As cryptocurrency prices rise and rise, many investors are looking for more fun and, sometimes, riskier ways to spend their newfound wealth that may have substantial payouts.
A new industry is filling that yearning by offering cryptocurrency betting services, and many even offer sign-up bonuses that provide a cryptocurrency boost that, with market volatility the way it currently is, can itself earn value in minutes or days.
In many ways, crypto-gambling is similar to other forms of online betting. Online casinos offer various game such as slots, poker, blackjack, roulette, dice, and other well recognized activities. Instead of betting dollars, however, crypto gamblers bet cryptocurrency.
It isn't limited to strictly bitcoin. For example, FortuneJack accepts currency from multiple networks including Bitcoin, LiteCoin, Monero, Ethereum, and more.
While this may be a niche form of gambling, it is by no means small. In bitcoin alone, gamblers have wagered over $4.5 billion since 2014 as of April 2017.
In just a few years, major players on Bitcoin Strip, as it's called, have begun raking in more than $50 million per month.
Of course, that doesn't quite meet the statistics of long-standing traditional currency casinos, but that is more than enough revenue to open eyes.
What is the draw vs. traditional, fiat currencies?
Bitcoin and other cryptocurrency investment is a risky venture, one that hinges on constant market fluctuations and technological changes. For many people who do choose to store value in crypto, it is in itself a game–and a lot of investors are winning hard.
Due to frequently-rising prices, many investors who have stuck through minor falls, cyber security scares, and much public skepticism have amassed notable funds. At the time of this writing, bitcoin is worth a whopping $2400, and it seems that every week, more reports of “Bitcoin Hits New High!” are pouring from nearly news outlet.
This inherent risk, both of loss and of increased reward, can attract gamblers from all walks of life and skill level. Tomorrow, as the market changes, a loss may be worth little to nothing. And a win… a win may skyrocket, and the profits a cryptocurrency gambler earned may be worth far more in the morning.
I believe it boils down to volatility and risk-taking, the draw the crypto-gambling offers over fiat currency. It's more of a rush, with greater, perpetually-changing chances to make a killing.
Not only that, but cryptocurrency's close association with anonymity may lend to comfort for many gamblers who would prefer to keep their gambling and living funds separate.
Security is yet another pro in terms of this new form of gambling. While some people trust in bank insurance, many people dealing in large sums may prefer to cut out the middleman and instead protect their own funds through such things as hardware wallets.
No matter the reason, cryptocurrency gambling is a field that is quickly growing and attracting both old-school, seasoned gamblers and new people alike.
Would you try it? What draw or drawbacks do you see vs. traditional gambling methods?