Polkadot History Polkadot is an up-and-coming blockchain platform and cryptocurrency. It’s one of the many open-source cryptos out there, but what gives it an edge on the market is its distributed computing capability! Polkadot uses a proof of stake consensus algorithm. The cryptocurrency’s star has been on the rise lately, but it still hasn’t amassed as many users as some of the big-name coins. It did, however, see more than moderate success during its first token sale in 2017, raising...
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Polkadot History

Polkadot is an up-and-coming blockchain platform and cryptocurrency. It’s one of the many open-source cryptos out there, but what gives it an edge on the market is its distributed computing capability! Polkadot uses a proof of stake consensus algorithm. The cryptocurrency’s star has been on the rise lately, but it still hasn’t amassed as many users as some of the big-name coins. It did, however, see more than moderate success during its first token sale in 2017, raising an impressive amount of just over 485,000 Ether!

Polkadot might seem like any other cryptocurrency at first glance, but its unique structure makes it sought after in specific fields. What makes this crypto unique is the room for cross-chain transfer of assets and data. Thanks to this capability, users can build cross-chain DApps that work on different blockchains. All of this is a result of the network’s relay chain and subsequent user-generated chains – parachains. The relay chain is the main culprit responsible for facilitating cross-chain relations and keeping up security.

Is Polkadot a Viable Payment Option in Online Casinos?

Polkadot might not be the most popular cryptocurrency out there, but it does pretty well for itself. It’s used in several fields religiously, and while these fields are pretty niche, it has also been expanding to different, generally more mainstream areas. One of the more recent expansions Polkadot’s seen is in the online casinos space! Crypto casinos are gaining more traction by the day, and since many of its competitors are entering the online gambling market in droves, Polkadot is right on their tail!

Starting your online gambling venture with Polkadot is easier than most people think. The first step you need to take is getting your hands on Polkadot. You can start by finding a supported crypto wallet and exploring the crypto exchanges that trade it. There are several of these platforms available, but we recommend going for well-established ones like Coinbase. Create an account with one of these platforms, trade-in some fiat currency for crypto, and you’re pretty much all set to proceed to the next step.

Once you’ve secured a reasonable amount of Polkadot, it’s time to visit an online casino that accepts the cryptocurrency. Visit the operator’s cashier page and find the Polkadot logo among the other payment options. Once you click on it, you should see a prompt that details how to proceed with the transaction. If you follow the casino’s depositing guide correctly, you should be done quickly! Of course, if an issue does arise, you can always contact the casino’s Customer Support Team for help and guidance.

Is It Legal to Gamble with Polkadot?

Cryptocurrencies have been around for over a decade now. The world has had more than enough time to get familiar with these technological marvels, but many governments haven’t shown any interest in them. While this is one part of the picture, the other is even worse! While some regions see the potential in crypto, many misunderstand it and see it as a negative. It’s safe to say that crypto and crypto gambling is polarizing, which is why each country has separate crypto-related laws and regulations in place. If you want to be on the safe side, it’s best to explore each one individually.

To showcase the polarity of crypto and crypto gambling, it’s best to look at two countries that approach the subject very differently. First up is El Salvador. El Salvador has been a fan of crypto since its conception. The country has made continuous efforts to integrate crypto into everyday life, and it even made Bitcoin legal tender not too long ago! In South Korea, things couldn’t be more different! Cryptocurrencies and crypto gambling are illegal. While the country tries to enforce these regulations, South Korean crypto enthusiasts still find ways around them.

The US represents a middle ground when crypto and crypto gambling is in question. Crypto gambling isn’t prohibited, but some related laws and regulations can make it harder for players to enjoy the activity. As you can probably imagine, the situation becomes even more difficult when you explore crypto regulations on a state-to-state basis! Since most US states have different legislation, the laws surrounding crypto can vary between them.

