Cryptocurrency Is Becoming Popular In Online Gambling In 2021
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Online gambling, just like all industries that adopt cryptocurrency as a payment solution, will be able to save up to 20% in transaction fees and save time for processing transactions by 5-10%. The results will increase the turnover of the platform.
Cryptocurrency is becoming more popular in online gambling. Often even large international companies accept payments in digital currency. In addition, they are actively implementing the use of blockchain technology to develop their businesses.
Cryptocurrency is becoming more popular in online gambling where the casino gets 10% – 20% from each bet + profit on advertising and all other services that he provides. In this case, it is necessary to get a new player at least three times to achieve the same income as with traditional payment methods.
Cryptocurrency allows you to receive funds from the player only after he confirms that he has made a deposit, opens an account in the casino, and passes all necessary verification procedures. This makes it possible to reduce fraud and minimize losses due to “bonus hunters”.
Safe Gambling
If we talk about the implementation of cryptocurrency in online gambling, it’s no secret that the processing time for transactions is much faster than with traditional payment methods. An online casino will allow you to pay for services and games not only in fiat but also in cryptocurrency. This step will allow players from all over the world to play without borders and restrictions.
Also, they can get bonuses on deposits and other opportunities like trading with the BitIQ. Online gambling will allow cryptocurrency holders to make money not only by investing in it but also by using it as payment on platforms for games, lotteries, betting, and online casinos.
If we talk about the implementation of cryptocurrency in online gambling, then already today there are P2P (peer-to-peer) online casinos that accept payments only in cryptocurrency. Also, there are lotteries and betting companies that also use this method of payment. In our time the number of players who want to receive their winnings or losses immediately has increased considerably.
Therefore, it’s no wonder that most players want to play for real money. But the fact is that most online casinos and bookmakers do not accept fiat currency payments, so they have to deal with cryptocurrency. The speed of transactions is one of the main reasons for high popularity in the first place. Most players find it annoying when they need to wait a day or two before the money is on their accounts.
It is much easier to keep track of your balance and gambling activity and enjoy more in gambling when you can instantly rebuy with the money won in previous sessions. Also, a lot of players prefer playing on different websites at the same time, and this ability can help them to improve their chances to win even more.
Despite the growing popularity of digital currencies such as Ethereum, Bitcoin, and others on the Internet, some experts are skeptical about them. In our time, online casinos and bookmakers are trying to attract new players by offering discounts on deposits, free spins, and bonuses up to 10-50% of the number of funds transferred.
Is Cryptocurrency Safe for Online Gaming?
Security is an important aspect that all providers of financial services should adhere to. Cryptocurrency has proven itself as a valuable financial instrument in online gambling.
However, there are still some issues that need to be solved:
- Legal regulation;
- Formal recognition;
- High volatility (fluctuations).
It’s not easy for cryptocurrency holders to get involved in online gambling. As mentioned earlier, all the players should undergo verification first to be able to play. It is a big barrier that prevents many people from using this method of payment when playing games online.
In addition, there are still countries where it is illegal to operate with Bitcoin and other cryptocurrencies.
The high volatility of cryptocurrency is a serious problem for any business. However, its advantages can outweigh all disadvantages if online gambling platforms use it correctly. Cryptocurrency payments reduce the risk of chargeback fraud in this industry by reducing the number of cases where players do not pay back deposits or pay less than they initially promised.
When it comes to online gambling platforms that accept cryptocurrencies, it is crucial to check if they have required licenses and certificates. Also, there are some other methods that you can use to check if they are reliable. The easiest solution is to browse the comments and feedback from other players and see if some of them had any issues with certain websites.
The high volatility, on the other side, can bring both losses and profit. If you decide to keep the crypto won by gambling on your e-wallet for some time, you have to know that the volatility in this market is very high. Therefore, it can lose or gain value. According to current trends, it seems like BTC, ETH, and many other digital currencies are going to continue gaining more value over time.
Still, you should learn more about some important factors that could influence the stability of this market, so you can determine the right moment for converting the cryptocurrencies on your e-wallet into fiat currencies. Another advantage is related to countries where gambling is prohibited or requires taxation.
You can access the website that accepts BTC and other virtual assets completely anonymously, and there is no way for anyone to track your activities. Therefore, you won’t need to pay taxes for the profit made by gambling. Still, keep in mind that you will need to pay taxes after you convert the crypto into fiat money.
The technology behind cryptocurrencies, the blockchain system, can also bring many benefits to this industry. This is an advanced system that developers can use to create better games and improve the user experience on their websites.
As we all know, a lot of gambling sites these days are trying to motivate players by providing some promotions like free credits. The integration of blockchain will make this process much more accurate and fair for the players, which will increase the popularity of these websites even more.
Wrapping Up
It is important to choose the currency itself before using it for online gambling. For this, you can use a special calculator that allows estimating its profitability compared to other cryptocurrencies and fiat money.
If you are not ready to risk losing some value, you can always convert it right after the transaction. On the other hand, keeping the funds won by gambling on your e-wallet might lead to an even higher profit over time.
We expect that more gambling platforms will start implementing this system because it offers many benefits to both sides. The developers will be able to create unique experience for each player, while people who are gambling can be sure that their safety is guaranteed, and that they can withdraw their funds at any moment.
