According to Bitcoin Chase, the cryptocurrency gambling market is estimated to be valued at around $250 million. There were also reports that in 2021, about 22% of online bets were made with cryptocurrencies, which was a huge 115% increase from the previous year.
These numbers only show how popular crypto gambling has become in the past few years. So, it's perfectly understandable that many are wondering whether these digital assets hold the key to the future of online gambling.
Well, with more casino players using cryptocurrencies when gambling online, it’s a bit easy to see why it could become the most popular payment option at some point. But why are cryptos worth looking into when gambling online? Let’s take a closer look.
Understanding crypto gambling
Crypto gambling involves the use of digital currencies like Bitcoin, Ethereum, Litecoin, etc., to place bets at online casino games.
Crypto transactions work through blockchain technology.
Think of blockchain as a digital ledger that records all transactions securely and transparently. Each transaction gets verified and added to a chain of previous ones. That creates a record that’s impossible to manipulate.
Bitcoin is the most popular crypto used at online casinos. Bitcoin Chase also reported that last year, around 83% of crypto transactions were made with Bitcoin. Well, it remains the most valuable crypto and is known as the father of cryptocurrencies.
When using crypto at online casinos, they’ll be providing you a wallet address or a QR code so you can make a deposit. For payouts, you’ll need to give them a crypto wallet address where they can send your casino winnings.
Why Play Real Money Online Casino Games With Bitcoin?
There are different good reasons why someone would play with cryptocurrencies online. Here are the most common ones:
Fast Transactions
Crypto transactions are swift, often instantaneous, allowing you to make quicker deposits and withdrawals compared to traditional payment methods. Speedy transactions play a big role in ensuring you have a convenient gaming experience.
Enhanced Security and Anonymity
Transactions made with cryptos are secure thanks to blockchain technology. The decentralized nature of cryptocurrencies makes transactions private even if they’re easy to track. You only need a wallet address and sometimes, a destination tag so you can complete a transaction.
To people who want to avoid gambling transactions reflecting on their banking statements, this could be a great thing. It also saves you from using your personal and banking information online.
No or Lower Transaction Fees
Most, if not all, online casinos don’t charge additional fees to process crypto deposits and withdrawals. This cost-effectiveness allows you to retain more of your casino winnings without being heavily burdened by transaction fees.
Global Accessibility
Bitcoin is not tied to any specific country or centralized authority. However, some countries have already banned its use like China, Bangladesh, and Egypt. Still, it remains a universally accessible currency.
So wherever you are, playing at cryptocurrency casinos shouldn’t be a biggie. You won’t have to worry about fiat currency conversions which can easily affect your bankroll.
Are there disadvantages in playing casino games with crypto?
Just like any other payment method, using cryptocurrency for online gambling can have its downsides. While there are various advantages, it's important to consider the potential drawbacks of using crypto in casino gaming.
Here are some of them:
Value Volatility
Bitcoin’s value is a bit like a rollercoaster ride – exciting but unpredictable. It can surge or plummet unexpectedly. Just imagine winning big, only to find your winnings decrease in value due to market fluctuations. This uncertainty can be a downside for those looking for stability in their earnings.
Limited Acceptance
Even if there has been a rise in crypto usage at online casinos, not all of them are already offering this option. So, it’s additional research for you to do to find a trusted crypto casino. Don’t worry, there are plenty of them including sites like 10Cric, Bitstarz, and BC. Game.
Regulatory Uncertainty
We already mentioned that there are places where cryptos are banned. There’s also the lack of consistent regulations to ensure the safety of crypto gambling. Well, while waiting to see if cryptos will be regulated better, the best you can do is to stick to crypto casinos that are licensed.
Tips on Using Bitcoin at Online Casinos
The likelihood of cryptocurrencies, especially Bitcoin, becoming the go-to payment method in online casinos hinges on one crucial factor: value stability.
Even if it’s one of the most convenient payment options right now, that could still widely impact the interest of many on cryptos. What’s most important here is that you choose a legit and reputable crypto casino and that you gamble responsibly.
