Cryptocurrency and blockchain technologies are developing at an incredible speed, and every day we see more and more options to use them in practice. For example, due to the increased popularity of casinos and the inability to break away from the exciting game thanks to easy deposits with cryptocurrencies, more and more casinos are added casinos not on gamestop.
Experts estimate that the global gambling industry will exceed $525 billion by 2022, which is roughly equal to $68 per person on the planet. On the other hand, cryptocurrency already has an established relationship with iGaming – currently, about 50% of bitcoin transactions are in gambling. You need to go through How To Invest In Ripple (XRP) Step-By-Step. It also discusses the use of XRP as well as its price.
It is very difficult to name the number of virtual casinos currently operating on the Internet. Suffice it to know that many of them allow you to satisfy your gambling hunger with a bitcoin wallet.
Advantages of cryptocurrencies in gambling
The use of cryptocurrencies in online gambling offers several obvious and significant advantages that will make the thought of gambling with traditional money soon seem simply ridiculous to you.
- Anonymity. The system only checks your ability to pay, not your identity. Confidentiality of personal information is very important for gambling enthusiasts. With cryptocurrencies, you don’t have to worry about the security of your data.
- Higher odds of winning. Bitcoin casinos typically offer significantly higher payout percentages due to lower transaction processing costs.
- Quicker transfers. Confirming bitcoin transactions takes much less time than entering and withdrawing traditional money.
- Savings. Miner fees seem like a mere trifle compared to the typical financial transfer fees we are used to.
- Independence. When playing with bitcoin, your location doesn’t matter.
Compared to other “coins,” bitcoin offers more options due to its wide usage. The selection of bitcoin games is much greater, as is the number of online casinos that accept this cryptocurrency. Today, some of these casinos even offer bitcoin games with a live dealer, something that was unthinkable just a few years ago.
What’s more, there are cryptocurrency casinos that operate on a “provably honest” basis. They use crypto-mixing technology, which allows players to verify that the algorithms of the game work correctly and do not charge a commission.
Not so long ago, the word “cryptocurrency” elicited perplexed looks. Now, decentralized money can make life in multi-tribal communities better. Gambling is no exception. Once you try it once, you won’t want to gamble without bitcoins again.
The impact of the cryptocurrency business on the gambling business
No matter what amazing qualities cryptocurrencies have, they are still capable of affecting more than just the gambling industry positively. Let’s look at all sides of the influence.
It is worth noting right away that cryptocurrencies gave gambling a new life, as more and more players began to visit casinos due to anonymity and data security.
However, cryptocurrencies also contributed to the active development of fraud, as the rate of digital coins continues to grow, and the number of those wishing to obtain them does not decrease. Especially those who want to get such a valuable asset free. So it turns out that the cryptocurrency business both increases interest in casinos and decreases it due to the growing number of fraudulent sites.
Cryptocurrencies have also added the ability to attract new players through bonuses. Casinos implementing this payment system introduce new bonuses for depositing in cryptocurrencies, moreover, casinos sometimes organize entire performances or festivals dedicated to cryptocurrencies, which no doubt also causes increased interest.
Crypto-currencies allowed the gambling business to get additional profit: the option of increasing the number of players due to the introduction of the system was already discussed, but the topic of commissions was not touched in any way. Yes, yes, it is when paying by bitcoins more often sites take not a bad commission, thereby replenishing their budget.
Further perspectives
Like every newly created business, cryptocurrency gambling is currently developing at a steady pace, and it is still far from a significant redistribution of the market. But the confident growth is sure to be followed by the emergence of gambling giants and the formation of special rules of business establishment, first of all, cooperation with the state regulatory bodies. For example, the Spanish Department of Fiscal and Financial Policies has already equated Bitcoin with payment systems and requires cryptocurrency casinos to have a license. And if you look at it without excessive hysteria about restricting freedoms – there is nothing wrong here. Let there be serious players in the market and there won’t be a situation when 37% of bitcoin casinos on the Internet are common crooks, because cryptocurrency anonymity helps not only players, but also those who cheat them. For players in Russia, the situation is doubly difficult, because in addition to the fact that gambling is banned, and cryptocurrencies in Russia may soon be outside the law.
To summarize
The connection between the cryptocurrency markets and the gambling business is obvious and huge, and it is very unlikely that a stable development of both would be possible without each other. Now gaming has become more accessible and payment in it more secure, and all thanks to this unexpected interconnection of the two spheres.