Cryptocurrency is turning the world upside down. Everyone has heard of Bitcoin. It’s a cryptocurrency and a trend that is revolutionizing financial markets worldwide. It plays a part in almost every industry and has changed the way we perceive currencies so far. Because more and more people invest in it daily, the gaming industry is just one of those who started incorporating it. Bitcoin is a viable payment method in plenty of gaming venues online, but that is not how this cryptocurrency has impacted the industry. It is also one of the main contributors to creating and eventually expanding the crypto gaming market. But why and how has Bitcoin influenced the gaming industry, and what are the reasons behind it?
Why is cryptocurrency gambling becoming more popular?
The rising popularity of cryptocurrency gambling is not only because of its benefits to gamblers worldwide. It’s beneficial to operators as well. Here are just some of the reasons why people opt to gamble with Bitcoin and other cryptocurrencies:
Ease of transactions
According to playtoearn news, the most important reason why people like gambling with Bitcoin is the ease of transactions. The transaction process in traditional online casinos can be very long and daunting, and it can sometimes last several days and even weeks. This is not the case with cryptocurrency casinos. Thanks to blockchain technology, the transaction process on casino platforms is modified and simplified. The players can withdraw their winnings in a matter of minutes, sometimes even instantly. On top of that, Bitcoin casinos do not have any bank charges, resulting in higher bonuses and jackpots. Another benefit is the transaction-free fast payments for the players, meaning that they don’t have to pay any extra fees while depositing or withdrawing, saving them plenty of money in the long run.
Better security
It is also crucial to mention security as one of the main reasons Bitcoin gambling became popular and changed the igaming industry. Malpractices have always been spread in gambling in casinos. For example, in traditional casinos, you will be asked to provide your personal and bank information, which can be taken advantage of. While gambling with cryptocurrency, players are asked to log in with their cryptocurrency e-wallet, which means they don’t have to fear their sensitive information will get stolen.
Cheaper than traditional casinos
When we’re speaking about the difference between traditional casinos and Bitcoin casinos, it is important to mention that they also influence the gaming industry because of their prices. Namely, traditional casinos have plenty of hidden expenses, such as transactions, deposits and many taxes and duties. This can affect the total winning earned. On the other hand, cryptocurrency casinos don’t have costs – the transaction fees are very low and sometimes even non-existent. These types of casinos are not regulated by any payment service or institution, which is why the transactions are cheap compared to the ones in traditional casinos. Moreover, there is no intermediary in Bitcoin casinos, which means that you will not be charged additional costs other than what you have to pay to gamble.
Gambling is not restrictive
It was impossible for players from all corners of the world to gamble in a casino – each country has its own rules and regulations regarding the gaming and gambling industry. Different countries are also very restrictive about the currencies that you can use to gamble. This is not the case with Bitcoin, which is another reason it changes and influences the gaming industry. Cross-border discrimination doesn’t exist in cryptocurrency casinos as geographical location means nothing. Players worldwide can now play their favourite online casino game without any problems and regardless of where they are in the world.
User anonymity
Cryptocurrency also revolutionized the gambling and igaming industry as it introduced user anonymity. In traditional casinos that deal with fiat currencies, players have to enter their personal and banking information, which means that these transactions can be tracked. This is not the case for players who gamble with bitcoin and other cryptocurrencies, as players only use their cryptocurrency e-wallets. This is one of the key benefits for players worldwide, especially those who like to keep this hobby a secret.
Enhancing trust
Thanks to cryptocurrencies, plenty of online casinos are not associated with distrust like traditional ones. Trust has always been a major issue in the gaming and gambling industry due to underpaid payouts, manipulative odds, etc. The casino system has always been perceived as rigged. Due to the players’ anonymity and blockchain technology, cryptocurrency casinos changed the game, revolutionizing how we perceive gambling and casinos. Blockchain technology improved the trust between casino players and owners significantly.
Cryptocurrency and Online casinos – the perfect match
Thanks to blockchain and mobile technology, the online mobile casino industry is not only more portable, it’s also extremely popular, and this trend is not going down in the future. Gambling with cryptocurrency has offered a unique selling point for many online casinos, attracting an entirely new customer base that is only growing stronger.
Most countries worldwide recognize cryptocurrencies as a valid form of currency, completely revolutionizing the way we pay to gamble or play games. This is beneficial for the casinos as well. As they’re dealing with cryptocurrencies, they are not considered to be gambling in cash, so traditional gambling regulations don’t apply to them,
Since cryptocurrencies are a product of the digital age, it’s no wonder gambling with bitcoin and other cryptocurrencies became popular. The value of Bitcoin will also go up in future, which means more potential customers to the online cryptocurrency gambling sector.