Crypto Casinos – Should We Play On Them?

Since 2017, when crypto currency bitcoin hit it’s maximum price of $20.000, the world started focusing on Crypto. With that huge exposure some gambling companies created their own crypto online casinos. But the question is: Should we bet in crypto casinos? Are crypto casinos safe? Are they legal?

The obvious answer is a big “no”. We will explain you in detail in the following paragraphs. Read with attention please.

crypto online casinos 1

The first big question about crypto casinos, is that the crypto currencies themselves are illegal. You have no way to be sure that you will have the possibility to convert your crypto to your local currency.

Many goverments like the United States of America and China, already started banning such currencies. It is no way legal to buy or sell Bitcoin, Litecoin or Etherum on those countries. Now imagine the following scenario. You convert some of your money to a crypto currency, then gamble at some crytpo online casino. After making your profits you want to withdraw your earnings right? What if you local country bans the crypto transfers? We know we are being pessimistic, but many people faced this issue in the United States after the government blocked all source of crypto transfers between their borders.

The second big question is volatility. You can never be sure on how much money do you really have in crytpo. Let’s take in example a currency called Tron (TRX). By 2017 TRX coin was valued at $0.21, nowadays its valued under $0.01. What does this mean? That if you were playing online casinos using TRX back in 2017, your money would worth 21x less in 2020. This makes it unfair as it fluctuates a lot.

Of course you can say “I can hold the casino profits until it is worth more”. But whats the guarantee that it will actually go back to $0.21? Some analysts predict it might go back to $0.05 under the next years. Even with such prediction you would be making 5x less in crypto online casinos than you were before.

Third problem, and the biggest one: The crypto online casinos are not regulated. Unlike the other online casinos, crypto casinos are not yet regulated. We all want to gamble in a fair and safe environment. Crypto casinos can have bigger winning margins, nobody knows. There are not any companies that regulated such business.

We all know casinos want to make money after all, and this ones can increase their winning percentage by manipulating games. You can ask: “How do we know other online casinos don’t cheat?”. The answer is simple. There are worldwide independent regulators such eCogra and Malta Gaming Authority that make sure that all games are tested. They also guarantee that both the casino and the player payout percentage are fair in each single casino game.

 

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