- Online casino gambling industry is one of the industries that embraced the use of Bitcoins and other cryptocurrencies
- Main reasons to why gamblers prefer using cryptocurrencies for gambling is because; since cryptocurrencies are decentralized
As per a recent report, Online casino gaming continues to grow day by day compared to the previous years. Despite the pandemic, people’s addiction to gambling remains the same and this is quite understandable because the land casinos are closed as per government’s rules in order to maintain social distancing. But even before the pandemic had started, the increase in the number of people turning to online casino gambling is insane.
But the interesting thing amidst all this is the increased use of cryptocurrencies in online gambling. While the tendency is to use traditional methods of payment such as credit cards, debit cards, wire transfer and digital wallet cards like Astropay. But off late, cryptocurrencies like Bitcoin, Ethereum, Dogecoin, Litecoin, Ripple, etc have gained traction in since the last few years.
Bitcoin on Gambling
Online casino gambling industry is one of the industries that embraced the use of Bitcoins and other cryptocurrencies. As per current data, there are many online casinos which allow the cryptocurrency payment options. Also, there are few online casinos which cater only to cryptocurrency users, mostly known as Bitcoin casinos.
The Convenience of Using Bitcoin
The main reasons to why gamblers prefer using cryptocurrencies for gambling is because; since cryptocurrencies are decentralized, no one is involved in processing the cryptocurrency transactions. It’s quicker and easier compared to other transaction methods since it’s an end-to-end transaction. And the only thing required is the wallet address to be able to send cryptocurrencies to another user. It’ll be easier for the people who have used digital wallets before as they already know how it works.
It is safe and provides privacy since every cryptocurrency transaction is encrypted and hence assuring you that all the transactions you make are secured. The chances of your transactions getting sabotaged or hacked is very low. Since it is all recorded, you can check the status of your transactions to make sure they have been received. One of the most likable reasons for the gamblers is that cryptocurrency can enable the deposit anonymously. Which means they can be anonymous while gambling. Although there are some online casinos which ask you to submit your age and ID to verify that you’re legal to gamble.
Since it does not require any mid-way process during transactions, it’s considered as a cheaper method.