Digital currencies have been in circulation for a long time. Ever since they were invented, many people have developed an interest in the crypto world. In fact, over the past two years, exchange sites like Binance have recorded a huge number of new accounts.
As cryptocurrencies became popular, different industries started to offer the coins as payment methods. Online betting is one of the industries that have widely accepted the digital currencies as deposit/withdrawal options. It’s now easy to use any of the common coins like Bitcoin and Ethereum to wager at an online casino. You can learn more about crypto gambling, one of the most trusted sites like Cryptogamble.tips.
What is online crypto gambling?
In simple terms, online crypto gambling is wagering at a casino using digital currencies like Bitcoin, Ethereum, or Dogecoin. The popularity of these digital currencies has been on the rise over the past few years. Especially now, with a global pandemic, people have been forced to look for alternative online payment options across different industries.
In online gambling, we were used to playing with the dollar, the euro, or the pound. But now, you can use any of the popular cryptocurrencies to deposit and withdraw from your casino accounts. But why exactly are cryptocurrencies so popular in the online gambling industry? Well, read on to find out.
Why crypto gambling is popular
- Security
One of the best features of crypto coins is that players get to enjoy a safe and secure online gambling experience in casino sites. On most occasions, you will only have to provide your wallet address for the funds to be sent to your account. So, unlike the traditional casinos where you have to provide your banking account details, you will not have to provide any private information to cash out your winnings.
- Anonymity
You can be sure of privacy when playing with crypto coins at an online casino. Unlike credit cards, your Bitcoin wallet address will not show any private information. Also, your casino transactions will not show at the end of the month, as is the case for bank statements.
- Decentralization
Cryptocurrencies use blockchain technology. This allows users to do transactions between themselves without the need for a central governing body like banks. So, this makes it convenient for players who don’t want to go through the complex banking regulations of setting up an account and depositing/withdrawing charges. The decentralization of cryptocurrencies also makes it easy for users to track their transactions. So, you don’t have to ask for monthly bank statements to keep track of all your casino spending.
- Investment options
The price of cryptocurrencies is volatile. This can be a bad and a good thing at the same time. If you are a gambler, who loves to make investments, you can choose to hold the coins when the value is low and sell when it’s high and make a profit. For example, at the time of this writing, the price for BTC to USD is 1BTC:$44,189, and it was around $35k mid last month.
- Widely recognized
Online gambling is a huge industry. It’s available in multiple countries across the globe. But one of the major restrictions is that some payment options are not available in every country. So, playing at a Bitcoin casino gives you an advantage. This is because these cryptocurrencies are not limited to most countries. This means any player who has an account at a Bitcoin casino can conveniently make deposits and withdrawals from wherever they are, hence a boom in the crypto gambling industry.
- Fast payment processing
You must complete a long process when depositing/withdrawing via credit cards. But with cryptocurrencies, payments are processed within minutes. This makes it more suitable for players who may be in need of some quick cash hence the popularity of these coins in the iGaming industry. But you should note that every online casino has a different withdrawal policy. It’s, therefore, advisable to check out the operator’s terms and conditions before joining.
Drawbacks to using crypto coins in gambling
- No central governing body
Since cryptocurrencies use blockchain technology, transactions are carried out between peers. So, there is no central body that controls the transactions. This makes it hard for governing bodies like banks to trace the transactions. So, if you are new to the iGaming industry, you may be skeptical about using digital coins to gamble. However, blockchain technology uses the safest encryption software, so all the transactions are always secure.
- Not accepted in some countries
Although cryptocurrencies are the new trend in the iGaming industry, there are some regions that limit these transactions. In countries like China, Egypt, Iraq, and Morocco, you cannot use Bitcoin to play in online casinos. This prevents players from these regions from enjoying the ease and comfort that comes with gambling with cryptocurrencies.
- Price fluctuations
The price of crypto coins is very volatile. This is because of the number of digital currencies available in the market. So, if you win a huge payout at a casino in Bitcoin but the value of the coin is on the higher side of the dollar, you may get to cash out more. But the opposite is also possible. Luckily, the crypto market has a variety of coins, including Litecoin, Dogecoins, and Dash, to name a few.
- Regulation issues
Since cryptocurrencies are not governed by a central body, it’s hard to know which sites are genuine and which are not. So, it’s good to check out if the site you want to play at is regulated by a well-known gambling commission. Some of the best crypto online casinos are regulated by the UK Gambling Commission, the Government of Curacao, the Alderney Gambling Control Commission, and the Malta Gaming Authority.
Conclusion
The use of digital currencies in the iGaming industry has its advantages. For that reason, most punters are welcoming the idea of playing in online casino sites that support cryptocurrency deposits and withdrawals. So, it’s only safe to say that the crypto gambling industry will continue to grow in the coming years.
This article was written in cooperation with FirstByte Media