Based on recent reports, there are over 560 million cryptocurrency users worldwide, and the global cryptocurrency market cap is set at around $2.11 trillion.
So, despite the value of popular coins like cryptocurrency hasn’t been hitting a new all-time high, people are still interested in crypto transactions. It’s not a surprise that many industries are now incorporating crypto in their services, and that includes the online gambling sector.
The crypto gambling market is estimated to be valued at around $250 million, and in the last year, crypto gamblers have spent over $6.3 billion in bets during the first quarter alone. It has also been reported that around 60% of Bitcoin transactions are related to gambling.
How Cryptocurrencies Work
Cryptocurrencies are digital assets or a type of virtual currency that uses cryptography for security. They operate on blockchain technology which is a decentralized ledger of all transactions across a network of computers.
This being decentralized means that they’re not controlled by any central authority like the government or bank. They instead rely on a network of computers or nodes to validate and record transactions.
For those who want to purchase crypto or convert their fiat currencies to crypto, they’ll need a digital wallet. This can be software or hardware. Software-based crypto wallets are accessible online or you can download and install them on your PC or mobile device.
Hardware-based crypto wallets are physical devices. Think of them as keys that could open your digital wallet where your cryptocurrencies are stored.
As mentioned, Bitcoin remains the most popular cryptocurrency, and it’s dubbed the father of all cryptocurrencies. This is why many online casinos supporting cryptos usually have this as the default payment method.
Other popular coins supported by online gambling sites are Ethereum, Tether (USDT), Binance Coinl, Solana, and Ripple (XRP).
More About Crypto Gambling: Why Many Casino Players Are Switching To Cryptocurrencies
Cryptocurrencies are being used at online casinos for deposits and withdrawals. Generally, crypto transactions at online casinos are processed almost instantly. They’re also usually fee-free, and that is mostly why many casino players are starting to use them.
They’re also private as when making a crypto deposit at an online casino, players won’t have to share their direct banking info. They’ll only need a crypto wallet address or a QR code to make a deposit. The same goes for withdrawing their casino winnings with crypto.
However, most of the time, even if you deposit with crypto, your casino balance will reflect as a fiat currency. That said, you’ll still have to play 10cric aviator or other casino games in your local currency.
However, there are also crypto-exclusive games you can play. This means that you get to place bets with crypto as your default currency. This makes it easier to keep track of your expenses.
Then there’s also the global access that cryptocurrencies can give. They’re not bound by national borders, so you can play at any online casinos based offshore without worrying about fiat currency conversion.
Also, many crypto casinos offer provably fair games. This is a system that allows you to verify the fairness of the games you’re playing.
Like cryptocurrencies, these games also use cryptography to ensure game outcomes aren’t manipulated by the casino and game providers themselves.
Why Crypto Gambling May Not Be For Everyone
While more and more online casinos are starting to support crypto transactions, it’s still an option that may not suit everyone. Here are some factors you should look into before getting into crypto gambling:
- Volatility: Cryptocurrencies are known to be volatile. This means that the amount you won can significantly change in value the next day. There are times when Bitcoin’s value online could dip drastically. In March, BTC fell over 8% in a single day.
- Regulation: While cryptocurrency isn’t exactly new, it still lacks regulations. If a crypto casino shuts down or is found to be engaging in fraudulent activities, recovering your funds can be challenging. To avoid this, always play at licensed and regulated crypto casinos.
- Technical Complexity: Those who aren’t tech-savvy can easily get overwhelmed by anything crypto-related. Buying crypto isn’t as simple as converting fiat currencies. You’ll need to allot time to study how it works and how digital wallets work.
- Not all Online Casinos Support Crypto: Even if crypto is becoming a popular option for online gamblers, there are still many online casinos that don’t accept it. So, before you even change to crypto, check if your favorite casino already supports it.
Closing Thoughts
Cryptocurrencies can indeed reshape the future of online casinos, but the latest numbers in crypto use and gambling make it seem like it’s no longer just a gaming trend.
We’ll likely see more online gambling sites adapt its use, and eventually, more crypto-exclusive sites will be popping up here and there.
What’s important is that you take the time to truly understand how crypto works before you use it for any gambling activities. This way, you can strategize better when it comes to converting crypto to your local currency.
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