It has been over two decades since casinos also found their way to the internet. A lot has changed since the 90s and today, there are just so many online casinos to choose from. However, technology never ceases to advance and today, a new gambling sector is on the rise and this is cryptocurrency gambling.
Well, cryptocurrency gambling isn’t exactly new but it is still in its infancy. It was in 2008 when the first successful cryptocurrency, Bitcoin, was created. It was only since then when altcoins existed. Initially, people with Bitcoin didn’t have much to do with it. It took a few years before people gained interest in its use. It took a while before the Best online betting site in India started to accept it as a payment option.
Today, however, the story is different. Bitcoin has gained quite a reputation and suddenly, more people and businesses are interested in its use. Bitcoin and altcoins are now being used on different platforms online but many are using them on online casinos and bookies.
The Rise of Bitcoin and Bitcoin Gambling
While Bitcoin has been around since 2008, it’s safe to say that it got more attention in 2017 when its value peaked at around 20,000 US dollars. As soon as its value peaked, people were quick to giving it more attention. However, it took a few years for the all-time high value to be beaten and so, people were also quick to somehow forget about it.
However, things once again changed last year (2020). After three years, Bitcoin was finally able to beat its all-time high. This time, people went crazier about it because today, its value is already playing around 55,000 to 60,000 US dollars.
What has happened and is happening to Bitcoin is something that many are also hoping for altcoins. And so, more than ever, more people are creating cryptocurrency wallets. They are not just investing in Bitcoin but also in altcoins like Ethereum, Ripple, Cardano, and many more.
Now, the more people create cryptocurrency wallets and invest in different coins, the more likely businesses will also use cryptos. If there are already a few online casinos that have already started to accept it as a payment method, we can only expect that more online casinos and bookies will follow suit.
This has already been happening like today, there are even online casinos that only cater to cryptocurrency users.
The Benefits of Using Cryptocurrencies in Gambling
Using cryptocurrencies in gambling can be beneficial to both gamblers and casino or bookie operators. For the operators, it’s a lot cheaper for them to process cryptocurrency payments compared to processing payments made with fiat currencies. They also don’t have to worry about fiat currency exchange rates as their customers around the world can use Bitcoin as it is.
Since it is generally cheaper to run a Bitcoin casino, it could only positively affect their players or customers. A casino or bookie could then afford to offer more generous promos and bonuses compared to traditional online casinos.
Aside from the promos and bonuses, players are also choosing to gamble with cryptocurrencies for privacy. When paying with cryptos online, there is no need to disclose any personal or banking information. A wallet address and/or destination tag are only needed.
This is why no-registration online casinos would usually only have cryptocurrency as a payment option. It’s because they are after customers who want to gamble privately and anonymously. Security is also not an issue because cryptocurrencies run on the blockchain. It’s quite impossible to manipulate crypto transactions and it’s also easy to trace crypto activities.
Generally, cryptocurrency transactions are also faster to process because it is a decentralized asset. This means that all transactions are always end-to-end. Unlike banks, approvals and going through necessary channels are not necessary when using coins.
Many experts are saying that Bitcoin would still peak before the year ends and this is why this year may still be a good time for people to invest in it. Such predictions push people to give cryptos more attention and we can only expect that the crypto market will get bigger this year. With that, more businesses will adopt its use. More casinos will accept Bitcoins and altcoins too.
The benefits of using cryptocurrencies make people strongly believe that it is the future of all online transactions. Still, people should understand how cryptos work. It’s much different from fiat currencies as cryptos are known to be extremely volatile.