There is hardly any doubt about the fact how rapidly the technology related to cryptocurrency and blockchain is growing and with what speed these are successfully winning over the masses. Although people these days see cryptocurrency as an investment, it was previously meant for being a medium of transaction mimicking regular fiat currencies. The usage of cryptocurrency in gambling serves the correct purpose that too by adding certain benefits we are going to discuss in this article.
Gambling is considered as one of the most successful growing industries in the current year and the global online gambling industry is expected to reach an evaluation of 565 billion dollars by the end of 2022. The iGaming industry as well as the cryptocurrency market when coming together is expected to make massive amounts of profits undoubtedly. In the current market over 50% of the Bitcoin transactions globally taking place is directly or indirectly related to gambling.
CryptoCurrency is More Attractive than Ever
Cryptocurrency is viewed as the future mode of transaction with no other institutions involved apart from the two parties involved in the process. This online transaction is widely getting recognized for the gambling industry as the market specialists call online casinos highly dependable on cryptocurrencies.
This is not only just because the processing of this transaction is cheaper but also it is more sustainable in the long run. The instability of both industries is intriguing to people and the percentage of users is only rising with time just like the number of crypto wallets is rising. Before the ending of 2020, the prices of Bitcoin experienced an all-time high which took place back in 2017. Currently, the market experienced a boom and the prices were 58000 U.S. dollars which happened in February.
So what makes people switch to cryptocurrencies when it comes to carrying out gambling-related expenses? We are about to discuss some of these factors having an impact on these decisions:
Players Get to Remain Anonymous
Since the concept of cryptocurrency is decentralized, there is no question of leaked identity information while carrying out transactions at casino establishments. Therefore, CasinoGap explains the nature of UK casinos not on GamStop as one that definitely will take cryptocurrency. Transactions made to cryptocurrencies are absolutely subjected to privacy and unlike the usage of credit cards, e-wallets Crypto wallets are not directly linked with any bank account.
Players who are restricted by GamStop can immensely benefit from this while choosing an offshore gambling website. Cryptocurrency transactions refrain from asking unnecessary details from the customers. Moreover, every other transactional detail is protected using advanced methods of cryptography.
Global Unlike Fiat Currencies
The shenanigans related to acceptance of a certain limited number of fiat currencies can bring a whole lot of trouble both for the operator to gain customers as well as for the customers to choose the right casino operator. Cryptocurrencies bridge the gap between the operator and the customer by ushering a global currency accepted everywhere in the world. This is one of the main reasons why cryptocurrencies are getting better recognition and being accepted globally.
Cryptocurrencies offer the shortest withdrawal time by solving the problem of lengthy payment processing span for most casino players online. Additionally, the coin wallets offer various settings that can enable a customer to choose between instant withdrawal into the preferred Fiat currency. In comparison, the processing time for credit cards, bank transfers, e-wallet, etc. is 24 to 72 hours.
Simpler KYC Process
As we know, the KYC procedure is a requirement for all legitimate casinos to make sure the customers are not under any self-exclusion scheme. The signup process holds the record of their identity which is exactly what people under GamStop try to escape. In casinos accepting cryptocurrencies, this process does not include providing ID proofs, and hence escaping self-exclusion schemes is a cakewalk.
On using Bitcoin at Bitcoin casinos one can get hold of special bonuses like BTC boost on making deposits. This practice is prevalent in almost all cryptocurrency casinos getting more people to use Bitcoins to bet.
One of the major observations about both industries is that they thrive on evolution more than anything. The goal of the gambling industry always lies in coming up with ways to make the user experience smoother which keeps the customers that keep them from thinking and rather encourages them to gamble away more. The concept of cryptocurrency gambling is gaining more popularity than ever and more and more operators are adapting to cryptocurrencies as a valid method of transaction.