Many equate investing in stock markets (or equities) with gambling. But that isn’t true, unless you treat it like that. Proper investing can be very rewarding.
Talking of online casinos nowadays, the betting is a hugely popular activity around the world. By the way, you don’t need to visit an actual casino or a cruise ship to test your luck in casino settings these days. Casino options are easily available online.
And as the trend is across the globe where cryptocurrency is legal, you no longer have to use regular money to play your favorite casino games online. You can even use cryptocurrencies in such online places to try your luck.
In general, cryptos and more specifically Bitcoin generally gets back in news due to their sharp price movements in the short term. Given the highly volatile nature of this beast, the fact (based on past price movements) is that you have a high chance of losing it big but also, a small chance of winning it big. If I remember correctly, Bitcoin itself has seen 80-85% price crashes on quite a few occasions in the past. Often, Bitcoin’s price is influenced by liquidity changes in the financial system and investor interest in decentralized money.
Coming back to our discussion about using cryptocurrencies for online casinos, as the cryptocurrency investments rise (like via the recently launched Bitcoin ETFs), both by everyday people and large-scale companies, businesses are expanding their operations to accept these alternative payment options.
It’s a relatively recent introduction, but crypto can now be used with many online casinos, making it more accessible than ever to place a bet or challenge the dealer in a game.
For example, one of the most up-and-coming cryptocurrencies is Solana (SOL), known colloquially as the “Ethereum killer” due to its striking resemblance to the blockchain. And like Bitcoin, it is now available to use at many online establishments. For instance, you can easily find a Solana casino to place your bets and spin the roulette wheel. Solana is now widely accepted at virtual casinos, following a trend in the rising acceptance of crypto as a viable payment method.
And what other Cryptocurrencies can you use for online casino plays?
Alongside Solana (SOL), many online casinos will accept the cryptocurrencies like Bitcoin (BTC), Litecoin (LTC), DogeCoin (DOGE), Ethereum (RTH), Ripple (XRP), Tether (USDT), etc.
The concept of playing in casinos online using virtual currency is really taking off, and many businesses now accept a range of crypto. From the more high-profile Bitcoin to the ever-trending memecoins like DogeCoin, you can use your cryptocurrency to place sports bets, play poker hands, and spin reels in online slots.
A lot of people don’t understand how Bitcoin works and what makes it a store of value. A small refresher might help here.
Bitcoin is a distributed network of specialized computers (nodes). Each node collects pending transactions, groups them into a block, and locks the block with a special cryptographic hash. A valid hash is very specific in such a way that it can’t be simply computed but needs to be guessed. This guessing requires lots of trials and errors, and these trials require substantial computational power. After successfully discovering a valid hash, a node broadcasts the new block to the network. The Bitcoin network then verifies the block and appends it to the blockchain. With this, all transactions in the block become valid – executed. The node that found the valid hash is rewarded with newly created Bitcoins. This process is also known as mining, and the node is a miner. In addition to the newly mined Bitcoins, the successful node also receives transaction fees from the transactions included in the block. As of today, the mining reward is 3.125 BTC, which was recently reduced after the 2024 Halving Event.
Since we started with talking about investing, let’s route this discussion in that direction as well.
Investing is generally about long term. When done well, it can help you achieve your life’s important financial goals like saving for your child’s education, daughter’s marriage, retirement, etc. Of course, one can also plan their future goals on getting their bets in casinos. But gambling isn’t like investing. Though there are few similarities, there is a thin line that differentiates the two. I am sure you would agree with me, that in gambling, the risks are just too high and it works only if the lady luck is really favorable on the day.
So if you are really looking to become a successful long-term investor, commit to a long-term strategy that takes into account your financial goals, your unique circumstances and most important, you risk tolerance.
Disclaimer: Cryptocurrencies and other digital assets are unregulated extremely volatile and highly risky. Please don’t consider any of the above discussions as investment advice.