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Cryptocurrency gambling | A double-edged sword

Senior Reporter

In 2009 Bitcoin started an unstoppable movement, entirely from scratch. Shortly after, Bitcoin’s potential breathed inspiration into crypto believers. Alternatives such as Ethereum and Litecoin eventually surfaced, and by 2021, at least 4,000 different digital coins were made available for trading. Now more than 50 million individuals across the globe have invested in at least one of the intangible coins, creating a market that is confidently taking over the world. Unfortunately, digital currency opportunities also came with a dark side - a powerful addiction.

Cryptocurrency gambling | A double-edged sword
Image: pixabay.com

Investing in cryptocurrency is just as much of a gamble as any other gambling game you’d find in a casino. It’s impossible to know for certain that the market won’t crash and leave you empty-handed the morning after you’ve purchased an ungodly amount of digital coins. Even Bitcoin experienced several crashes that made the value plummet down by 80% or more. The great news - the value typically goes right back up after some time. Not for all cryptos, of course, as each comes with its own volatility and relies on individual demand.

The risk is certainly there, but so is opportunity. The thought of investing a few hundred bucks and becoming a millionaire, years, months, or even weeks later, began violently eating at people’s common sense. Many invested the money they didn’t even have in hopes of getting rich, and others dumped their life savings into flimsy cryptocurrencies that never made it. There are little to no limits set on how much one can invest, which is a danger of its own.

It got to the point where news of crypto-related suicides started making headlines. While millions were gaining fortunes, unlucky investors began spiraling. It seems like a simple solution - stop investing money you’re not willing to lose. However, there’s more to this than poor decision-making. The addictive side of cryptocurrency is as powerful as can be, especially considering apps like Robinhood that make this type of trading appealing and convenient. The instant gratification factor is undeniable, as even the app’s layout shares similarities with mobile casino applications.

In Scotland alone, over 100 individuals were reported to receive treatment for crypto addictions. The pandemic worsened the situation. Both losses and overly-hopeful investments prompted by uncertainty in people’s lives had sour aftermath for an overwhelming amount of risk-takers. Stimulus checks also encouraged thousands to take a chance at trading, which was not the brightest idea in most cases.

Cryptocurrency Online Casinos

What do you get when you mix Cryptocurrency with steroids? Crypto casinos. If trading cash for volatile coins wasn’t enough of a gamble, online casinos made sure to double up on it. The first Bitcoin casinos started surfacing in 2013. Since then, every gambling site that wanted to match the success level in the evolving market made cryptocurrency an available payment method on their platform.

Today you can find thousands of online casinos that allow cryptocurrency deposits and withdrawals. Gamblers did not hesitate to participate in the mind-blowing opportunity of winning digital coins that could then increase in value without any additional efforts.

Crypto wallets made online gambling transactions as easy as ever. Many casino sites even offered payouts that took less than a day for the digital currency winnings to replenish users’ apps. The cycle of investing, winning, losing, and trying again was like an invisible quicksand that only gained more power as the pandemic went on. Cryptocurrency promotions on casino sites made it almost impossible for some to resist the temptation.

Resolving the Issue

Cryptocurrency isn’t going away, but a few things can be done to prevent problem gambling in the future. There’s no way to stop people from overspending on investments, or prevent casino lovers from gambling away disproportionate amounts of money. In this case, it all comes down to individual choices.

Here are some steps you can take to avoid falling into crypto-related debt, a state of panic, or addiction:

Crypto Trading:

  • Set a fixed budget for how much you’re willing to invest, and keep in mind that this sum is subject to vanish.
  • Learn about each cryptocurrency before putting your faith in it. Study the differences between altcoins and stablecoins.
  • If your crypto investment is decreasing in value - do not panic. Give it some time to go back up or withdraw before you lose everything if you’re investing into one with a shaky potential. 
  • Keep up with crypto-related news. They are available on apps like Robinhood or can be found online. Doing so will keep you informed on any upcoming changes.
  • Don’t fall for new cryptocurrencies unless you’ve researched their developers and have reasonable grounds to believe that they will take off. In the past few years, this mistake cost people thousands of dollars in losses.
  • Learn about taxes and fees. Each Crypro wallet offers this information to its users. Staying informed is a good way to avoid unpleasant surprises.

Crypto Casino Gambling:

  • Choose your gambling site wisely, and make sure your Crypto Wallet will work for the transactions.
  • Only deposit the amount you are willing to lose and use Crypto bonuses (if applicable) to give you a head start.
  • Set a limit on your select Crypto casino if you have a tendency to overspend.
  • It’s best to pay attention to the value of your digital coin investments when making deposits/withdrawals in order to avoid losing money.
  • Start with small bets to avoid blowing through your Crypto casino deposit.

If you or someone you know got carried away with Cryptocurrency trading or became addicted to Crypto casinos, don’t hesitate to reach out for help. There are plenty of resources online that can pull you out of trouble before the addiction takes over your life.

Help Guide - Gambling Addiction & Problem Gambling
Speak with a professional - National Helpline
24/7 Hotline Number -  1-800-522-4700  

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