Cryptocurrency gambling has quickly become one of the most popular activities among crypto fans, what do we mean by that? Well, cryptocurrency gambling involves betting your digital tokens with other players.
It’s essentially a game that involves rolling virtual dice or playing cards against another person, you could even think of it as betting on the future fortunes of the particular altcoin you own especially if you love to speculate on prices.
In other words, cryptocurrency gambling is also one of the simplest ways for newbies to get their feet wet in the world of digital currencies and it doesn’t get any simpler than that! So, if you’ve been curious about this exciting new trend but were afraid to try it out for yourself, this guide is for you. Keep reading to learn everything you need to know about crypto gambling and how it works in detail.
What is Cryptocurrency Gambling?
Cryptocurrency gambling is exactly what its name suggests: a gambling game involving cryptocurrencies, this type of gambling is mainly done using blockchain-based platforms, so, how exactly does it work?
When you participate in cryptocurrency gambling, you place a bet or offer some of your digital tokens as a gamble on a future event, so, let’s say you have a bet on the outcome of the next James Bond movie. You would send some Bitcoin or any other cryptocurrency as an offer to the casino or platform where you are participating in the game.
The casino receives your offer and then accepts or cashes out the same in order to win your bet at the end of the day, the casino will show you your loss or winnings depending on the outcome of the Bond movie.
Popular Cryptocurrency Gambling Games
There are tons of popular crypto gambling games available online, most of these games allow you to bet on the future prices of altcoins and you could even earn money by predicting future price movements and winning your bets.
Predicting the price movement on a given coin – You could bet on the price of a given altcoin either increasing or decreasing. You could either choose to hedge the price or just bet on a certain increase or decrease.
Prediction markets – A prediction market is essentially a decentralized marketplace where users could make predictions about future events thousands of prediction markets have been created on the Ethereum blockchain.
Wager-based games – You could also opt for wager-based games where you would have to predict the outcome of future events like the next World Series.
Card games – If you’re not a big fan of predicting future events, you could also choose to play card games where you have to predict the outcome of individual cards or hands.
Dice games – Dice games are also a popular type of gambling game available online, in this game, you would have to predict the outcome of a random event such as the next roll of a die.