Since the dawn of cryptocurrency, people have been looking for ways to make money from this unique technology. Whether it’s by mining cryptocurrencies or trading different coins like the stock market, there are tonnes of ways to earn a decent penny from blockchain technologies like these. The NFT market brought in even more ways to earn – but there’s one rising use for cryptocurrency that could open the door for an even newer way to make money online.
As the title suggests, we’re talking about crypto gambling.
Nowadays, hundreds of establishments are accepting crypto coins as a form of betting currency. Most of these sites are called casinos not on GamStop – or one might be referred to as an online casino not on Gamestop – and these platforms operate away from national self-exclusion schemes. It gives them the freedom to do what they want, which includes providing crypto gambling.
The question is; can this be a new way to make money from cryptocurrency? Let’s find out!
What is crypto gambling?
It’s good to begin with an understanding of what we’re talking about. Crypto gambling can be a confusing term as some people believe it refers to classic cryptocurrency trading. You’ll see an assessment from the University of Calgary in Canada that claims crypto trading is the same as gambling – but that’s NOT what we’re talking about here!
Whether you agree with that assessment or not, we’re discussing something entirely different. Crypto gambling is when you perform normal gambling activities using things like Bitcoin or Ethereum instead of classic fiat currency.
To make an even bigger differentiation, crypto gambling means you are betting in cryptocurrency the whole time. It’s not the same as funding a gambling account with Bitcoin but then using USD, GBP or EUR to bet. Everything is done in crypto using blockchain technology and your wagers/wins are all in cryptocurrency.
Can you make money gambling with crypto?
Yes!
Money can be made if you gamble online using cryptocurrency. But, isn’t this the same for regular gambling? The risks remain the same as normal gambling with “traditional” money, but the rewards could potentially be a bit higher.
How?
Because gambling with crypto means you’re using something that’s very volatile. Looking at CoinMarketCap, 1 Litecoin at the time of writing was around $66 but a few months ago it’s closer to $100. Imagine if you could take your 1 LTC and gamble it. Maybe you get lucky and double or triple your wager, meaning you now hold 3 LTC. In the time it takes you to wager your money and get some substantial winnings, the price of LTC could be higher than when you deposited the money into your gambling account.
Do you see where we’re going with this? You’ve earned an extra 2 LTC, but you’ve also earned more money when you withdraw the LTC as it’s now worth more in USD. If you’re looking to make quick trades and small profits, crypto gambling could be the way forward.
Why is crypto gambling gaining popularity?
The crypto crowd is always keen to explore new ways of utilising this technology. Gambling is currently the most popular trend and we think there’s an obvious reason for it. We conducted some research and found that NFTs are pretty much dead. They’re losing value and investors are struggling to make money from them.
Consequently, people are looking for alternative ways to make money with crypto – and this turns them to the new gambling platforms.
Is it a risk? Of course – but so is anything when cryptocurrency is involved. Go back to the assessment we linked earlier and you’ll see that trading crypto is almost like gambling. There will always be risks, and there will always be rewards. People love the potential rewards of crypto gambling, hence its rise in popularity.
What to know before gambling with cryptocurrency
Don’t think of this guide as a call to action to take up crypto gambling. Like normal gambling, it won’t be for everyone. If you have a tendency to get consumed by things and have an addictive personality, we recommend steering well clear of this.
However, if you do want to give it a go, we’ve got some words of wisdom to pass down:
- Always set a budget and be aware of what you could lose
- Find things to bet on that are easier for you to predict or control – like sports betting or poker
- Carry out your bets with a lot of research – don’t bet emotionally or “on a whim”
- Keep an eye on the market prices before betting – aim to deposit funds into a betting account and place wagers when there’s a drop in prices. Then, be sure to withdraw your money when the price goes up so you can earn a bigger profit
- Don’t get too carried away and always gamble responsibly – if you need help, reach out to the casino and ask for assistance
Cryptocurrency gambling looks like it’s a trend that’s here to stay. If anything, it’s merely getting started and this looks like it’ll be the next big thing in the blockchain world.
