The History of Ripple
Ripple is a bit more than your run-of-the-mill cryptocurrency. It’s a complex network created by Ripple Labs Inc., supporting several functions. These functions include a currency exchange platform, a remittance network, and a real-time gross settlement system. Like most crypto, Ripple was made on an open-source protocol. It supports several types of tokens, including fiat currencies, cryptocurrencies, and other commodities with value attached to them. Ripple’s native cryptocurrency is called XRP. It was made to provide quick and secure transactions with minimal fees attached.
It might come as a surprise to some, but Ripple is older than Bitcoin! It launched in 2005 as a financial service and added crypto functionality down the line when its potential grew. Unlike many of its competitors, Ripple has had more than moderate success in the mainstream. Since the platform offers several functions, it’s seen plenty of interest from banks throughout the years. In 2018, over 100 banks signed up for Ripple’s services, but most avoided the cryptocurrency side of things and stuck to using the platform’s messaging tech.
How Can I Use Ripple to Gamble Online?
It’s easy to say that Ripple is one of the most popular cryptocurrencies on the market at the moment. Despite some controversies that got it in hot water in the past, it still keeps up a solid reputation among users and peers. As you can probably imagine, the token’s popularity got it into some interesting spaces, one of them being the online casino scene! Sure, Ripple wasn’t intended as a casino payment method, but it does the job flawlessly! Thanks to the many pros of being a crypto asset, it offers casino fans a seamless way to transact in their favorite venues.
Getting your hands on Ripple is the first step to using the coin in online casinos. This process isn’t too complicated and should feel like second nature for users with experience in the crypto world. To obtain Ripple’s native currency XRP, you’ll need to check out one of the many crypto exchanges supporting it and trade other fiat currencies or crypto for the token. While that controversy we briefly mentioned got it delisted from a few exchanges, it’s still a viable option on some of the mostwell-established platforms. These include Binance, FTX, Liquid, Polonoiex, eToro, and several others.
Now that you’ve secured the desired amount of Ripple in your crypto wallet, you can move on to the next step. Find a supported online casino and visit the cashier page on its website. Once there, find the Ripple logo among the other payment options and click on deposit or withdraw. You should see a prompt with detailed instructions to follow. Things are a piece of cake from then on. Just follow the steps listed, and you should see your account balance change soon! If something doesn’t work out as planned during this process, you can ask for help from the casino’s Customer Support.
What Are the Laws and Regulations for Ripple Gambling?
The burning question on everyone’s tongue is whether crypto gambling is a legal activity. Of course, the answer to this is much more complicated than it might seem. Crypto and crypto gambling regulations are vastly different depending on your location. World governments can’t seem to agree on crypto, and we can’t say that we blame them! The technology is still a novelty for some, and understanding its potential can take time and effort that some countries can’t spare right now.
When exploring crypto laws and regulations, the best thing you can do is look at them on a country-to-country basis. Some places see crypto as a massive plus and try to adapt it to their lifestyle, while others want nothing to do with it! South Korea and El Salvador are perfect examples of this. In SouthKorea, Crypto and Crypto gambling is illegal. While measures are against it aren’t strictly enforced, using it can spell trouble for crypto fans. El Salvador is the opposite. Crypto is beloved in the country, and the government even made Bitcoin Legal tender in the second half of 2021!
Not all world regions take things to these extremes. The US, for example, is a sort of middle ground when crypto gambling is in question. In general, the activity isn’t prohibited. Naturally, this doesn’t mean that crypto gambling can’t get players into trouble! Different US states have different regulations. While the variations between them might not be too drastic, they can be enough to confuse crypto gamblers. What’s allowed in one state, might not be in another, so make sure to check legislation thoroughly before you take on a crypto venture of your own.
A praised example of how Crypto gambling should be regulated comes from the UK. Given the country’s general gambling laws and licensing process, we’re not at all surprised it’s seeing positive attention! In the UK, it’s a bit harder for crypto-friendly operators to obtain a license. The process requires more effort on their side, which is understandable in hindsight. The reason why crypto-friendly venues go through more red tape is simple. Since crypto gambling is more prone to scams, bad practices, and illegal activities, the licensing process aims to increase player protection.
