Why Crypto Gambling Is Getting Increasingly Popular

The Growing Technologies

Many forms of entertainment are available to us for when a person wants a break from work or life’s responsibilities. Some people prefer activities outside, like cycling, sports and meeting up with friends and families or hiking in nature. However, others opt to stay home and occupy time another way with online casino games, PlayStation games or a good movie.

With technology ever-changing, there are many online casinos that bring the world of gambling to our fingertips and desktops.

Over the years, players have had the opportunity to witness the growth and developments within the online gambling industry. When smartphones and tablets became more accessible to the general public, it became possible for more players to join online casino games.

More mobile-friendly gambling apps were created, and very quickly cross-platform play was introduced to allow players to entertain themselves from different devices (PCs, smart TVs, consoles, laptops, etc). Since the digitisation of online casinos means a totally new environment for games to exist in, it has meant that variations of the classic games have been produced. So while there are tried-and-tested tactics that do translate to online poker rooms, for instance, for other types of games, the players have to develop a good strategy to win.

Another development that greatly benefitted the online casino business was cryptocurrencies. Cryptos work in a similar way to fiat currencies, in the sense that when a player pays with US dollars, pounds, yen, euros, or any other currency. The difference is that cryptos are a digital currency, built on blockchain technology. Statistics show that crypto is already having a seismic impact on the iGaming scene, with the number of users growing by almost 20% in 2017 alone. Since then, crypto for gaming has only continued to gain momentum.

The most popular cryptocurrency at the moment is Bitcoin, but others are also becoming household names; Ethereum, Dogecoin, Litecoin and Bitcoin Cash, to name a few.

Cryptocurrencies use blockchain technology to record transactions directly between a player and the casino, without needing a bank as a middleman. Users send and receive cryptocurrency through digital wallets, with transactions secured by cryptography.

Understanding Cryptocurrencies

In the financial domain, cryptocurrencies make more cash for casinos. In 2030, the gambling industry is expected to reach 153 billion US dollars in market size. It is also very clear that the rise of crypto is becoming a larger portion of the transactions through various online platforms.

As with any online casino or sports betting platform, a major part of the security and reliability aspect is whether the brand holds a licence. When a player opts to play at a crypto casino, it is also advised to ensure the casino operator has a valid licence.

Besides the deposit and withdrawal methods, the actual playing and using of online casinos is the same as any other. Players can play live table games, such as roulette, blackjack and bingo. Slots, video poker and crash games are also games available at these casinos.

Are Crypto Payments Safe?

Transactions done through cryptocurrencies are safe and anonymous. Because payments are not done through traditional methods, they bypass banks. This ensures the risk of fraud and data breaches is diminished.

Transactions are recorded through a public blockchain ledger, creating and unalterable records that verify the authenticity and legitimacy of each payment done. The transparency of this process reduces chargebacks and any chance for manipulation and is reliable for both the player and the casino.

The transaction time is almost instant, and because there is no bank involved, charges and fees do not increase the amount of money spent overall. The crypto option also gives an added benefit of anonymity giving another level of player security.

Why Are Players Opting for Crypto?

Cryptocurrency’s popularity is surging due to several factors. One is the allure of decentralisation, meaning it bypasses traditional financial institutions and offers more user control over funds.

Additionally, the potential for high returns and the anonymity it offers compared to traditional payment methods attracts some users. For crypto casino players specifically, crypto payments provide faster transactions, potentially lower fees, and increased privacy compared to credit card use, making them a growing payment option within the online gambling industry.

To Conclude

As technology develops and changes and more people understand blockchain and cryptocurrency, there is no doubt that crypto options will become a driving force in the ever-growing casino and gambling landscape.