Stablecoin Gambling Sites
Cryptocurrencies are synonymous with volatility. The value of Bitcoin (and the market at large) may fluctuate by a few percent during the quietest times, and by more than 50% during peak bull or bear runs. For many gamblers, using a highly volatile currency may be undesirable, as regardless of the amount won, the overall return may be negative if the currency’s price has dropped. Of course this can work the other way too, and gamblers using Bitcoin or Ethereum may find that losses are turned into profit thanks to dramatic price increases. But for many, compounding the already risky nature of gambling with the additional risk of cryptocurrency volatility is too much to bear. For these gamblers, a stablecoin may be the perfect solution.
What is a “stablecoin”?
Stablecoins have – as the name suggests – a stable price. Regardless of what is going on in markets across the world, a stablecoin guarantees a fixed price. In most cases, a stablecoin is pegged or matched to the US dollar whereby 1 token of the stablecoin equals 1 US dollar. Stablecoins are expected to be one of the most important innovations in the cryptocurrency space, as they allow economic activity to take place without the worry of price fluctuation. This is essential for those wishing to do business – where a purchase or sale today must be roughly the same value tomorrow. It is also a useful tool for cryptocurrency investors, whereby a trader can move into a stablecoin if they are anticipating the devaluation of the cryptocurrency market to the US dollar. Gamblers can also benefit from using stablecoins for the reasons mentioned above.
Why use a stablecoin?
The savvy readers among you may be asking, why use a stablecoin pegged to the dollar when you could just use the US dollar?
The US dollar is cumbersome
Spending USD has numerous barriers for transacting across borders. Transaction fees and geographical restrictions for using US dollars can make the choice to gamble with it impossible. Stablecoins can be sent anywhere in the world regardless of country.
The US dollar lacks anonymity
Those looking to spend cryptocurrency can benefit from the improved privacy protections of doing so. A stablecoin like the Dai has all of the benefits of cryptocurrency and that includes a degree of anonymity.
The US dollar is centralized
While it is unlikely to fail, the US dollar is governed by an opaque and centralized group of individuals. The governance of the USD is anything but transparent, while the governance of a stablecoin (Dai specifically) is entirely transparent. There are also mechanisms in place to stop malicious behavior practically impossible.
Why are stablecoins suited for gambling
Stablecoins are the ideal tool for cryptocurrency gamblers that nobody knows about. The Dai was launched in December 2017 and is expected to rise to become one of the most important cryptocurrencies in the space, allowing users to spend cryptocurrency without the fear of undesirable price movements. This facet plays well for those interested in betting at cryptocurrency casinos, as the betting of Dai is much like that of US dollars but without its associated issues.
There are currently no online casinos that accept Dai, however this page will be updated once casinos begin to accept the stablecoin.