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Exploring the connection between crypto and gambling

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Take a closer look at cryptocurrency, its ties to gambling, and what sets it apart from other currencies.

We can say for sure that crypto casinos have started taking over the online iGaming industry with their secure environment and great benefits.

It’s almost natural to link cryptocurrency to gambling as if you can’t have one without the other. But are they equal?

While cryptocurrency and gambling are often linked to one another, they shouldn’t be confused. We take a look at some of the biggest differences between the two.

Defining gambling

When you think about gambling, you think about betting on something. Gambling essentially is taking a chance on something with no certain outcome. Gambling covers a wide range of activities. You can bet on your favourite sports or horse races, you can spin the reels of online slots, or you can use skill and strategy to place the better bet in Blackjack or Poker.

There can be a win or a loss, but the outcome is based on chance, and winnings are random.

In gambling, you choose to bet real money on games that have no guaranteed outcome. There’s no shared prize pool, the winner gets to take home the pot. But it remains an adrenaline rush that allows for hours of entertainment.

There is a difference between simulation games, as those simply give the experience without the risk, and gambling, which is a real game played with real money that can lead to actual cash wins or losses.

It’s important to remember that when gambling with real money, the outcome is uncertain. You should attempt responsible gambling and stay in control of your gaming.

Understanding cryptocurrency

Cryptocurrency is a digital currency. It makes use of cryptography to allow for secure transactions and control its creation. One of the key features is its decentralisation which makes it independent and keeps it from being controlled.

The first cryptocurrency, Bitcoin, was created in 2009, and today it’s one of the biggest in the world.

While cryptocurrency is used for crypto gamblingit’s not the same as gambling

With cryptocurrency gambling, you make use of digital currency. There are no paper or physical coins used. You get digital coins, and the values vary. It’s also highly volatile, with the value going up or down within seconds.

With cryptocurrencies, you get access to different features which you won’t be able to find in regular gambling sites. You can access decentralised and secure gaming sites, view the game outcome history, and project it back to reveal the price.

Another obvious difference is the time of existence. Gambling has decades of history, whereas cryptocurrency is still considered in its infancy.

That being said, you will find that both continue to grow and mesh together.

Cryptocurrency uses a math model and cryptography, while gambling is primarily based on chance.

Similar but not the same

With gambling games, the house always has an edge, ensuring that they always get something out whether you win or lose. When it comes to casinos, everyone gets the chance to win, these chances can be increased when you apply the right amount of skill or the proper strategy. You get to enjoy the entertainment and bet on the outcome for the chance to win.

Unlike traditional currency, cryptocurrency has values that continue to fluctuate. Taking this into consideration, it’s clear that despite its close ties to online gambling, it should be considered an entity on its own. With crypto gambling, there is more security, complete transparency, and benefits. But it’s also highly volatile, which means the value of your coins can drop or increase at any time.

We can confidently say that in our world, there is room for both crypto and gambling.

Published: August 18, 2023

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Article by Polly

CasinoWow Contributor

Hey guys, my name is Polina but my friends and colleagues call me Polly. I am truly passionate about online casino gaming and exploring the different online gambling experiences. I'm really into diving deep into topics and researching all the details. My aim is to gather the best information and write interesting articles for all the readers at CasinoWow.

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