Online gambling is becoming less taboo nowadays and more and more people are starting to get into it. The pandemic has somehow helped boost the growth of the online gaming and gambling industry. Aside from this, it was also during the pandemic that the value of Bitcoin skyrocketed. This makes gambling and cryptocurrencies’ close relationship tighter and even better.
Even before the pandemic, Bitcoin gambling has already been slowly gaining popularity. Many of the best online casinos listed on CasinoTop10 are already accepting Bitcoin and altcoin transactions and this shows how crypt gambling is gaining popularity. It’s easy to understand why gamblers are switching to cryptos when gambling online and here’s why.
The Benefits of Crypto Gambling
What many really like about cryptocurrencies is that they are decentralized. Unlike fiat currency, cryptos are not issued by the central bank and this means that no one, in particular, has the influence on the value of any cryptocurrencies.
No banks all over the world can control any cryptocurrency and so, even if any fiat currency collapses, it will be unaffected. This is why many see cryptos as the next gold. Many are saving it up as it could be extremely valuable in the future.
When it comes to gambling, players also get to enjoy a few benefits of transacting with Bitcoin or other altcoins. One is how Bitcoin casinos are typically generous with bonuses. This is mainly because crypto casinos can afford to offer great bonuses.
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It is generally cheaper to run an online casino operating with cryptocurrencies and this is why they can reward their players better than traditional casinos. Players could also enjoy cheaper transaction fees depending on what cryptocurrency they will be using.
Another reason why many gamblers are starting to use cryptos is the privacy that they get. When transacting with Bitcoin or any other cryptos, you will only usually need a crypto wallet address and/or a destination tag. There is no need to fill out any forms or disclose personal details. Just get the addresses needed and send your coins.
This is also a great alternative for people who do not want any gambling transaction traced on their bank accounts. Banks would usually take a look at a person’s bank transactions if they are applying for loans and mortgages. In some places, if the bank traced any gambling-related transaction, no matter how small it is, over a specific period of time, the person won’t get approved for any loan. Using cryptocurrencies could then lessen the worries of people who are thinking of taking out loans in the next few months.
Another hassle that many gamblers experience when gambling online is the geolocation restrictions. There are places where online gambling is illegal and there are only a few ways for the locals to find a workaround. Many would use VPN services to access online casinos but if they transact with an account that is based in a restricted place, they still won’t be able to play real money games. Unless, of course, they choose to transact with cryptocurrencies.
Generally, Bitcoin transactions are also quick to process. This is because there is no middle man who will be looking into processing the payment you sent. When withdrawing money from an online casino, it would usually take a few days to be done but usually, if you choose to withdraw with your crypto wallet, it should only take a day to be processed.
Why Gamble with Cryptos Now?
It’s not just online gambling that has experienced a boost in growth over the last year. 2020 was also when Bitcoin started to make a lot of noise because of its value. It has been a while since Bitcoin’s value peaked and when it did last year, it was double its highest value of all time in 2017.
Since then, many people have shown interest in cryptocurrencies once again. Many have created new crypto wallets and are also starting to invest in altcoins. With this, more businesses and online platforms are starting to adapt to the use of cryptos.
This is why it is just wise to start playing at Bitcoin casinos nowadays. It could be beneficial if you are aiming to keep some coins or hold on to them (hodl). Right now, Bitcoin and some altcoins are experiencing a dip and instead of selling, there are people who are turning to Bitcoin casinos instead. Playing at Bitcoin casinos right now could help them multiply their coins or just find a new coin that they could play with and eventually hodl.
Overall, Bitcoin casinos are considered the future of the gambling industry. It’s likely that more casinos will eventually accept Bitcoins and altcoins in the future. When that happens, bonuses and rewards from Bitcoin casinos may no longer be as generous as they are today.
CaptainAltcoin's writers and guest post authors may or may not have a vested interest in any of the mentioned projects and businesses. None of the content on CaptainAltcoin is investment advice nor is it a replacement for advice from a certified financial planner. The views expressed in this article are those of the author and do not necessarily reflect the official policy or position of CaptainAltcoin.com