In the last few years, we have been bombarded with news about cryptocurrency with a new blockchain solution seemingly emerging each week. When the original digital coin, Bitcoin, first came out in 2008, people did not pay much attention to it. However, over the past few years, Bitcoin and other altcoins have gained popularity because users are finding ways to capitalise on them. Online gambling is one of the sectors where cryptocurrency is making waves. Although it hasn’t been long, some online casinos accept crypto transactions, allowing players to leverage the benefits of using various coins for gaming. Cryptocurrency gambling is still in its infancy, so not many gamblers are familiar with it. As with any other technology, it’s crucial that consumers know what to expect.
The Growing Popularity of Crypto
Online casinos and other gambling operators started supporting crypto transactions once the payment method gained a bit of traction among consumers. Since Bitcoin launched, over 1,000 digital coins have hit the market. Bitcoin has been at the forefront of the cryptocurrency race, although its market share has dipped as more options entered the scene. The digital coin became prominent in 2017 when its value skyrocketed to $20,000. Since then, the currency has reached record-highs averaging $60,000. As people began taking notice of Bitcoin, consumers began seeing it as a valid payment alternative.
In the same breath, other altcoins like Dogecoin, Ripple and Ethereum gained popularity. Although Bitcoin maintains the highest market share, users are considering other options as well. The online gambling sector is always evolving to keep up with consumer needs. So, when blockchain transactions became more than a mere concept, operators saw an opportunity to capitalise on what the technology had to offer. At the moment, only a handful of gambling websites accept digital coins as payment. However, this number is set to grow as an increasing number of gamblers embrace cryptocurrency.
Types of Cryptocurrency Gambling Sites
Before considering paying for casino gaming with digital coins, you should know how operators support the payment alternative. Hybrid casinos are the most popular. These sites accept both crypto and fiat currency. It means that customers are not restricted to only one option. Therefore, if at some point digital coins are not available, you can easily switch to traditional payments like credit cards and virtual wallets. Most of these operators support Bitcoin. Bitstarz is an example of such a gambling site. You can read the Bitstarz review by Christian Webber to know more.
The other type of casino is an exclusive crypto site. It means that the website supports digital currency only. It could accept Bitcoin and Bitcoin Cash only or other coins. Some of the popular altcoins that are used for online gambling include Ripple, Litecoin, Dogecoin, Tether and Ethereum. In most cases, these casinos accept deposits in the form of crypto then convert them into fiat currency to make betting more convenient.
When choosing crypto casinos, check that they provide probably fair games. A casino that is probably fair guarantees that the outcomes are random when paying with blockchain. Also, ensure that an operator holds a valid licence.
Factors Fueling Crypto Popularity in Betting
What is driving the increasing number of blockchain payments in online gambling? Convenience is the biggest advantage that cryptocurrency provides. Once you understand how the technology works, then you can easily deposit and withdraw from your preferred online casino.
Digital coins are decentralised meaning that no third party is involved in transactions. For this reason, payment processing doesn’t take as much time as it does when using fiat currency. The average transaction time for digital coins ranges between 15 minutes and 1 hour. When withdrawing through conventional means, it can take up to 5 business days for funds to be available with some options. Hence, crypto payments save time.
The reduced fees are another reason gamblers pick digital over fiat currency. Due to fast processing times and lack of a third-party service, cryptocurrency transactions don’t cost as much as traditional ones. In fact, you might not incur any fees for deposits or withdrawals. You have to confirm this with a particular online casino, though. Digital coins don’t incur currency exchange rates, which is another way to save money.
Perhaps the biggest motivation for transacting with crypto is the anonymity it affords users. Blockchain works by recording every transaction in a digital ledger which is copied on a network. All you need is a crypto wallet with an email address to send and receive funds. Thus, all your gambling activity can stay anonymous. Gamblers who prefer not to have trails of their online entertainment have contributed to the rise of crypto transactions.
Blockchain technology is not where it used to be ten years ago. It has quickly proven its worth as a transaction mode and online gambling operators have been taking advantage of that. Crypto gambling is slowly gaining traction globally with the number of casinos that accept digital coins rising. The future of blockchain transactions looks promising, and that means more convenience for gamblers.