Online gambling has transformed a lot since its existence. It continues to keep up with the demands of gamblers from all over the world and today, we can say that gambling online has become extremely convenient and easy to access.
One of the reasons why gambling online has become so convenient is that it’s so easy to transact online with the numerous payment options that gambling sites offer. Whether you want to play on online betting sites in India, the UK, Ireland, or China, it’s no longer a problem. One of the payment methods that is becoming more and more popular is the use of cryptocurrencies and it’s very easy to understand why.
What is Cryptocurrency Gambling?
Cryptocurrency gambling simply means using cryptocurrencies like Bitcoin, Ethereum, Litecoin, Ripple, and others to play casino games or to place your sports wagers online. This isn’t exactly something that just happened last year as crypto gambling can be traced as early as 2012. Still, this way of gambling is in its infancy but it’s already gaining quite a following.
A cryptocurrency is a digital currency that can only be used when transacting online. The most popularly used cryptocurrency is Bitcoin and it is the first successful cryptocurrency that was made available to the public. It was created in 2008 and it is now called the father of cryptocurrencies. Generally, to be able to acquire other cryptos, you need to have Bitcoin first.
It’s simple to exchange fiat currency into Bitcoin. It’s exchanging a currency for another currency. How much Bitcoin you’ll get will depend on its current value. Speaking of its value, Bitcoin has once again peaked since 2017. It is now valued at over 31,000 US dollars and experts believe that it will continue to rise in the coming weeks or even months.
If you’re planning to exchange your fiat currency for Bitcoin or other cryptos, you will need a cryptocurrency wallet. There are two types of crypto wallets that you can use and they are called hot and cold wallets.
The main difference between the two is that hot wallets are online-based. Cold wallets do not require internet but of course, you will still need the internet to deposit crypto in it. Some people prefer cold wallets as it’s impossible to hack since it’s not online.
However, generally, cryptocurrency relies on a technology that is close to impossible to manipulate. It’s simply one of the safest payment methods that you can use.
With the rise of the popularity of cryptocurrencies, businesses are now adapting their use. The gambling industry is not exempted as there are now plenty of gambling sites that accept Bitcoin and other cryptos. Some of these casino sites even only cater to Bitcoin users. Since Bitcoin is doing good so far, this year may be promising for Bitcoin casino customers.
Benefits of Gambling with Bitcoin and Other Cryptos
There are a few great reasons why gamblers are shifting to cryptocurrency gambling. Here are some of the benefits that crypto gambling offers.
Cryptocurrencies run on blockchain technology. This technology is what makes the use of cryptos secure. It allows transaction data to be stored globally on thousands of servers and this is why it’s easy to track the transactions you make. Blockchain tech is also the reason why it’s impossible to manipulate transactions. It’s extremely difficult for anybody to control the transactions made with this technology.
For many gamblers, their activities must be kept private. What’s great about transacting with Bitcoin is that you no longer need to disclose your personal information when you make a transaction. You will only need a wallet address and you’re good to go. You can make an anonymous deposit to your online gambling account.
- Better Promos and Bonuses
It’s generally cheaper to transact with cryptocurrencies because it is an end-to-end process. No other party is involved for transactions to be processed. With that, Bitcoin casinos are more capable of offering bigger promos and bonuses.
Since Bitcoin is now becoming more popular, likely, many casinos are now promoting its use. It’s the high-time to gamble with cryptos if you’re after ensuring that you get more than what your money is worth.
Even if cryptocurrency gambling is still in its infancy, many gamblers have already hopped on this train. Those are only some of the benefits that crypto gambling could give you. With the rise of crypto users, you can expect that Bitcoin casinos will have better services this year and in the next few years. It’s definitely worth giving a try.