Cryptocurrencies Could be the Future of the Gambling industry
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As the value of Bitcoin rises, more people are starting to look into its use. Big businesses are also starting to see the worth of cryptocurrencies as many of them are starting to allow coin transactions with their customers. Gambling businesses are no different.
Many reputable and popular casino sites now accept Bitcoins and other cryptocurrencies like Litecoin, Ethereum, and Ripple too. Many online casinos accepting Bitcoin are also only dedicated to cryptocurrency users. This just shows how much online casino gaming and cryptocurrencies go well together.
About Cryptocurrency Gambling
The father of cryptocurrencies, Bitcoin, was created in January 2009 by a person or group of people under the name Satoshi Nakamoto. This is the first successful digital money based on peer-to-peer technology that is now called the blockchain.
It was in 2010 when Bitcoin became available to the public but it was after three more years (2014) when it was used in gambling activities. Since then, many are already saying that it is the future of the gambling industry. The use of cryptocurrencies is seen as the future of all online payment transactions.
Why People Gamble with Bitcoin
Cryptocurrency gambling offers great benefits to not only the gamblers themselves but also to the casino operators themselves. Want to know why? Here are some of the benefits that crypto gambling brings to the table.
Transparency and Security
Bitcoin and all the other cryptocurrencies run on blockchain technology. This means that all transactions are end-to-end. Blockchain technology also allows people to easily track their transactions. Security is also rarely an issue because blockchain tech also ensures that crypto transactions can never be edited, changed, or manipulated.
Making a cryptocurrency transaction does not require the users to fill out any information. A user will only need a wallet address to send the coins to. There’s no need to fill out a form to submit their personal and banking information.
Privacy and Anonymity
Since it’s not necessary to fill out any digital forms to transact with crypto, many gamblers are easily attracted to its use. There are many gamblers out there who want to keep their gambling activities private and using cryptocurrencies support this need.
There are no no-registration online casinos that people can visit and to keep the experience private and anonymous, these casino sites usually only allow their customers to transact with Bitcoin and other cryptocurrencies.
Cryptocurrencies are decentralized. This means that no one else is needed to ensure that a transaction goes through. No middle man or any bank is involved and this means that no one has to get paid to facilitate Bitcoin transactions.
What this means for casino operators is that it’s cheaper to process cryptocurrency payments. Reports suggest that casinos only need to pay .5 percent of the transaction value towards a third-party to process Bitcoin payments. That is significantly low compared to what other payment platform services would charge.
This is why if you have visited Bitcoin casino sites before, you know that these sites are usually generous with the promos and bonuses that they offer to both new and loyal customers. While the best promo and bonus that you can get from an online casino depends on your gambling needs, you should go after Bitcoin casinos for the best offers out there.
The Impact of Bitcoin’s Value on the Future of Online Transactions
Many have always been hesitant to invest in cryptocurrencies because of their volatility. People are just right to think about this, but also know that with any investment comes great risk. However, people are now showing more interest in crypto because of Bitcoin’s value today.
Before 2020 ended, people who have invested in Bitcoin a long time ago are experiencing quite a high. In November, Bitcoin’s value was able to surpass its all-time high of 20,000 US dollars. Today, Bitcoin is now worth over 57,000 USD.
Experts predict that Bitcoin’s value will continue to rise until the end of the year. Some are even saying it could peak at around 100,000 USD. As these numbers are projected, people are now buying more Bitcoin and so the number of users is now on the rise.
What this only means is that the more crypto users there are, the more platforms will start transacting with them. This is the case for online casinos. More and more online operators will start to accept Bitcoin because the cryptocurrency market is getting huge.
Whether Bitcoin will continue to rise or not, the number of users is already growing. This only means that it is becoming a mainstream payment solution and it is likely that the future will be full of cryptocurrency transactions.