Cardano in the Past
Cardano is an open-source decentralized public blockchain platform. It uses proof of stake consensus in its operations, and it can foster peer-to-peer transactions through its cryptocurrency! While the platform’s cryptocurrency is officially named ADA, many still refer to it as Cardano. The crypto was funded through an initial coin offering reaching an impressive $600 million. That number grew to about $10 billion by late 2017, and with a few exceptions, has stayed in that ballpark since.
What’s interesting about Cardano is the claims that it patches up the issues present in the crypto market. In its own words, it has overcome issues like Bitcoin’s slowness and Ethereum’s safety flaws. While these claims are debatable, something we can say for sure is that Cardano has made sizable investments into making the platform better. It’s partnered with several prominent universities over the years, funding programs to help research and develop blockchain technologies.
How Do I Use Cardano for Online Gambling?
Online gambling might not have been the first thing its creators had in mind when they made Cardano, but the cryptocurrency does pretty well in the online casino scene. Sure, it’s not as popular as Ethereum or Bitcoin, but it’s a viable option is several big-name operators that never fail to be a good time! Again, while Cardano wasn’t intended to be a token for the online gambling industry, it does come with a few exclusive perks in select venues. These alone are more than enough to get users interested.
To use Cardano for online gambling purposes, you first need to obtain some of it. This process isn’t as hard as it might seem, and it requires a crypto wallet and crypto exchange. Once you sign up for a top-tier crypto wallet of your own, head to some of the popular crypto exchanges where Cardano is supported. These include Coinbase, OKX, Crypto.com, Binance, and many others! There, you’ll need to exchange fiat currency for a desired amount of Cardano. If you’re a newbie to crypto, we suggest starting small and increasing that amount later.
Since you now own a healthy amount of cryptocurrency, you can visit a casino that suits your tastes and start depositing. Doing this shouldn’t take long. First, find the casino’s cashier tab and click on the Cardano symbol. Doing so should prompt a list of instructions for depositing. Follow them closely, and you’re done in no time! On rare occasions, you may run into trouble when trying to deposit using cryptocurrencies. If this happens to you, contact the operator’s Customer Care Team to help set things right.
What are the Laws and Regulations for Cardano Gambling?
Given the polarizing nature of cryptocurrency, it’s impossible to expect all countries worldwide to have similar opinions on the topic. Most regions have wildly different stances on the subject, with some outright banning it and others accepting it as a core part of their day-to-day lives. If you want to learn more about the gambling laws and regulations regarding crypto and crypto gambling in a specific country, you’ll need to do so on a country-to-country basis. Furthermore, you might even need to go deeper if said country is divided into separate regions.
The US is an excellent example of that last statement. While crypto gambling isn’t banned, different states have different crypto gambling laws. Something you should also watch for is general gambling laws and other related laws in the country. While they might not explicitly state anything about crypto, they can have repercussions for players partaking in the activity.
The UK plays by different rules. The country is known for having top-notch online gambling regulations, which easily extend to crypto. Instead of limiting players, the UK has a specific set of crypto gambling laws that make the licensing process a bit harder for operators that accept cryptocurrencies. They mainly include more thorough checks and better insight into company finances. While this is undoubtedly a hassle for operators, it heightens player security!
We already mentioned that some places are completely opposed to crypto while others accept it with open arms, and El Salvador and South Korea are some of the best examples of this. South Korea sees crypto as nothing but a bad investment. Crypto and crypto gambling is illegal, and the country has even made some solid attempts at enforcing this. El Salvador is on the opposite end of the crypto-friendly spectrum. From the start, the country’s interest was piqued by cryptocurrencies. Today, El Salvador has gone as far as making Bitcoin legal tender!
The Good and Bad of Cardano Gambling
Cardano is like most cryptocurrencies out there. While it might be an improved version of existing powerhouses, it offers the same perks in the online casino space that most of its competitors do. Of course, there’s nothing wrong with that! These pros can get players pretty far where online gambling is concerned, and using this particular option might even lead to a few exclusive ones!
It’s best to start with the crypto perks most of us are familiar with. These pertain to player safety, and they include crypto’s anonymity and transparency. Cardano’s anonymity comes from the use of crypto wallets. Since there’s no need to share any personal data for their creation, these accounts are practically blank spaces. Hackers and scammers that try to steal your data have nothing to go on! Crypto’s transparency can be seen with the public blockchain ledger. Since it records all crypto transactions and anyone can view it, you can use it to find out if specific casinos are fair.
Some of the other big cryptocurrency perks are in the realm of user-friendliness. They include the convenience of using crypto and its incredible processing speeds! The Cardano platform operates digitally. Thanks to this, you can access it at any time and easily make payments when it pleases you. Regarding the fast processing speeds, crypto is the leading payment option in this area. Crypto transactions in online casinos are usually instant, with the longest ones taking up to a few hours. Compared to this, eWallets, bank cards, and bank transfers take several days!
If you’re curious about the exclusive perks we alluded to, here’s what you should know. Cardano can grant players special bonuses in select online casinos. You should keep in mind that this is rare, and these promos are often time-sensitive. Most of the time, they consist of Cashback, Free Spins, Deposit Matches, and similar treats! You should also remember that like all bonuses, they have a few terms and conditions attached. Make sure to review them before opting-in for one.
Cardano’s pros are more than enough to entice most players, but using the currency also means accepting some of its cons. The first and arguably biggest con of using crypto for online gambling is scams and bad practices. Crypto and online gambling are prone to scams separately, but together, they’re a breeding ground for some of the worst of what the internet has to offer. These scams can include activities like identity theft, monetary theft, extortion, and more!
The next con on the list tends to intertwine with the last. The world of crypto is a complex one. If you want to start a crypto venture, you first need to invest tons of time and hard work into learning about the technology. While getting into crypto can be exhausting, it’s usually worth the trouble! You’ll have a much easier time navigating crypto waters if you know the basics, and your knowledge of crypto can even help you avoid scams!
The last thing you need to watch for when crypto gambling is volatility. Nearly all cryptocurrencies come with a risk. Their prices go up and down frequently, giving you a chance to earn massive sums if you play your cards right! Of course, this also means you can lose big if things don’t go your way! We’re not saying you should avoid cryptocurrencies because of this, but you should be aware of the risks before you start using them.
Are All Casino Games Available to Cardano Users?
The online gambling space is divided when crypto comes into play. Some companies see the potential in crypto and make efforts to create crypto-friendly games, while others tend to avoid it as they feel the risks aren’t worth the trouble. Because of this, many popular titles aren’t available for crypto users. Sure, this can be a bummer, but it’s good to remember that there are just as many excellent games that do support crypto payments!
If you’re wondering which casino software companies take the crypto-friendly approach, you’ll be happy to hear that names like iSoftBet, Wazdan, Mr Slotty, Habanero, Endorphina, Yggdrasil, and more are on the list! If you want to check out some of the crypto-friendly games available but don’t know where to start, we recommend Fire Bird, Riot, The Myth, and Robin of Loxley.
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