The changing times and commensurate technological advances have shaped the ways in which people gamble and earn money. Physical casinos have given way to online ones, and fiat currency has been replaced by cryptos like Bitcoin and Ethereum.
Data suggests that the revenue from the global blockchain based gaming market has exceeded $4.6 billion as of 2022 and is poised to hit around $65 billion by 2027.
Despite volatility risks and regulatory ambiguity, there is no denying that crypto gaming is the next big thing in the gaming world. If you are bored with traditional money-based games, and would want to give crypto games a try, you can go to websites like SatoshiHero to try your luck.
What Are Crypto Or P2E (Play To Earn) Games?
There are several ways in which you can make money in the crypto gaming world. Some of these ways are listed below.
Here the player fights or shoots the opponent in the virtual world, but unlike regular games, in this case, he wins crypto coins instead of fiat money.
Here the player uses a sound deck building strategy to get the desirable deck of cards by trading his cards with other players. The player who completes his deck in the least amount of time wins crypto coins.
Regular Casino Based Games Like Roulette And Slots
A player can play regular casino games like roulette, and win any rewards in terms of Bitcoins or any other cryptocurrency.
Should You Stake Your Money In the Crypto Gaming World?
The crypto-based gaming industry is on an upward trajectory. Despite the lack of well-defined legal norms, there is no dearth of enthusiasm when it comes to these new and exciting games which pay based on a decentralized currency.
However, this in no way means that these games are not fraught with risks. Here are some things that you must keep in mind before venturing into this new form of gambling.
Issues With The Security Of The Payment Wallet
Whenever a player wins, he earns Bitcoins that are stored in a wallet. The wallet itself may be at risk of scamsters, hackers, and fraudsters.
So, it is essential that a player must play only with a reputable company and read their terms and conditions well before being involved in any form of betting.
However, not everything is bleak when it comes to payment wallet security in the crypto gaming world. Many websites offer safety measures like two-factor authentication to access any payment wallet.
Two-factor authentication adds another layer of security as a hacker may be able to crack one form of password, but cracking two different sets of passwords is highly challenging.
Apart from this, some players also use cold storage to store their coins. A cold storage solution protects a person’s coins by generating and storing the keys to the wallet offline.
And finally, players must play games on those platforms that allow them to play anonymously or encrypt their sensitive data to protect their privacy.
Ambiguity In The Regulation Of Blockchain Based Games
Legal norms surrounding blockchain-based games are uncertain. Some countries have passed favorable legislation to expand the scope of crypto assets and coins. However, there are some nations that are still uncertain about the safety of blockchain-based coins.
Since there is so much ambiguity related to norms that govern blockchain-based coins, a player can never be certain of the tax implications or the legality of the money won in the crypto-gaming world.
Moreover, the status of crypto coins is also variable. Some countries treat them as commodities others treat them as currency. Hence, changing the legal standpoint on the nature of blockchain-based assets also increases the risk of gambling with Bitcoins.
Volatility Based Risks
The volatility of any asset is the fluctuation in its price, so if something is volatile, its value or worth is unpredictable. Bitcoins have, time and again, witnessed extra-ordinary price swings ever since it was discovered.
In late 2022 the 10-day volatility of Bitcoin was more than a hundred percent. Hence, despite the growing acceptability of Bitcoins, their value is highly unstable, and winning Bitcoins in any gamble is thus fraught with risks.
Why You Should Give Crypto-Based Gambling A Try
Despite the risks, betting with Bitcoins is quite popular and some major reasons for the rise in the popularity of crypto-gambling sites are discussed here.
Full Ownership Of Digital Assets
In Bitcoin-based gambling sites, the player has complete ownership of the digital asset that they earn or generate. So be it a non-fungible token, a virtual card, a token, or real estate in the virtual space, the players own the asset.
In online fiat currency-based games banning of a player’s account or shutting down of servers, or sudden change of rules can affect a player’s profits and losses. But in the blockchain world a player owns the asset and can sell and transfer them without the need for any intermediaries.
Free And Safe Registration
In most casinos, Bitcoin-based games are easy to register and play. In most cases, you do not need to make an initial investment to play. So, if you play cautiously, you may not lose much money even if you do not gain any significant amount of currency.
Every form of gambling has several risk factors associated with them, and Bitcoin-based games are no exception. However, these games are highly creative, and hustling for a few hours every day to make some additional money is not a bad idea.
Also, spotting fake sites is quite common, and if false tokens are given instead of any actual currency like Bitcoin or Ethereum, it is a tell-tale sign of some foul play.
Bitcoins are useful and valuable, and it is no wonder that people want to get hold of them. So there is no harm if you can earn some money by playing your favorite gambling game.