Bitcoin crashes while crypto gambling is on the rise
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The online and crypto gambling industry has for a long time been at the forefront of embracing new technologies. And it’s understandable. Given the stiff competition between these brands, online casinos such as icecasino.com/en-ca must constantly adopt new technologies to stay ahead of the competition.
For the past decade, the continued rise of Bitcoin and crypto gambling as a whole has become a significant consideration for many casinos. This is despite many viewing the currencies as volatile, evidenced by the currency value fluctuations. Bitcoin, for example, is down almost 60% year to date, trading at highs of around $64,000 in November 2021.
Industry experts argue that people no longer view Bitcoin as an investment. This point has been repeated repeatedly since the famous bull run of 2019/20. But despite this, the levels of interest amongst online casinos and players show no signs of slowing down in using these currencies.
The number of crypto casinos is increasing, and so is the number of players. What could be the trigger? Why are many players switching to crypto casinos and ditching hybrid/fiat casinos?
Blockchain-based transactions are anonymous
By signing up at your regular online casino, they’ll ask you to provide all information but your shoe size, like your name, postal code, credit card number, phone number, and so on! You also must ensure that you sign up at a legitimate online casino so that the information provided doesn’t fall into the wrong hands.
But not with your Bitcoin or other cryptocurrencies. You only have to provide the number of your Bitcoin wallet, which no one else can access.
Faster transactions
For instance, withdrawals made through bank transfers from your regular online casino take 3-5 business days. eWallet transactions can take a few hours, but only if you are lucky! Some of these transactions can take up to 72 hours to be processed.
On the other hand, Bitcoin transactions are fast and, in some cases, near-instant. Once the casino staff has processed the transactions, the money should be available in your wallet.
Bitcoin gambling is available Worldwide
It doesn’t matter whether you live in the US, UK, Australia, or even Russia, where there are all sorts of embargoes. You can sign up, deposit, and start playing using Bitcoin as the payment method.
Small to nearly zero transaction fees
Cryptocurrency fees are significantly lower than those involved in fiat currencies. In fact, when gambling at cryptocurrency online casinos, you don’t have to pay anything to move your money in or out of your account. This is not the case for the classic online casinos, where some charge you a small fee for your deposits and withdrawals.
No limits for most of the bitcoin casinos
I know you are probably wondering, “how about the transaction limits I saw at Casino A or B.” If you look closely, you’ll realize that some of these casinos with limits are hybrid casinos. When it comes to online casinos that support Bitcoin, there are no limits. Totally!
Crypto casinos allow you to deposit as much as you wish and do the same for withdrawals. However, there’s a limit where the casino has to verify withdrawals. In such an instance, you may have to wait for a few hours.
Provably fair casino gaming
It is a new concept that is strictly limited to blockchain gaming. Usually, all software-based games rely on the Random Number Generator software to determine the outcome. The software generates hundreds of thousands of numbers randomly.
Each of these numbers corresponds to a particular outcome. Once you spin the reels, roulette’s wheel or deck of cards is shuffled, and one of the hundreds of thousands of numbers is randomly picked to represent the outcome.
Rogue and unlicensed online casinos can alter this software to favor them.
But this is not the case for Bitcoin casinos. Using provably fair technology, you can check not only the authenticity of slot games but also that of roulette, dice, blackjack, and many other games. You can verify that the outcome of the game was 100% random and unaltered.
Bitcoin gambling is the future
The future is now! We are living in it. Thanks to blockchain technology, we’ve converted the computing power of our devices into cash and use it to pay for everything and anything. Online casino gaming is merely the start, demonstrating that this technology works.
Some Bitcoin casinos have even scooped coveted prizes in the iGaming industry and ranked highly at trusted watchdog portals. This is a good sign for the Bitcoin gambling industry as it shows that more and more players are starting to trust crypto casinos.
