What is Cryptocurrency and How Do They Relate to Gambling?

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According to the futurist billionaire, Elon Musk, cryptocurrency is the future of money – it's digital cash.

The Space-X mogul recently said that 'Paper money is going away, and crypto is a far better way to transfer value than pieces of paper, that’s for sure.' While cryptocurrency is still at an embryonic stage, it's developing fast. The gambling industry is certainly one of the early adopters, with numerous New Zealand gambling sites already accepting bets in cryptocurrency.

If you're thinking of using cryptocurrency to gamble online in NZ – here's the lowdown on What Are Cryptocurrencies and How Do They Relate to Gambling.

What is Cryptocurrency – The Basics

The Generic Term for Digital Cash.

Cryptocurrencies like Bitcoin, Ripple and Vertcoin are, in essence, the 'brands' – just like NZ dollars, US dollars and British pounds. Some gambling sites have started to accept cryptocurrencies, particularly gambling deposits made in Bitcoin.

The technology behind cryptocurrencies is extremely sophisticated, using blockchain coding to create currencies that are legitimate, valuable and hard to hack: ideal for gambling sites. In the future, cryptocurrency is predicted to become the world's favoured form of monetary exchange.

Some emerging cryptocurrencies:

  • Bitcoin
  • Ripple
  • Not
  • EOS.IO
  • Tether
  • Vertcoin

Online Gambling and Cryptocurrency

The online gambling industry has been an early innovator and adopter when it comes to cryptocurrencies. As noted, this means that some sites have started to accept crypto gambling transactions from New Zealand gamblers.

If you're a fan of using cryptocurrency and also like gambling, then betting with these sites can be a great option: you can spend your cryptocurrency and you can also potentially receive winnings in cryptocurrencies at compatible sites. Depositing and withdrawing at cryptocurrency gambling sites is easy, you just download a Bitcoin wallet and make instant transactions.

If there's a downside to gambling with cryptocurrency, then it's probably the fact that crypto isn't accepted everywhere – but this is starting to change. There are now lots of major online and traditional retailers who accept Bitcoin, including Expedia, Microsoft (Windows and Xbox), KFC Canada, Shopify and Subway. If you're smart, Bitcoin is now a viable way to make many transactions online.

In the near future many bigger brand names in the online gambling industry will become crypto-enabled. For now, there are already hundreds of gambling sites accepting Bitcoin deposits, including Bitcoin sportsbooks and casinos. You can build up your Bitcoin stock with gambling winnings, or spend winnings at other sites that accept cryptocurrency (like Subway).

Gambling in Cryptocurrency Markets

In addition to gambling with cryptocurrency on sport and casino games, trading bitcoins is also a very popular form of crypto gambling. If you'd bought Bitcoin in 2016, you could have put some in your portfolio at a cost of $710.09 per coin. Jump forward to 2019 and the price of a Bitcoin is around $3,890 – quite an investment return if you're an astute gambler.

Just like stocks, shares and classic currencies, there is real potential in cryptocurrency gambling and investment. Some traders continue to invest in more Bitcoin and other cryptocurrencies, with the belief that in the future they will be worth a tremendous amount of money.

Indeed, if the world does go increasingly digital over the next decade and beyond, cryptocurrency may prove to be a very good investment opportunity. Of course, it's important to do your own analysis and realise that cryptocurrency values can be volatile and therefore something of gamble.

Cryptocurrency is the future of money according to Elon Musk – at many online gambling sites the future is already here!

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