Why Cryptocurrencies are Becoming Popularly Used on Online Gambling
The first-ever cryptocurrency available to use by the public is Bitcoin. It has been around since 2009 and it surely has grown since then. When Bitcoin started, this was only valued at around 3 cents per Bitcoin. In fact, the first commercial transaction that was made with thisamounted to 10,000 Bitcoin and this was just for two Papa John’s pizzas.
Bitcoin has surely come a long way as it is valued way more than it was when it started to circulate. Currently, a Bitcoin already costs around 7,000 USD as of the moment. This already sounds like it’s huge enough, but it was a different story in 2017.
In 2017, cryptocurrencies became the talk of many and this is mainly because of the value of Bitcoin. At some point in that year, a Bitcoin hit the value of over 20,000 USD. This made many people shift their curiosity towards digital currencies.
Many businesses and industries also took notice of its potential. Other cryptocurrencies like Bitcoin Cash, Litecoin, Ethereum, and Ripple were also noticed by many. More and more businesses and industries began to transact with cryptos.
One of the industries that were positively affected by the rise of the use of cryptocurrencies is the online gambling industry. Bitcoin gambling has been around since 2014 and since then, crypto users have already spent over 5 billion dollars of cryptocurrencies for online gambling.
Currently, some casinos only transact with Bitcoin, but there are already some that would also accept other cryptocurrencies. The use of cryptocurrencies isn’t only just beneficial for gamblers. Online casino operators that use cryptocurrencies also enjoy some benefits.
Since transactions made with cryptocurrencies are decentralized, the operators can save up from transaction fees or third-party software and services that would process the transactions made on their websites.
This is mainly why more generous promos and bonuses are available to players who would transact with cryptocurrencies. Crypto-gambling is also still considered to be in its infancy and so players can just really expect more bonuses with this.
For players, the biggest advantage of using cryptocurrencies is anonymity. Personal and banking information are no longer required when transacting with Bitcoin. All you really need is the address of the receiver.
However, do know that some online casinos might still need some of your information. This is because they want to be sure that the players they get are of legal age. In fact, in the UK, it is required for online casinos to first verify whether their players are really of age or not.
Aside from anonymity, many cryptocurrency online casinos also offer zero transaction fees to their players. They also usually allow unlimited and free daily transactions. This is completely different from how traditional online casinos work. Some of them would even require a minimum amount before their players get to cash out.
Being a decentralized currency, the problems that users have with their banks aren’t applicable. No one can freeze Bitcoin wallets. Transaction approvals are also no longer necessary. The user has complete control of his or her account.
Off-shore limitations in gambling are also surpassed by the use of Bitcoin or other cryptocurrencies. Gambling online is not allowed by some countries but using cryptos is part of the loophole. Many countries still do not have regulations regarding this.
In Australia, it is prohibited to offer gambling services to its locals online. Bitcoinpokie sites are still well-visited by its locals. However, in the Northern Territory, an informal ban regarding gambling with Bitcoin and Ethereum was already announced.
Since some countries still do not regulate the use of cryptocurrencies, transactions without paying for tax is possible. Reverse action is also impossible. This means that once a payment is sent, it can no longer be reversed.
All these benefits just make fraudulent activities hard to happen when transacting with cryptocurrencies. The use of Bitcoin is secure and safe for many. The only thing its users should be worried about is whether the wallet address they have is correct or not.
There are also Bitcoin casinos that give their players the opportunity to invest as they play. This is enjoyed by many crypto users as investing is still one of the best use of cryptocurrencies. Not all Bitcoin casinos already have this option, but this could very well be the future of Bitcoin gambling.
Many see that cryptocurrencies, especially Bitcoin, will just really be the future of online gambling transactions. It’s mainly thanks to its benefits and the fact that Bitcoin users are still growing.
This article was submitted by Dylan Moran