How to Gamble with Actual Gold Using Digital Currencies

Cryptocurrencies let users gamble with gold

Imagine having to gamble using gold bars back in the olden days. Did you know that a standard sized solid gold bar weighs 27.5 pounds? That makes it kind of impractical to walk into a brick-and-mortar casino with it so that you can cash it in for chips doesn’t it? Of course, a standard sized gold bar is worth a lot of money when you consider the fact that gold currently sells for about $65 a gram or $2,000 an ounce.

When you consider the fact that you would have to actually go to a gold refinery in order to get a gold bar that big or at the very least go to a bank to get a gold certificate, then find a casino or sportsbook to take that gold bar in exchange for chips, the idea of gambling with precious metals is both impractical and far-fetched.

But now thanks to the magic of digital currencies and the blockchain, it’s possible to wager with a cryptocurrency tied directly to the price of gold. With trillions of dollars in stimulus packages being printed out by national banks around the world, millions of people losing jobs and thousands of businesses closing every day, gambling with gold might turn out to be a very shrewd and profitable move even if the value of your bankroll stays flat for a long time.

It’s time to learn how to gamble with gold in a way only blockchain technology allows.

CloudBet Now Offers Online Gambling with Gold

CloudBet is one of the first Bitcoin gambling sites to ever come to market. The site is also a pioneer in terms of offering significant discounts on sports betting odds on various events, and was also one of the first Bitcoin gambling sites to offer altcoins as a means for wagering.

The platform is teaming up with Paxos Trust Company to add the Pax Gold token to the site. Pax Gold is a cryptocurrency that makes a physical asset like gold divisible, tradable and easier to gamble with.

What’s cool about PAXG is that each unit is backed by a real troy ounce of gold. In that sense, PAXG aims to do what most stablecoins do, which is to back a cryptocurrency by a real-world asset. The difference of course is that gold is a volatile asset and universally recognized as a safe haven against the stock market and other forms of investing that do not correlate with precious metals.

On the other hand, stablecoins are meant to provide gamblers and investors with a crypto-to-crypto on-ramp that allows users to sit on the sidelines when they don’t feel like investing or gambling and allows them to get back in when the time is right. All without any volatility affecting the value of their holdings or bankrolls.

What the Move to Gold Means for Bitcoin Gambling

CloudBet is making a lot of smart moves to appeal to a specific type of gambler that wants access to liquidity, stability and upside all in one swoop. The company recently announced the acceptance of a second stablecoin, USDC. The move means CloudBet now offers several of the top cryptocurrencies to gamblers, making it easier than ever to place the bet.

As far as the industry as a whole is concerned, gambling with cryptocurrency will surely continue to grow as the years progress. More and more tokens will be made available on different platforms that give gamblers more options. Investing in Bitcoin and other cryptocurrencies itself is a gamble. But the long-term benefits of gaming with crypto are well documented and they are here to stay.

Jack Choros byline

Jack Choros

Jack first invested in Bitcoin in 2016 and continues to gamble with it to this day. He loves the Toronto Raptors as much as he loves cryptocurrency. Jack’s work has appeared on ESPN Radio, Yahoo Sports, OddShark.com and many cryptocurrency related publications, namely BTCGG.com.

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