Casinos went online just about 20 years ago. Since then, the online gambling market has taken over a large share of the gambling industry. Now another whole new kind of online gambling is becoming popular, known as crypto gambling sites.
Bitcoin began its journey quite a few years ago, in 2008. Since then, it has gradually proven its economic benefits, and now the Bitcoin market is seen as one of the most lucrative investment opportunities of the 21st century. Bitcoin casinos are still few. Nevertheless, experts believe that a boom in the cryptocurrency gambling sector is already underway.
Bitcoin is now valued at around $55,000 – $60,000. Other cryptos and altcoins like Ethereum, Ripple, and others are also rapidly rising in value. People are now creating their own cryptocurrency wallets to store all their digital assets. As people begin to own more and more cryptos, gambling operators and bookies are trying to cash in on this phenomenon. Many gambling service providers have already started accepting crypto payments. Even exclusive online cryptocurrency casinos have come up.
Advantages to using cryptocurrency for gambling transactions
There are many benefits to using cryptocurrency for gambling transactions.
- Cryptocurrency transactions are never regulated by any middlemen. This means that no financial authorities or banks have access to see how a player is placing their wagers.
- Cryptocurrency transactions are very discreet. No bank account details or personal information of the player is necessary. Players only need to use their secure digital wallet address in order to access their funds and play some games.
- Online gambling sites are designed to be very safe as they have to protect the user’s financial information and personal data. But cryptocurrency transactions are even safer.
- Another major advantage of cryptocurrency casinos is that they reduce the losses incurred by players on transaction fees. Online casino platforms usually don’t charge users too much of a processing fee for transactions. But if the user has to exchange their currency, the rates offered by the casino are really below market standards. But transaction fees on Bitcoin gambling sites or crypto casino platforms are always lower than their fiat counterparts.
- Exchange rates on these casinos are also much better. This is because there is absolute transparency in the process. All data about every single crypto transaction is stored on open-source, public ledgers of digital currencies.
- Cryptocurrencies can also make the process of withdrawals much easier. When players play with their fiat money in traditional casinos, the withdrawals may take a few days because the transactions have to be processed through intermediaries. On the other hand, when placing bets with crypto withdrawals is much faster as there are no intermediaries involved. Crypto withdrawals can take anywhere from a few minutes to a few hours, depending on the blockchain traffic.
Experts who study gambling trends believe that casino owners also realize the advantages of crypto gambling, and so they will introduce many new bonuses and promo options to incentivize players to invest their crypto on gaming platforms. This will increase the chances of players to make some profits.
There are many potential benefits to Bitcoin gambling sites and cryptocurrency casinos. But this gambling market is still in its very nascent stage. The volatile price shifts of Bitcoin and other altcoins may turn out to be obstinance in the future, but for the present, as crypto prices soar, it seems that crypto casinos are all set to become a common part of online gaming platforms.