The use of cryptocurrencies like Bitcoin, Ethereum, Litecoin, and many more is becoming more widespread. This is mainly thanks to Bitcoin’s value. A lot of people are now talking about it and many industries are starting to transact with cryptocurrencies too.
Cryptocurrency gambling isn’t exactly new but this sector of the gambling industry is still in its infancy. The father of cryptocurrencies, Bitcoin, has only been around for over a decade. Cryptocurrency gambling have started in 2014 and it has steadily grown since then.
Today, the best casinos to play roulette online and any other casino game that you have in mind now cater to Bitcoin and other cryptocurrency users. There are even online casinos that would only offer their services to cryptocurrency users. It’s easy to understand why experts and even Bitcoin users themselves are saying that this is the future of the gambling industry.
Benefits of Gambling with Cryptocurrencies
More and more gamblers are starting to prefer the use of cryptocurrencies. People who have started to use cryptos are also becoming more interested in playing at Bitcoin casinos. They all have their reasons why cryptocurrency gambling has become so appealing. Here are some benefits of using Bitcoin and other cryptos when gambling online.
- Borderless and Instant Transactions
Online gambling has been around since the 90s but until today, many countries still lack laws on it. Some countries don’t regulate it yet but have restrictions implemented. These restrictions are mainly the cause of stressful transactions for some gamblers. However, this is something that Bitcoin gambling has helped them with.
Bitcoin uses blockchain technology and this makes it decentralized. What this means is that no one else is involved in processing any cryptocurrency transaction. It’s an end-to-end way of sending digital currencies to anybody around the world and with that, there is a lack of involvement from banks and governments.
Since Bitcoin is decentralized, transactions are usually fast and easy. No approval is necessary for cryptocurrency transactions to go through.
- Private and Transparent
Blockchain technology also ensures that all cryptocurrency transactions are permanent. No one should be able to reverse, edit, and delete any details on any transaction. This also makes it easy for people to track the transactions that they make.
When it comes to privacy, this is king. While transacting with cryptocurrencies is similar to using digital wallets, it is still not the same. You will only need a Bitcoin wallet address to make a transaction and no other information is necessary. This means that you no longer need to disclose your personal and banking details every time you send Bitcoin to anybody.
- Generally Cheaper
For online casino operators, allowing the use of cryptocurrencies in transactions doesn’t cost them as much as processing payments made with fiat currencies. Online casinos spend a lot of money to pay payment service providers and compared to the service they need to process cryptocurrency transactions, the difference is huge.
Many of the leading cryptocurrency payment gateways would only charge around .5 percent of the transaction. This is significantly less than what they are charged by payment service providers. And since Bitcoin casinos save money from this, these are the gambling sites to go to if you are after generous promos and bonuses.
Value of Bitcoin
Before 2020 ended, people have already been talking about Bitcoin. It has been a while since its value was worth talking about. It was in 2017 when it reached a value of around 20,000 US dollars and since then, it has been struggling to the peak.
However, in November of last year, it was able to pass the 20,000 USD mark and since then, it has soared. Today, Bitcoin is priced at over 57,000 US dollars. This number is projected to go up to 100,000 US dollars by the end of this year.
This is mainly the reason why people are once again talking about this digital currency or asset. Even if its value is already high at the moment, people are still investing. With that, more Bitcoin wallets are created. More Bitcoin users are also willing to spend their currencies and some of them are doing this at online casinos.
With today’s projection, it’s safe to assume that Bitcoin will still rise in the next few months. This means that more people and businesses will start transacting with this digital currency this year. If Bitcoin continues to wow the market this year, we can expect that this will be the start of the reign of cryptocurrencies on all online transactions.