The online gambling industry is by no means a young one. It has been here for a while with thousands of players worldwide. But one thing that is indeed relatively young is the existence of crypto gambling.
We only get to see a hint of crypto gambling and what it was back in 2013. But it’s only in recent years that the topic has become so popular. Why is that so?
That’s what we’re offering to discuss today. Why crypto gambling is gaining so much attention lately? There are different parts to this discussion. Let’s have a look at them one by one.
What Exactly Is Crypto Gambling?
Before we start seeing the reasons why crypto gambling is getting so much attention lately, let’s talk about the topic first.
Crypto gambling is possible when a casino operator allows its players to use cryptocurrency to place bets and wagers.
Generally, operators offer a wide range of options when it comes to crypto payments at an online casino. You can always find the full list of available payment options on the casino’s website.
To play in these casinos, you have to own cryptocurrency and a crypto wallet. In order to place bets, you will need to link your crypto wallet to your casino account. This will create a safe gateway for your payments to be made in the casino.
Does it mean that if you don’t own crypto along with a crypto wallet, you can’t play? For the most part, yes. But there are some online casinos where you can buy cryptos from exchanges with fiat currency and play with them in the casinos.
This is one of the reasons why crypto gambling is gaining so much attention lately.
Popular Cryptocurrencies for Gambling
You must be curious what are the popular cryptocurrencies for gambling. Here we have compiled a list of some of the most common cryptocurrencies that are being used in online casinos.
- Bitcoin
- Ethereum
- Binance Exchange
- Ethereum
- Litecoin
- Tether
- Bitcoin Cash
Aside from these, there are a handful of others as well. But they are not commonly used by most operators.
Why Crypto Gambling Is Gaining So Much Attention Lately?
Bitcoin and Ethereum are two popular cryptos for gambling
Let’s get right to the main details. Why crypto gambling is gaining so much attention lately? Obviously, there are benefits to it that are getting everyone excited about it. We’re here to talk about those reasons.
1. Widely Accepted in Most Casinos
Since cryptocurrency is becoming widely popular, it won’t be long before everyone is on it for transactions. Casino operators want to get on the wagon earlier than every other business. This is why cryptocurrency is being accepted in most casinos.
But that’s not all about why crypto gambling is gaining so much attention lately. Even huge brands have started to offer a number of crypto options for payments. And Bitcoin is the most popular among those payment methods.
This should tell you that in the coming years, crypto gambling will slowly become the new norm for playing at online casinos. That’s why it’s time you started shifting to using cryptocurrency in online casinos.
2. No Country Restrictions
Crypto is accepted worldwide for casino payments
A common challenge that we hear from players is their geo-location. Often times new casinos will be found to accept only a single currency. It’s usually the currency of the place the casino is headquartered in.
If you’re playing with cryptos, this isn’t something that you need to be worried about. Since crypto is a decentralized currency, you can be present anywhere in the world and your cryptos will have the same value as everyone else.
This freedom of playing is another one of the reasons why crypto gambling is gaining so much attention lately. The fact that you can use a single currency to the game no matter where you are located.
Even if you are travelling overseas, you don’t need to worry about currency conversion. You can just jump right in and start playing with the cryptocurrency there.
3. Anonymity
Cryptocurrency became popular for two things primarily. One is anonymity, and the other is the security. We’re going to talk about anonymity and why crypto gambling is gaining so much attention lately. We’re going to get to the security of it soon.
Unlike conventional payment methods, where you have to enter your bank details and personal details to perform transactions as the casino, cryptocurrencies don’t require you to do that.
Remember that we mentioned making crypto payments to your account, you just need to have a crypto wallet and link it. This allows you to bypass the need of providing personal details.
And since it’s in the nature of cryptocurrency to be encrypted, it can’t be traced back to you in order to compromise your account.
4. Secure Payments and No Limits
Cryptocurrency is one of the most secure payment methods
The entire crypto industry is built on blockchain technology. It’s essentially an online ledger. Thanks to blockchain, a transaction made with cryptocurrency is transparent. And without the proper authorization, no one can have access to your wallet or funds.
Now translate this same thing for an online casino. You control the number of funds that you want to deposit. No one can gain access to your account. Were it a traditional account, your personal information would have been compromised and you could possibly lose your funds.
The tight security is a reason why crypto gambling is gaining so much attention lately.