What Are the Pros and Cons of Ripple Gambling?
In the vast reaches of the crypto world, Ripple isn’t all that special. Sure, it has some top-tier functionalities that help users achieve more than they initially set out to, but it’s not too different from other cryptocurrencies when used in online casinos. While this phrasing might make it seem that Ripple doesn’t have much to offer, the truth is the opposite! Although its perks are similar to those of other cryptos in the gambling space, they’re far superior to most payment options! Below, we’ll list some of the positives you can expect from using Ripple.
The first, and arguably best pro of using Ripple for online gambling is the heightened security. The first part of this is due to the token’s anonymity. To use the cryptocurrency, you need a crypto wallet. These wallets don’t require you to share any personal info, instead, they’re identified by codes and numbers. Essentially, unless you share your identity willingly with another party, they can’t connect the wallet with the person behind it! In the online gambling space, this can help you avoid the dangers of scams.
The second part of the heightened security side of crypto comes from its transparency. It’s well-known that crypto transactions are registered on a public blockchain ledger. Thanks to this, you can view the various transactions made by online casinos of interest and see if their practices are fair. It’s worth noting that some deduction skills are needed to come to a solid answer, but investigations like this are crucial if you want to steer clear of shady websites.
Using cryptocurrencies also comes with perks related to your overall user experience. Here, processing speeds take center stage! Online casino transactions made with traditional banking methods can take days to process. With crypto, this period is shortened to just a few hours at most! On top of this, the digital aspect of crypto makes using these currencies as convenient as possible! There’s no need to deal with banks and other time-consuming inconveniences; you can just launch an app on your phone and have everything you need at your disposal!
While cases like this are extremely rare, we should note that some casinos offer Ripple users a special set of perks. If they use Ripple on these specific sites, players are privy to exclusive bonuses! These can be Cashback, Free Spins, Deposit Matches, and much more! We advise taking these deals with a grain of salt. In some cases, the terms & conditions attached to them aren’t worth the trouble.
With the good out of the way, it’s time to take a look at the bad. While Ripple is generally a great casino payment option, it does have some flaws. Specifically, one of the biggest cons connected to cryptocurrency is the scams that follow it! No cryptocurrency is safe from scams, especially in the online gambling space. These horrible practices are insanely common there, so you should always be on the lookout for the tell-tale signs of shady activities.
Another crypto con comes from its complexity. Crypto is an insanely vast topic that can be hard to grasp. Because of this, starting a crypto venture can lead to catastrophic failure if you’re not well informed on the subject. To remedy this issue, you’ll need to put in time and effort into learning more about crypto, blockchain, and various crypto trading strategies. It won’t be easy in the slightest, but it’s a worthwhile investment if you’re a budding crypto connoisseur.
Last but not least, we’ll talk about crypto’s volatility. Cryptocurrencies come with lots of risks. Since most are highly volatile, you never know what to expect! Sure, this can be an exciting undertaking, but it doesn’t always lead to a good outcome. While crypto’s volatility can mean big returnson your investment, it can also mean losing it entirely. It all depends on many uncontrollable factors, so it’s best to remember this before you dive head-first into crypto waters.
Can I Play All Casino Games with Ripple?
No industry is immune to doubts about crypto. Of course, this includes the online gambling industry. At the moment, the iGaming world is about evenly split on the crypto debate. While some developers are supportive of it, others avoid it. Because of this, access to casino games is limited for cryptocurrency users. Despite this, Ripple enthusiasts are privy to some high-quality games from top-tier casino software developers!
On the list of crypto-friendly iGaming studios, you’ll see familiar names like Endorphina, Yggdrasil, iSoftBet, Wazdan, Mr Slotty, Habanero, and more! When popular games are in question, you’ll find titles like Neptune’s Kingdom, Riot, Robin of Loxley, and many others!
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