash it out, it has also decreased in value.
Taxation In Crypto Gaming
Winnings from crypto gaming are income and, therefore, taxable. However, Their value depends on their fiat currency worth at the time of receipt. As we said, cryptocurrencies are volatile. There can be a significant or negligible financial gain or loss if you sell cryptocurrency you got through crypto gaming. It all depends on how much the price of your cryptocurrency has increased or decreased within that period. The tax rate you pay on such winnings can change based on your local tax bracket. The majority of casinos don’t deduct your taxes on the spot. It is now up to you to maintain track of your gaming winnings and ensure you pay any related taxes.
Crypto gaming is an amazing result of technological advancement. It is a force to be reckoned with in this digital age. And you should not miss out on the good tidings it brings to gambling. The iGaming industry is addressing everything necessary to ensure that players’ regulatory concerns are taken away to encourage players to take full advantage of crypto gaming potential.
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