But that’s not even the best part. If you go to the payment methods section of any online casino, you will see that there are limits on how much you can deposit and withdraw. With cryptocurrency that’s a concern you will never have.
As long as you follow the guidelines set by the casino operator, you are free to perform transactions without maxing out. If you’re a high roller, you should understand why crypto gambling is gaining so much attention lately.
5. Crypto Specific Bonuses
You can enjoy a wide variety of bonuses thanks to cryptocurrencies
Some people might say that gamblers don’t care about bonuses as much as they did at one time. But we all know how wrong that sounds. There isn’t a single gambler out there, even today, that will turn away a good bonus offer.
But how is that relevant to why crypto gambling is gaining so much attention lately? It’s not just that crypto payments are being accepted in online casinos. Operators are coming up with bonus offers for using specific crypto payment methods.
For depositing a certain amount with a specified cryptocurrency, you can enjoy deposit bonuses, free spins, and other kinds of bonus offer to use on casino games.
However, you should keep in mind, that this does not apply to all kinds of cryptocurrency. Only a handful of cryptos are used for these promotions. And you won’t find this at every operator either.
6. Instant Transactions
Cyrptocurrencies allow you to enjoy fast transactions
If you’ve been in the industry for quite some time now, you will know this. One of the main requirements that casino players have when looking for a casino to play at is quick withdrawals.
Deposits are already instant if you’re using certain methods to deposit funds. But for withdrawals, there’s a processing time and it can sometimes be days before you can lay your eyes on the funds.
So, what alternative does cryptocurrency offer? You guessed it. You can enjoy transactions that take place instantly when you use cryptocurrency payment methods.
As it falls under De-Fi, there is no need for the interference of any other party when it comes to processing your transactions. The casino needs to verify the transaction and that’s it. You’re good to go.
For those who want to enjoy the fruits of their labour quickly after working so long and hard for it, crypto gambling is for them. It should make sense why crypto gambling is gaining so much attention lately.
Imagine hitting the jackpot in your favourite slot only to have to wait for days before you can get the money into your bank account and enjoy it. With cryptocurrency, it shouldn’t take more than minutes to get your winnings.
Are There Any Risks Involved?
Like everything else in this world, there are two sides to crypto gambling as well. We’ve already seen the benefits and the reasons why crypto gambling is gaining so much attention lately. But what about the disadvantages? Let’s take a brief look at that as well.
Cryptocurrencies are just as risky as they are beneficial
Volatility
The main complaint that we receive about cryptocurrency is that they don’t have a stable value. While that might be a good thing when the value keeps going up, when the opposite happens it doesn’t feel good anymore.
Think of this scenario. You bought some Bitcoin for very cheap and when the price increased, you found yourself to be the owner of a million dollars. 6 months later when you decide to gamble, the value decreased by some amount.
In this way, you lost money without doing a single thing. That’s why crypto gambling is considered a volatile incident.
Since FTX crashed in the crypto industry, the prices can go up or down at any time, sometimes things may not turn out in your favour.
It’s Not Complete Yet
Although many people own cryptos, you can’t call this the final version of the thing. Blockchain, the technology that cryptocurrency is based on, is constantly going through improvements. It is currently on its 3rd version.
Over the course of the development of the blockchain, there have been many new features introduced. But it also saw the removal of existing features. No one knows what the future holds. So, what’s to say it won’t affect the cryptocurrency that you own?
But this is not the end. With changes made to the system, you might need to face changes in the currencies as well. This is why many people are hesitant despite it being why crypto gambling is gaining so much attention lately.
If You Lose It, Say Your Goodbyes
If you lose money due to any technical issues, or you end up becoming the victim of a fraud attempt, there will be no way to get your money back. And this is simply because there is no regulatory body that will help you get your money back.
The same is the case with asking for help from customer support. Since they don’t have access to your wallet, they can’t really help you in any way. Had it been a traditional account, there was the hope of recovering a portion of the money as per the casino’s policy.
With cryptocurrency, you can kiss that goodbye entirely.
Final Thoughts
As you saw from the discussion in this article, each feature of cryptocurrencies and blockchain has two sides to it. A thing that’s considered a benefit in one aspect is considered a disadvantage in another.
That’s why when talking about why crypto gambling is gaining so much attention lately, you need to take it with a grain of salt. But as the benefits are outweighing the harms, it’s worth checking out.
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