Online gambling has been around for a while now and it has evolved a lot over the years. Online casinos look completely different from how it is back then and it’s going to continuously change to keep up with the demands of the gambling market. Trends in the industry come and go but it’s looking like cryptocurrency gambling is here to stay.
For years, many have been hesitant about making online transactions and thanks to technology, online security is getting better. It’s generally safe to transact online nowadays. People just really have to be careful of who they are transacting with. Businesses would prioritize the safety of their customers and this is why different payment solutions are available online.
UK online casinos have different payment options for their customers except for credit card payments. This is because the UK Gambling Commission has already banned its use to help protect the interest of the gambling market. Still, many options are available including cryptocurrency payments like Bitcoin, Ethereum, Cardano, DogeCoin, Ripple, and many more.
What is Cryptocurrency Gambling?
This type of gambling sounds exactly the way it is. It’s gambling online with the use of cryptocurrencies. The most popularly used cryptocurrency is still Bitcoin and it is, after all, the father of all cryptocurrencies. Currently, it has the highest value which is around 50,000 US dollars per coin.
Bitcoin is the first successful cryptocurrency that was created by a person or group of people called Satoshi Nakamoto. It was created in 2008 and it took a while before people took notice of this digital currency. Fast forward to today, it’s slowly making its way to the mainstream as its value makes a lot of noise.
We can say that it was in 2017 when a lot of people showed interest in cryptocurrencies, especially Bitcoin. At some point in that year, a Bitcoin was valued around 20,000 US dollars. This showed a lot of potential for the digital currency but it took a while before its value once again peaked.
Last year was when it finally happened and before 2021 came in, it was able to reach a value of around 30,000 USD. This year, its all-time high is at 63,729 US dollars. This is why cryptocurrencies are gaining a lot of attention this year and many people are starting to invest in them or just create their cryptocurrency wallets.
Cryptos can be used or spent on many online platforms nowadays but it’s mainly popular in the online gambling scene. There are already plenty of online gambling sites out there that accept cryptocurrency payments and some of them even only specifically offer their services to cryptocurrency users.
This makes many people and money experts think that cryptos are the future of the gambling industry or even online transactions in general. This year, it’s likely that more people will get into the crypto scene and as more people start to have crypto wallets, more businesses are likely to adopt its use.
Benefits of Cryptocurrency Gambling
Even if there are plenty of payment options out there, many gamblers are starting to use cryptocurrencies when gambling. It’s easy to understand why if you already know its advantages. If you don’t just yet, don’t worry. Here are the common reasons why people would rather gamble with cryptocurrencies nowadays.
- Safe and Secure
Cryptocurrencies run on blockchain technology which makes transactions impossible to manipulate. Crypto transactions are also decentralized or end-to-end. This means that no one else is involved in processing the payment you sent. All transactions are encrypted and easily monitored.
Many gamblers prefer keeping their gambling activities private and this is why many would go to no-registration online casinos. For such online casinos, there is no need for players to disclose any of their personal details. They will only need to create a username and password. Typically, this type of casino accepts crypto payments which means that you get to gambling anonymously.
- Generally Cheaper
It’s definitely expensive to visit gambling hotspots like Las Vegas and the Atlantic City if you don’t live near the area. And so, gambling online is a cheaper alternative. What’s even better is that Bitcoin casinos are cheaper to run because third-party service providers that process crypto payments don’t charge as much as payment processing businesses.
Since Bitcoin casinos are cheaper to run, they can then offer the customers better promos and bonuses compared to traditional online casinos. With that, you can get the most out of your gambling money and this means that it could be a cheaper way to gamble in the long run.