In 2009, an unknown entity which the media have given the name Satoshi Nakamoto changed the dynamics of the financial system of the world by creating the world’s first unregulated currency, Bitcoin.
Today, Bitcoin and other digital currencies built on blockchain technology have found their way into gambling, becoming the benchmark for crypto casino security in payments.
According to gaming expert, Eliasz Nowak, „Powstanie kasyno bitcoin okazało się jedną z najlepszych rzeczy, jakie ostatnimi czasy przydarzyły się branży gier online. Ta innowacyjna forma płatności zapewnia dostęp graczy do międzynarodowego hazardu przy okazji gwarantując im większe bezpieczeństwo. Możliwość realizowania transakcji w grach losowych Bitcoinem przyciąga ludzi ceniących sobie prywatność. Biorąc pod uwagę, że ta forma hazardu wytrzymała już 12 lat, możemy wnioskować, iż zostanie z nami na zawsze. To dobra wiadomość!”
Why Bitcoin Gambling Is Hugely Popular
Here are some notable reasons why everyone loves gambling with Bitcoin:
1. Privacy and Security
One major reason Bitcoin is taking over fiat currencies in the gambling world is the privacy and security it provides its users. When gambling using cryptocurrency, the only required information is your blockchain wallet address, which doesn’t contain your name, house address, country, bank, or even gender.
This level of privacy gives every gambler a sense of security and confidence that their secret is safe, especially in countries where gambling is prohibited and punishable by the law.
Also, cryptocurrency gambling gives you the confidence that your funds are perfectly safe. The information you provide while transacting between wallets is insufficient for any online hackers to tamper with your funds because they are highly protected under different sophisticated layers of encryption built by computer programs.
2. Low Cost of Transaction
Another reason online casino houses are turning away from fiat currencies to cryptocurrency, especially Bitcoin as a mode of gambling, is the high transaction fees banks and other financial institutions impose on gamblers when trying to fund or withdraw from their fiat wallet.
Financial institutions in Poland, for example, charges gamblers as high as 1% to fund their gambling wallet, which most times affects the gambler’s budget. But thanks to blockchain technology, transaction fees are now becoming a thing of the past as Bitcoin, and other cryptocurrencies now offer close to 0% transaction fee when gambling, making it a preferred currency for everyone involved in the gaming industry.
3. Investment Potential
With the price of Bitcoin today at nearly $20,000 after hitting its ATH (all-time high) of $68,000 on November 10, 2021, it is safe to say that the cryptocurrency has a very high investment potential as according to experts, the chances of its surpassing its previous ATH is very likely.
This means that gambling with cryptocurrency not only presents you with the opportunity of making a profit with the casino at that moment, but it also presents you with a bigger opportunity of making more profit when the crypto bull run begins.
Imagine doubling your Bitcoin from 1 to 2 at an online casino today when its price is at about $20,000, and then overnight, its price surges to as high as $100,000. This means you made an additional profit of over $160,000 without doing anything. However, you should also know that the price can fall to zero overnight because of the high volatility in the crypto market.
4. Bonuses and Rewards
According to research, Bitcoin casino bonuses and rewards are more valuable than their fiat counterparts. The fact that the price of a crypto coin can rise in value, thereby increasing the winning reward of a player and the house, is one reason crypto is gaining massive popularity and adoption in the gambling world.
To earn Bitcoin casino bonuses and rewards, you must find the best platform that offers incentives like deposit bonuses, free spins, no-deposit bonuses, and many others.
5. Lightning Fast Payment
The popularity of Bitcoin and other cryptocurrencies as a means of gambling does not only lie in its network’s privacy and security. It also lies in its speed. With blockchain technology, Bitcoin casinos can process millions of transactions instantly without waiting for the confirmation of a third party like the bank.
Instead of waiting for days for the bank to confirm your deposit, the network confirms your deposit in a matter of minutes or even seconds without asking you for added verification. This fast payment makes it easier for users of Bitcoin casinos to take advantage of special moments to win big and cash out fast no matter how far they are from the casino house.
Also, unlike conventional casinos, there are no limits to the amount you can withdraw or deposit on your casino Bitcoin wallet as computer algorithms and not humans mostly regulate them.
With the market capitalization of cryptocurrency and gambling currently at $1 trillion and $100 billion, respectively, and the call for a more aggressive mode of cryptocurrency adoption by the young generation, it is expected that more Bitcoin casinos will be coming up.
This will also give rise to more innovative ways of integrating crypto with gambling, thereby increasing the level of competition in the market. Crypto casino security is another important area spectators will be watching out for as the industry continues to evolve.
Bitcoin casinos are becoming a significant part of the virtual gaming world. Here is why.