The United Kingdom can serve as a great example of how to approach crypto gambling regulations. The country doesn’t impose too many restrictions on players, instead, it sets stricter requirements for crypto-friendly casinos applying for a gambling license. Sure, operators might need to jump through a few extra hoops to enter the UK gambling market, but it’s usually well worth the trouble. On the other end, players are automatically privy to higher-quality venues thoroughly vetted by a trusted licensing body!

What Pros and Cons are Polkadot Players Privy to?

In specific fields, Polkadot has a huge advantage over other cryptocurrencies due to its cross-chain transfer features. In the online casino world, it doesn’t offer anything too unique from other cryptos. Essentially, you can expect to see the usual pros and cons associated with cryptocurrencies from Polkadot. Of course, this still gives the coin an edge over many traditional payment options, and its growing popularity has even made room for a few exclusive perks!

The first big pro of using Polkadot comes from the anonymity it secures. To use cryptocurrencies, all players need is a crypto wallet. These services aren’t connected to any of your personal information, and usually function with just a passkey and wallet number! Since the most common scams in the online casino space tend to be related to extortion and identity theft, this gives you inherent protection when visiting venues!

Although your safety is better protected thanks to crypto’s anonymity, it’s still a good idea to remain vigilant. Another of crypto’s pros that can help you here is its transparency! Nearly all crypto transactions are registered on the public blockchain ledger. Anyone can view the transactions made by a specific account, and players can use this to their detriment! Before visiting an online casino, check their history. It might require some legwork, but if you spot any strange payment, they can be an indicator for a shady venue.

Several of crypto’s pros function to strengthen player protection, but that doesn’t mean that’s all there is to it. Cryptocurrencies also have a few perks that make them incredibly user-friendly! When online gambling is in question, using crypto grants players much faster transactions. The processing time with crypto is much shorter than with other methods, so players can deposit and withdraw pretty much instantly! Crypto’s infrastructure also makes it easy to work with. The digital platform is fast, reliable, and easy to navigate!

We mentioned that Polkadot can offer some exclusive perks, but it’s worth noting that these are only available in select venues. In these casinos, players are incentivized to use the cryptocurrency through special bonuses! From Free Spins to Cashback to Top-Ups, they come in all shapes and sizes and can be an excellent way to boost gameplay! Of course, these bonuses often have terms & conditions attached to them, so read them carefully before you proceed.

With crypto’s best perks out of the way, we can now focus on the cons. The world of crypto is no stranger to scams, and neither is the online casino scene. When the two mix, you can only imagine the toxic environment this can foster! The online gambling space is riddled with scams are unlawful practices. While they’ve decreased substantially over the year, they’re still a plague that haunts most fans of crypto gambling.

Another con of crypto gambling is a lack of knowledge. It might seem strange to hear but to start operating in the crypto space, you’ll need to learn the basics of crypto. As you can imagine, this takes lots of time and effort, and it can be a grueling process. The good news is, learning how crypto works can help you combat the previous con we talked about! When you have a solid grasp of the essentials, telling scams apart from the real deal should come naturally.

No list of crypto pros and cons would be complete without mentioning the inherent risk of cryptocurrencies. Most of these currencies are insanely volatile. On the one hand, that’s a good thing. On the other, it’s a massive downside. With some luck and an excellent trading strategy, you might earn huge returns. If the odds aren’t in your favor, then you can end up losing your initial investment completely! It’s a double-edged sword, so be sure to keep that in mind before your next crypto venture.

Does All Casino Software Support Crypto?

Crypto might have come a long way from what it was back in 2009, but many still see it all the same. Unfortunately, this applies to more than a few companies in the iGaming industry, particularly game developers. Game providers are pretty much split down the middle when crypto support is in question. While some top-notch studios offer exciting crypto-friendly options, others don’t support cryptocurrencies at all.

If you want to get an idea of which companies you can turn to, some crypto-friendly casino software providers include HabaneroEndorphinaiSoftBet, Wazdan, Spinomenal, Vivo Gaming, and more! If you want to get down to the nitty-gritty with game recommendations, we suggest trying out titles like Colossal Gems, Robin of Loxley, and Riot.

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