Blockchain and cryptocurrency technologies are evolving at a breakneck pace, and every day we learn of new applications for them. The rise of bitcoin casinos is experiencing widespread adoption and more users are wishing to use it for their online gaming activities. Gambling is one of the most significant businesses that has been affected by this cutting-edge technology. Experts predict that the worldwide gambling market will surpass $565 billion by 2022, or almost $68 for every person on the planet. On the other hand, the Bitcoin and iGaming already have a mutually beneficial connection. Currently, gambling-related transactions make up around 50% of all bitcoin transactions.
We shall discuss the application of blockchain technology and cryptocurrencies in gaming in this post. So, if you’re interested in learning how cryptocurrency and gambling are connected and whether it’s worthwhile to play Bitcoin games, keep reading. We’ll investigate each of these.
The Secret success of Bitcoin Casinos Around the World
First off, in countries where gambling is outlawed, cryptocurrencies like Ether and Bitcoin make it considerably simpler for users to access the market. For instance, in the majority of Asian nations, banks and, consequently, regulatory agencies may be suspicious of any transactions utilizing $5 deposit online casino sites.
However, there are certain challenges with using cryptocurrencies in Asian nations as well. As a result of the Chinese government’s recent draconian limitations on cryptocurrency transactions, many miners are leaving China for other nations like the US, where there is a more steadfast stance toward digital assets. The South Korean authorities has also started to view cryptocurrencies with skepticism. Authorities are taking digital assets from affluent individuals accused of utilizing cryptocurrencies for illegitimate transactions and tax avoidance.
Second, a lot of online gamblers just don’t want their in-game purchases to show up on their bank bills. Additionally, it is a cryptocurrency that makes it simpler to deposit and receive money while also offering privacy.
Finally, consumers may verify that games are secure and impartial thanks to the usage of cryptocurrencies and blockchain technology. Since all bitcoin transactions are recorded using blockchain technology, there is less opportunity for fraud and levels of operator confidence may be greatly raised.
Why gamblers will keep using cryptocurrencies
- Better Security
One of the best things about cryptocurrency for online gamblers is that it lets them gamble on casino sites in a safe, secure, and reliable way. Instead of giving out personal information, you will only have to give the address of your wallet, just like when you transfer a certain amount of money online. This is what makes Bitcoin-powered casinos so appealing: you can verify your identity and cash out your winnings without giving out any personal information.
One good thing about gambling with cryptocurrency is that you can do it without anyone knowing who you are. If you want to gamble without telling anyone who you are, you might like cryptocurrency gambling. When you use traditional ways to pay, like bank transfers or credit cards, there is a record of the transaction that can be used to find both parties. Cryptocurrency transactions are hard to track, which protects the identities of both parties. You won’t see your casino transactions on your monthly bank statement, like you do with other transactions.
Because these platforms don’t ask each new user for a lot of information, signing up is much faster. This way, you can play casino games without giving out any personal information. This makes it easy to start playing right away, without having to fill out forms or give your contact info.
Also, it speeds up payments, since technical features aren’t the only thing that affects how fast you can send money. Transactions can also take longer if they need more information.
- Better Services
People are going to crypto casinos mostly because they have high-quality games and services. People are going to crypto casinos more and more because they offer fun games like poker and roulette. Only crypto casinos have these games, which makes them a big draw for players who want to play them.
Players are also drawn to crypto casinos because their customer service is better than that of traditional casinos. When players choose a new casino site, they want good customer service, so they shouldn’t look any further than crypto casinos if they want a site with great customer service across the board.
- No Chargebacks
Chargebacks cause businesses to lose a lot of money. This is when a customer pays for something with a credit card, gets the item, and then reports the charge as being fake to get their money back. With crypto payments, there is no chance that this will happen. Once they are on the blockchain, they can’t be changed or taken back. That means a chargeback can’t be made without the company’s permission.
Cryptocurrencies use blockchain technology, which means that there is no need for a central authority and users can trade with each other. Because of this, they have become popular among players who don’t want to deal with the complicated banking rules that come with making an account and putting or taking money out of it.
- Low Transaction Fees
From the point of view of someone who has a licence to run an online gambling site, accepting crypto payments is also a good idea. Merchants can often negotiate better rates for traditional payments, but paying fees to payment service providers still takes a big chunk of their income. But when you pay with cryptocurrency, things are a bit different. Some of the best cryptocurrency payment gateways charge as little as 0.5%, which is a lot less than their competitors that use fiat currency. By letting people pay for things on your site with cryptocurrency, you can get a big chunk of your income through a payment method that saves you a lot of money on processing fees.
- Instant Transfers Without Border Limits
Most likely, not all of your customers will be in the same country. So, if you accept cryptocurrency as payment, your international clients will be able to make and receive payments and transactions instantly across borders. The transaction is done in a few seconds and is private, secure, and can’t be changed. The best part is that you can send crypto payments even if you don’t have a bank account or credit/debit card. This means that everyone can buy things online and play games.
When you use cryptocurrency, you don’t have to wait for it to be processed or cleared, and you definitely don’t have to pay international fees. Anyone with an internet connection can send a transaction in cryptocurrency whenever, to whomever, and for however much they want.