Since cryptocurrency hit the internet, its popularity has increased with time. One area in which crypto is gaining currency is online gambling, With sites such as Bitcasino and many others now accepting this mode of payment, many players have adopted it as well. However, it is important to understand why so many people are taking to crypto in the world of gambling. Read on to get an insight into this emerging trend.
Cryptocurrency, crypto in short, is a digital medium of exchange that is protected by encryption. It operates just like money since it has value and is earned in exchange for goods and services offered. You can accumulate more value in terms of currency by earning more. You can also easily transfer some of it to someone else across the globe, since it is transacted on the internet. Examples of cryptocurrency are Bitcoin, Namecoin, Litecoin and Ethereum. The bottom line is that crypto is not regulated by any government authority, so it has remained resistant to political control and exploitation.
Why Crypto is gaining popularity with gamblers
There are 5 main reasons why crypto is becoming increasingly popular with gamblers.
Crypto is efficient. You can pay and receive crypto instantaneously. There are thus no delays experienced in cash wire transfers and similar operations. There is little or no fees charged by casinos that use crypto as a currency due to this efficiency. Moreover, crypto is unaffected by standard exchange rates that affect monetary transactions.
Crypto is Confidential. The encryption used for crypto transactions naturally conceals your identity. There is thus no need to try and hide. This confidentiality ensures that you can gamble even in countries where the practice is illegal. There is, therefore, no fear of reprisals from authority if you choose to go gaming.
Crypto is safe. Transactions involving crypto are transparent and secure. This applies to both gamers and casinos. Since both parties are usually sensitive about their transactions, the assurance provided by crypto is most welcome to both sides.
Big brother is not watching. Though governments have some say over casino operations, they don’t regulate crypto operations. So there are no undue delays where authorities and bankers have to approve transactions. This increases the speed of making and receiving payments, which is beneficial to gamers and casinos alike.
You can cash out. If you need cash to cover personal expenses, you can cash out your crypto. This is done by selling the crypto to someone else in exchange for cash. You don’t have to do it yourself, there are brokers who will help you with that. In fact, there’s even people who are able to receive their salary in cryptocurrency so their money never touches a real bank.
Crypto online gambling will still grow
With the efficiency, safety and confidentiality that crypto transactions provide, online gambling using the currency is set to grow even more. This will happen especially in countries where gaming and online gambling is still illegal. Even cryptos are still illegal in some jurisdictions, yet they continue to thrive. Online casinos and cryptos are therefore birds of a feather that will continue to flock together.