According to some estimates, 26% and 51% of the world’s population gambles in some form. Granted, the top end of that approximation almost certainly includes people who play a local, national, or international lottery. Nonetheless, the global gambling market now exceeds $450 billion per annum, and with a growing number of nations legalizing the practice, the sky’s the limit for the industry.
However, despite the above data, individuals who gamble online know that their bank is watching them should they use fiat currency. It isn’t fair that an occasional, responsible bet is punished with your mortgage application being turned down, but that’s how it is.
Fortunately, crypto casinos now exist, enabling players to register using minimal personal details and bet using digital currency. You can continue your hobby without the interference of financial institutions. Moreover, the number of cryptocurrencies accepted by these sites is growing. You are not confined to Bitcoin; you can use other assets instead.
Today, we look at Cardano casinos, outlining the pros and cons of using them.
What Is Cardano?
Before we investigate Cardano casinos, let’s learn more about the crypto itself. Cardano is a public blockchain platform authored by Charles Hoskinson of the Cardano Foundation and released in September 2017. It is a decentralized, open-source platform that uses ADA as its internal cryptocurrency.
Hoskinson was once involved with Ethereum but left after a dispute with Vitalik Buterin, one of ETH’s co-founders. He named his platform after Gerolamo Cardano, a famed Italian mathematician. Furthermore, Hoskinson named the ADA cryptocurrency after Ada Lovelace, a prominent English mathematician.
One of the goals of Cardano is to overcome the obstacles faced by other cryptocurrencies. Its proof-of-stake (POS) protocol, Ouroboros, differs from the proof-of-work (POW) protocols used by Ethereum and Bitcoin. POS blockchains are significantly more energy-efficient than their POW counterparts. Indeed, the Cardano network allegedly uses less than 0.01% of the energy of the BTC network.
Now that you know a little about this digital currency let’s find out the upsides and downsides of using Cardano casinos.
The Pros of Using Cardano Casinos
You can anticipate the following benefits if you select ADA as your coin of choice on cryptocurrency casinos.
You won’t have to wait long for transactions to clear when playing at a Cardano casino.
Cardano uses a settlement layer and a computational layer to ensure unlimited scalability and swift deposits and withdrawals. At present, ADA processes around 250 transactions per second.
Security is always a concern regardless of the crypto casino games you play. Fortunately, Cardano’s POS protocol is exceptionally safe.
Furthermore, its development team plans to bring security to the next level to guard users against cyberattacks.
Listed on Coinbase
First and foremost, a listing on Coinbase makes it even easier to buy ADA for use in your chosen crypto casino. Secondly, it is a sign of Cardano’s growing profile because Coinbase is VERY picky about the coins it allows.
Ultimately, easier access and an improved profile make Cardano’s price likelier to grow in the future.
The Cons of Using Cardano Casinos
The perfect cryptocurrency casino doesn’t exist, and some issues exist with using ADA to gamble.
Cardano is a crypto with lots of potential, but it still has a long way to go. Therefore, you’ll find it much harder to find a Cardano casino than one that allows the use of Bitcoin.
This could change in the future, but for now, it’s still early.
The Danger of Price Inflation
A considerable percentage of ADA is staked, creating scarcity, thus increasing the price.
This is great news if you have plenty of Cardano already but not ideal if you want to buy it for online betting. There’s a danger that its price will become artificially inflated as it will increase due to supply/demand issues rather than real achievements.
Most sane people realize that the volatile crypto market represents a risky investment. However, ADA is ranked as one of the most volatile coins.
Therefore, if you deposit a large amount of crypto into a Cardano casino, the price may fall rapidly, decreasing your balance and the value of your winnings.
Final Thoughts on Using Cardano Casinos
Although there are issues, many experts believe that the benefits of buying ADA outweigh the risks. Consequently, you might find it worth trying Cardano casinos if you intend to use crypto for online gambling.