Online gambling has come a long way since it started in the mid-90s. Today, it’s so easy for people to access casino games and betting odds online. Gamblers have a plethora of choices when it comes to the games that they could play. They also have plenty of options on how they could go about their gambling activities online.
Many trends have come and go in this industry and currently, there is another trend that is quickly on the rise. Cryptocurrency gambling is now becoming more popular that many are also saying that this is the future of the gambling industry.
What is Cryptocurrency Gambling?
Cryptocurrency gambling simply means using cryptocurrencies like Bitcoin, Ethereum, Litecoin, and many more when playing casino games like Mobile Teen Patti games and placing sports bets. There are now many casino sites and online bookies that accept cryptocurrency transactions. There are even gambling sites that exclusively cater to cryptocurrency users.
Cryptocurrencies are also called digital currencies or assets. It uses blockchain technology to circulate.
This means that all transactions made with cryptocurrencies can be easily tracked and managed. It is also impossible to manipulate transaction records because of the said technology.
These digital currencies aren’t exactly new but it was in 2009 when the first successful digital or cryptocurrency was created which is Bitcoin. This cryptocurrency is also called the father of cryptocurrencies and currently, its value is already over 35,000 US dollars.
Other popularly used cryptocurrencies are Ethereum, Litecoin, and Ripple. To be able to obtain any of these cryptocurrencies, you will have to purchase them on trusted platforms. Once you have them, you can have them stored on hot or cold wallets.
A hot wallet means that it is cryptocurrency storage that is connected to the internet. Meanwhile, a cold wallet isn’t connected to the internet and many would say that this is a much safer way to store cryptos as it won’t be accessible to hackers.
When it comes to the legality of cryptocurrency betting, this will depend on your location. However, since this is generally a new way to gamble, this is generally enjoyed by many people worldwide. It should, however, be completely illegal in countries where there is a ban on the use of cryptocurrencies like Bolivia and Pakistan.
Why People Prefer Gambling with Cryptocurrencies
There are different reasons as to why more and more people are using cryptocurrencies and are also starting to gamble with them. Here are some of the great reasons why cryptocurrencies are now being used more in gambling.
Safety and Privacy
Gamblers are generally private with their gambling activities. If given the chance to gamble anonymously, they would most likely take it. Using cryptocurrency gives them privacy. When transacting with cryptos, they no longer need to disclose their personal and banking information. They just need a wallet address and they are good to go.
Since cryptos run with blockchain technology, no manipulation can take place once a transaction is made. This is why many would agree that this is a safer way to gamble.
Great Promos and Bonuses
Since the use of cryptos in gambling is still in its infancy, many online casinos are trying to get it out there by offering better promos and bonuses. It is also generally cheaper to process transactions with cryptocurrencies. It is a decentralized digital currency and that means that no one else is involved in processing the transactions. This allows casinos to have more to offer to their customers who use Bitcoin or other cryptocurrencies.
Lets You Avoid Border Restrictions
Cryptocurrencies can be used anywhere in the world where it isn’t illegal. This means that you no longer have to deal with currency converters to be able to play a cryptocurrency game. This makes transactions with cryptos faster than other payment solutions like bank transfers. Since cryptos are decentralized, transactions are end-to-end and approvals are no longer necessary.
More and more people are now giving cryptocurrencies the attention they deserve. Currently, this is mainly because of the value of Bitcoin. It has been a few years since its value peaked and it once again peaked in 2020. Many experts predict that its value will continue to rise in the next few weeks or even months. With that, people and businesses are now more interested in using it.
As more people use cryptocurrencies, the gambling industry is also adapting its use. More crypto-users simply means more crypto-gamblers. If experts are saying that cryptos are the future of online transactions then crypto gambling could very well be the future of online gambling.