For over seven years, cryptocurrencies like bitcoin have impacted different industries. Throughout this time, Bitcoin has seen nothing but growth in both value and use. As digital currencies become more common and progressively more established, gamblers and casinos’ levels of interest for gambling in bitcoin show no sign of diminishing.
In the past few years, online betting has become a widespread activity worldwide, as many people started favoring online casinos over land-based casinos. The gambling industry has long been the front line of developing new technologies as far as online casinos are concerned. Studies indicate that online casinos are on their way to become market leaders in the gambling industry, and it has almost completely embraced the rise in popularity of Bitcoin.
In return, Bitcoin gambling has become popular amongst online bettors, as many casinos, slot websites, and poker rooms are accepting Bitcoin as both a deposit and withdrawal method. Even though there are casinos and poker rooms that deal only in cryptocurrencies, many are still dealing with the traditional payment practice while still offering Bitcoin transactions. Experts estimate that almost 60% of cryptocurrency transactions go through the casino, betting websites, and poker.
For many gamblers, bitcoin represents the legitimate currency of the internet, and it’s one of the most effective means for depositing and withdrawing from their finances. Thanks to bitcoin transactions’ distinctive characteristics, gamblers worldwide are finding it a more secure and convenient way to bet.
Why gamblers prefer Bitcoin
Gamblers bet with Bitcoin for several reasons.
Gamblers also like being anonymous, and bitcoin is perfect for them. Bitcoin does not reveal the user’s identity, address, or email. This attracts many people, mostly those who like to keep their gambling affair to themselves. People have different reasons for wanting anonymity, which is a widely accepted benefit to bitcoin betting. Moreover, where gambling activities are a crucial determinant of how much credit facilities are available to the player, anonymity may provide the gambler with better credit standings.
Since most bitcoin betting sites require only your bitcoin address, your betting history is concealed effectively. Also, players need not worry if a bitcoin gambling site gets hacked, as none of their details would be saved on the site.
- Bitcoin is secure
Despite the doubt many hold about bitcoin and other cryptocurrencies in general, they’re, in fact, very secure. Even if a hacker accesses the website, they can’t steal money from you. If you lose your wallet, the only possible threat is the same threat as in real life if your wallet is lost on the street. In short, it’s safe and secure for gamblers to use legit cryptocurrencies.
- Low fees
Most online slots for cash are offering gambling games in fiat currency charge deposits, withdrawals, and other third-party fees. In bitcoin casinos, third party fees are reduced, and it’s not necessary to pay for them. However, during each transaction, gamblers using bitcoin are required to pay a mandatory transaction charge. But, bitcoin transaction charges are typically lower compared to transaction charges for fiat currencies.
Most online betting casinos that accept fiat currencies have regulations and geographical disadvantages on gamblers. However, bitcoin casino games don’t have most of these limitations as gamblers can get around most of the regulations and playing their game unhindered.
- Opportunity to increase the value of wins
As a result of bitcoin’s price volatility, many bettors are taking advantage of raising their cash-out value. For instance, if you win one bitcoin, which is worth $8500, and leave it in your wallet for a few days, and the value of the bitcoin goes up to $9000 or above, this means you add at least $500 value to your winnings if you convert the bitcoin to cash at the given instant.
- Reduced risk
Most people obtain bitcoins either as gifts from peers or through mining. And the use of bitcoin and other cryptocurrencies instead of fiat currencies reduces the risk of going bankrupt due to poor betting habits.
- Access to the use of new technologies
Gamblers new to the bitcoin betting scene can gain more knowledge and experience through online bitcoin betting sites. After understanding how bitcoin works, you can join other gamblers worldwide who are already using the bitcoin platforms to their advantage.
Moreover, as many casino games embrace blockchain technology, bettors can be sure they can’t be cheated since transparency and fairness are provided on the platform. Once a player is lucky enough to win, he will certainly get paid. As blockchain techs get more advocates worldwide, it’s likely for online casinos to devise more new ways of integrating their games to enrich gamblers’ experience.
What’s the Future of Bitcoin Betting?
As more people continue embracing digital currencies such as bitcoins, you can expect Bitcoin casinos to continue rising in popularity. That’s expected to have a significant impact on both the crypto and the betting market. However, Bitcoin casinos won’t be completely replacing fiat casinos any time soon.