Strong connection between cryptocurrencies and gambling

Cryptocurrencies are everywhere. They used to be a small niche reserved for tech geeks, now pretty much everybody talks about them and many people want to get involved, whether by creating a business, mining cryptocurrencies or simply investing in them. There is one other field of business that has quite a strong relationship with the crypto world – gambling.

Is investing into cryptocurrencies gambling?

There are at least two reasons for the connection. The first one is that investing into crypto is seen as gambling by many people. It’s true to a degree, as investing in cryptocurrencies, especially in new ICOs can be extremely risky and should be done only with money you can afford to lose. The same can be said about gambling.

Of course, investing into cryptocurrencies is not completely the same as gambling. There are differences. For one, in most casino games like slots or roulette, the player can’t do anything to change the chances of winning. The casino always has a house edge and there is nothing to be done about that.

On the other hand, in cryptocurrency investments, like in any other form of investing, you can make smart decisions and systematically make money. The idea of cryptocurrencies being considered gambling is brought up by the extremely high risks connected to these investments, at least when compared to other, less risky types of investments. But that’s okay. Risky and speculative investments have always been a solid part of the investment world.

Are cryptocurrencies the ideal payment method for gambling?

But investments aren’t the main thing we wanted to talk about in this article. The connection between gambling and cryptocurrencies is even more noticeable in the world of online casinos, with more and more casinos accepting various popular cryptocurrencies as a payment method, with BitStarz being most likely the first one on the market. The players now can deposit their bitcoins (for example) into casinos and then take out their winnings in the form of bitcoins as well.

In many countries, online gambling is in the grey area between illegality and legality. What’s more, gambling in general is often viewed as something inappropriate and simply wrong. Cryptocurrencies make it easier for people to protect their identity and money from governments that otherwise don’t allow them to gamble online. Whether it’s morally and legally acceptable is a discussion for another time, but it’s quite obvious that cryptocurrencies offer a solid solution to this issue.

Can a casino function completely anonymously?

This issue might also be the reason why we now have the first completely anonymous online casino called LuckyBity. This casino only accepts payments in crypto, more specifically in BTC, LTS, DASH and ETH. The players only need an e-mail address to register and play, in contrast with regular online casinos that generally require a proof of identity and address from their players.

Of course, the idea of a completely anonymous casino is something that can’t function just as normal casinos do, because the system is not prepared for this idea. For example, an anonymous casino simply can’t get a license from a recognized licensing authority that would make playing in it as safe as in reputable regular online casinos.

However, even despite that, the people behind the LuckyBity casino seems to be acting fair towards their players. Casino Guru took a closer look at the casino in their review and they found the casino is really accommodating to their players and doesn’t try to rip them off in any way.

In a way, the anonymity might be one of the reasons for this behavior. The casino is not backed by any authority, which means that it has only its reputation to build a player base on. That’s why it’s really necessary for the casino staff to act fairly to their players if they want to build a successful online casino business. So far it seems they are doing all right.