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Why More People are Choosing to Gamble with Cryptocurrencies

April 6 Sandra Wong

Why More People are Choosing to Gamble with Cryptocurrencies

In 2017, the use of cryptocurrencies is suddenly put in the spotlight. This was because the value of Bitcoin peaked at 20,000 US dollars per coin. When this happened, people started to invest in Bitcoin and more businesses started to accept payments made with Bitcoin and other cryptocurrencies like Ethereum, Litecoin, DogeCoin, XRP, and Bitcoin Cash. 

The online gambling industry also hopped into the cryptocurrency scene. Right now, many online casinos already accept cryptocurrency deposits from their customers. There are even online casinos that only offer their services to crypto users.

It’s also predicted that there will be more online casinos that will offer this payment method to their customers in the future. This means that online casinos like Ladbrokes may eventually have this available to their customers.

Before we get into why people are now gambling with cryptos instead, here’s a brief history of cryptocurrencies.

Bitcoin is the first cryptocurrency that is released for public use in 2009. This was developed by a person or group of people called Satoshi Nakamoto. It’s unknown who this person is or group of people are, but this was initially made for a reward process called mining.

The value of Bitcoin when this was first released was less than a dollar and it took a while before it reached where it is now. It was just really in 2017 when this made a lot of noise.

Now, there are a few great reasons why people nowadays would rather transact with cryptocurrencies. They simply find this beneficial but if you want to know more, here are the main reasons why crypto-gaming is becoming more and more popular.

  • Gives players the anonymity

One of the main reasons why players would rather use cryptocurrencies is this. Many players prefer gambling anonymously because of different reasons. It could be because they are unsure of the gambling laws in their countries. It could also be because they just really don’t want to share their personal and even banking details to gambling sites.

  • All transactions are meticulously recorded

Cryptocurrencies use blockchain technology and whatever transaction you make with this will be recorded. If you encounter any problems, it’s so easy to take a look at what happened because all transactions are recorded. You can also be sure that the records are unchanged and not manipulated because creators and even the operators can’t interfere with it.

  • Exclusive bonuses and promos

Bitcoin or other cryptocurrency users enjoy different promos and bonuses that are exclusively offered to them. If you visit crypto-gambling site, you can easily tell that the bonus or promos they offer are better than what traditional online casinos have.

This is mainly because cryptocurrencies are decentralized. Crypto-gambling sites don’t need the services of banks to process the payments they receive and the money that they need to pay to their winners. It’s simply cheaper to run an online casino that only processes cryptocurrency payments. Since the cost is cheaper, you can just really expect that they’ll have better bonuses and promos available to their players.

  • Faster transactions

This can be true because of how cryptocurrencies are decentralized. In fact, many players would say it is faster to transact with cryptos because there are banks that are very strict when it comes to approving transactions that involve gambling activities.

Sometimes, it takes a few business days before a deposit or withdrawal can be processed because approval from the bank is necessary. Since cryptos are decentralized, approval is no longer required. Your deposit can be easily credited to your gaming account on the same day and you can also easily get your withdrawal on the same day because of this.

  • It’s the future of online transactions

Now, even if it has been a while since the value of cryptocurrencies has peaked, especially Bitcoin, experts still see this as the future of online transactions. It’s just really convenient and a safe option for customers to use.

Cryptocurrencies have a lot of uses too. You can gamble, shop, book a hotel, trade, and also invest in businesses through different cryptocurrencies. There is still a great chance that Bitcoin, in particular, will peak once again in the near future. By then, we can only expect more business to adapt its use. 

One can still say that the use of cryptocurrencies is still not in the mainstream, but it may be the case in the future. There are countries where Bitcoin ATMs are already available. More and more establishments like bars and restaurants also use this. 

Crypto-gambling may not be as popular as traditional online gambling just yet, but it may be the case in the next five years. This can be dependent on the value of cryptocurrencies. Even if it’s hard to predict if the value of these coins would be high or low tomorrow or in the next few hours, the benefits of using cryptos are what make people choose to gamble with them.

 

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