Crypto Madness: Why Bitcoin Gambling is on the Rise

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Bitcoin is once again close to beating its all-time high value of over 58,000 US dollars. Today, BTC is now priced over 57,000 USD and there is a possibility that it could go higher in the coming days.

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It has been a while since cryptocurrencies like Bitcoin were able to beat their all-time high since 2017. In that year, Bitcoin’s highest value was around 20,000 USD. After that, the coin struggled to beat its record until last year.

When 2020 entered, a Bitcoin was valued at around 6,000 USD. It was only predicted that its value would be at 16,000 USD by the end of last year. However, by the end of 2020, it was already valued at around 30,000 US dollars.

This huge leap made so much noise that many people started to create their crypto wallets and invest in Bitcoins and altcoins like Ethereum, Ripple, Cardano, and many more. With that, crypto transactions are rising including crypto gambling.

Understanding Cryptocurrencies and Crypto Gambling

A cryptocurrency is defined as a virtual or digital currency or asset. This makes use of cryptography which makes it hard and nearly impossible to counterfeit or double-spend. It runs on blockchain technology which makes it a decentralized asset or currency. It can be used on online transactions including cricket betting apps for Indian users.

Cryptocurrencies aren’t exactly new but we can say that it is still in its infancy. It was in 2008 when the first successful cryptocurrency (Bitcoin) was created by an anonymous person or group of people known as Satoshi Nakamoto. It was in 2009, Bitcoin when was made available to the public and it took a while before people and businesses gave it some attention. Not long after Bitcoin’s successful launch, altcoins like Ethereum started to pop out online.

Today, however, cryptocurrencies are slowly penetrating the mainstream. More people and businesses are now starting to see its potential, especially now that its value has skyrocketed. More and more businesses are also starting to adapt its use including big companies like Microsoft and Starbucks.

While many already use their coins to shop online, gambling seems to be one of the main ways that people spend their cryptocurrencies. This is why popular casinos like Bet22, 1xBit, and many more are also now accepting Bitcoin and altcoins from their customers.

Cryptocurrency gambling is becoming more popular that there are now online casinos that only specifically caters to crypto users. Online casinos are also welcoming altcoins well. They would not only accept Bitcoins but also other altcoins like Ripple, Cardano, DogeCoin, and Bitcoin Cash.

Why Bitcoin Gambling?

More and more gamblers are starting to try out playing their favorite games and wagering on sports with cryptocurrencies and it is with great reason. Using cryptos can be beneficial to both players and the bookies and here’s why.

  • Private Transactions

Many gamblers prefer to make their gambling activities private as much as possible. This is why they would usually opt to play at casinos that don’t require verification. Some would even end up playing at non-registration casino sites.

They are also careful about their transactions that could reflect their bank accounts. This could be because they live in a place where a trace of any gambling-related transaction could lessen their chance of getting approved for a loan or a mortgage. And so, they look for the best option that won’t affect their bank accounts. This is where the use of cryptocurrencies would be useful.

  • Better Promos and Bonuses

Know that online casinos pay for third-party service providers to process payment transactions. This is one of the expensive parts of running a casino. However, cryptocurrency transactions are generally cheaper to process and this makes them afford more generous promos and bonuses to offer to their customers.

If you’ll go online casino shopping, you’ll find that many online gambling sites are rewarding crypto users generously. This is also because it is their way of promoting its use as it is cheaper to process such transactions. Still, this is something that a crypto user can take advantage of.

  • Avoiding Geolocation-Based Restrictions and Bank Hassle

Even if online gambling is already widely practiced worldwide, there are still places where it is illegal or prohibited. A traditional online casino can be restricted to offer its services to a certain locality and anyone outside this area will not be able to register to this casino with real money.

However, a Bitcoin casino can avoid the regulatory constraints imposed by any government. With that, anyone with Bitcoin or other cryptos is entitled to be serviced by such a casino. This is because Bitcoin is generally not yet included in any laws. Only a few countries already regulate its use like Japan.

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Sidharth

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