The online casino industry continues to grow and evolve. Gambling companies are continuously finding ways to make their customers’ gambling experience keep on leveling up. This is why they always make sure to adapt to the latest technologies including blockchain technology.
So far, when it comes to blockchain tech, what’s mainly present in the casino industry is the use of cryptocurrencies like Bitcoin, Ethereum, Litecoin, Ripple, and many more. Cryptocurrency gambling is becoming more and more popular that reputable gambling sites like 24kcasino.com are now transacting with their customers with Bitcoin and other cryptos.
What are Cryptocurrencies Anyway?
A cryptocurrency like Bitcoin is a digital currency or asset that you can use on any online transaction including online gambling activities. It runs on blockchain technology which means that transactions made with crypto are recorded and stored in a ledger that is in a form of a database that can’t be manipulated. Cryptocurrencies are also decentralized which means transactions made with this are end-to-end.
The first-ever successful cryptocurrency is Bitcoin and this was released in 2009. Since then, many other coins or cryptos have emerged including Ethereum, Doge, Ripple, Litecoin, and Bitcoin Cash. However, up until today, Bitcoin remains the most popularly used cryptocurrency/.
Not only the gambling industry but also others like e-commerce and gaming are also using cryptocurrencies. Each year, more and more people are starting to buy cryptos and with that, cryptocurrencies are seen as the future of online transactions in general.
More About Cryptocurrency Gambling
It didn’t take long for the gambling industry to see the potential of cryptocurrencies since it was made available to the public. It was one of the industries that adapted its use and today, there are so many online casinos that accept this as a payment method. There are even online casinos that would only cater to crypto users. Onlinecasinos2.com has information on the best crypto gambling sites out there.
There are a few great reasons why online players are starting to shift into crypto gambling. Here are some of them.
Because of cryptos, gamblers can now deposit their gaming accounts without disclosing any of their information. Whenever you make a transaction with Bitcoin or altcoins, all you need is a wallet address and/or account destination tag. This means they do not need to disclose their personal and financial details when making deposits to their accounts.
- Safe and Secure
Since Bitcoin and other cryptos run on blockchain tech, transactions are easy to monitor. Players always directly send money to the casino without the approval of anybody. No one could manipulate the transaction and so it is safe. However, just always make sure that you are sending the funds to the right wallet address.
Overall, it’s simply convenient to use cryptocurrencies when gambling online. It’s also a great way for gamblers to avoid having gambling transactions in their account. There are countries wherein people won’t be allowed to take loans if a bank account has been involved in a gambling transaction like in Ireland and so, buying crypto is simply the better option for them.
Why Crypto Gambling is Getting More Attention
In general, the use of cryptocurrencies is seen as the future of online transactions. This is also the case for the gambling industry. Many predict that online casinos will heavily rely on cryptos in the future. This makes sense because, for online operators, it’s cheaper to process crypto transactions.
It’s more sustainable for these gambling operators to use cryptocurrencies. The number of crypto users is also continuously rising. This is especially today when Bitcoin’s value has once again peaked.
Before 2020 ended, Bitcoin was able to surpass its all-time high since 2017. In 2017, its highest value was at around 20,000 US dollars. This year, its all–time high was at 58,000 US dollars and this happened in February.
Currently, Bitcoin’s value is playing around 46 to 49,000 US dollars. This is a dip that many is seeing as a sign that it would still be able to reach a new all-time high before the year ends. Some are even saying that it could rise to 100k USD by the end of the year.
The uncertainty is keeping people intrigued that more crypto wallets are created every day. Now, whether it does peak once again or not, Bitcoin has gained more users. This only means that there is now more Bitcoin circulating for people to use in online transactions like gambling.