Do you dare gamble with your cryptocurrency?

You have probably heard about bitcoin? This is probably the most known currency when we talk about cryptocurrency – this given that it was also the very first one. During the past few years the market and knowledge about cryptocurrency have been booming and have become more and more normal to use and trade with.

This also means that it is possible to use your cryptocurrency more and more places both in physical as well as only shops. Even PayPal has made it possible to use cryptocurrency

Use the crypto for online gambling

Cryptocurrency can be used more or less the same way as you use your credit card. The crypto is kept in a so-called crypto wallet, meaning as already mentioned it can be used in shops – but obviously also online. With online gambling already booming it seems natural that the online casinos developed into crypto casinos as well, where it is possible to gamble with your crypto.

As the banks can’t control cryptocurrency you can find more privacy and security when using the crypto casinos. There are of course a lot in the market – some might be shady businesses, so do your research before starting your gamble. You can click here for more crypto casino reviews and see some of the most visited crypto casinos.  

Is it legal to use crypto? 

There is no straight answer to this question. This depends on each country and their specific laws and restrictions. Now in 2021 most developed countries such as the US, UK and other European countries have legalized bitcoin, but it is still recommended to take a closer look at the laws. Especially around the taxes of cryptocurrency as that might not be straightforward either.

So before you start trading with bitcoin and cryptocurrency, make sure to have done your research properly. 

What about the safety of using crypto as currency? 

Since cryptocurrency isn’t controlled by banks or insured by the government and all your transactions are anonymous, you are not protected against hackers or fraud the same way as if you used your credit card. So if you end up buying worthless cryptos or buying from scammers, there is no guaranteed legal protection. So that is another reason to do good research before you use your cryptos.

It’s the same if you shop online using your cryptocurrency – if you end up being frauded and get something different from what you ordered or simply don’t get it, your bank can’t help you. However, if you use services like PayPal, they can try and assist you to get your money back.  

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