Online gambling continues to thrive across the world. Over the past decade, we’ve also seen the rise of cryptocurrencies, which are becoming more commonplace with a growing number of uses. In recent years, those two worlds have collided with the rise of cryptocurrency gambling. While it seemed like a novelty at first, it’s now easy to find an Ethereum casino and gambling experience, for example.
But why is it gaining popularity? There are several compelling reasons to gamble using cryptocurrencies, including convenience, player anonymity, and ease of asset transfer. By offering these benefits, cryptocurrencies are transforming the online gambling industry and providing players with a more secure, efficient, and enjoyable gaming experience. Read on as we take a closer look at those benefits…
Convenience
Convenience is a driving factor for so many things we do day to day. People will happily pay more for orders to be delivered to their homes rather than pick them up. Car washes will have queues of people who would rather let someone else do the hard work. And food always tastes better when it’s someone else that’s had to prepare and cook it!
Cryptocurrencies are no different when it comes to gambling online. They provide a convenient and accessible means of payment for online gambling. As digital currencies, they can be easily transferred and used for transactions on various online gambling platforms. This convenience enables players to access online casinos from virtually any location in the world without having to worry about any potential restrictions or regulations.
The use of cryptocurrencies for online gambling has grown significantly in recent years as more and more players are turning to digital currencies for their gaming needs. Convenience is certainly one of the contributing factors, as nobody wants blocks or limits to prevent them from playing their favorite game.
Player Anonymity
Maintaining anonymity is an important aspect of online gambling for many players, and cryptocurrencies offer a high degree of privacy and anonymity. By using cryptocurrencies, players can gamble without disclosing their true identities, thus protecting their personal information from potential misuse or exposure.
It’s no surprise that this is driving people towards cryptocurrency casinos and gambling sites compared to their traditional counterparts. Online security has become much more important, with users more aware of their actions online and how various sites can track, use and even sell their data.
This level of anonymity is especially valuable for players from countries with strict gambling regulations. One such country is India, where the Public Gaming Act prohibits the act of betting money except on games that require a skill. People found to be breaching this act can face a financial penalty or even imprisonment. With cryptocurrency gambling, people can enjoy their gaming experience without fear of repercussions.
Ease Of Transfer Of Assets
Cryptocurrencies enable easy and efficient transfer of assets, making them an ideal choice for online gambling. With minimal or zero transaction fees and faster processing times compared to traditional banking transactions, cryptocurrencies offer a seamless and cost-effective solution for transferring funds between players and online casinos.
That’s a stark contrast to normal financial transactions, which can take days to process and cost too much per transaction. The result is that it’s not cost-effective to transfer funds in small, regular amounts. Cryptocurrency is often used for international transactions for this reason too.
This ease of asset transfer not only enhances the user experience but also allows casinos to streamline their operations and reduce overhead costs.
Cryptocurrencies For Online Gambling: The Verdict
The three reasons above show clearly why cryptocurrencies are becoming a more common occurrence within the online gambling industry. At present, traditional online casinos and similar sites are still the most prevalent, given that cryptocurrency is still relatively new on the scene. However, as time goes on and cryptocurrency use becomes more prevalent throughout society, it’s inevitable that this trend will extend to online gambling.
For context, there are now over 8,000 cryptocurrencies in circulation. Go back just five years, and that figure was just 1,658 in 2018. Rewind another five years to 2013, and there were just 66. While the top 20 cryptocurrencies account for almost 90% of the market, these figures demonstrate a growing interest in the area as a whole.
