Factors Contributing to the Popularity of Crypto Gambling
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Looking around, we find more and more crypto gambling sites springing up. The trend becomes even more popular as more blockchain projects emerge from obscurity. In 2021, blockchain startups raised $25 billion, much to the surprise of fiat-based startups.
With such a startling figure, it is easy to see why crypto gambling is becoming more popular in the industry. Many players are switching to the ease of gambling with Bitcoin and other altcoins. Nevertheless, there is more to this trend than how much the startups raise.
The following few lines will address the growing popularity of Bitcoin gambling. It will give you a better view of the evolving industry as operators try to keep up with technology. So, grab a seat and explore the factors that make Bitcoin gambling attractive.
Top 5 Factors Increasing the Popularity of Crypto gambling
Unsurprisingly, millennials adopt new technology faster than their older counterparts. It could have something to do with the younger blood or the era of massive technological growth. Regardless, Bitcoin gambling has become more commonplace among young people than their older counterparts.
We will show you how certain factors contribute to the rising trend. They mostly tie into our everyday lives and how we prefer to live. Nevertheless, Bitcoin gambling remains a thing of preference.
Keeping that in mind, here are the top 5 factors contributing to cryptocurrency gaming's popularity:
Quick Transactions
We have become accustomed to quick payments since switching to the online format. Standing in a queue to deposit cash into gaming accounts sounds obsolete. No one wants to do that, especially when they have online payment services.
Crypto gambling swept through the industry because of its speedy transactions. Of course, we already know cryptocurrencies have near-instant transfer times. Then, imagine adding that to your online gaming experience.
The results are just stellar and miles ahead of the fiat-based competition. Although fiat payment options like PayPal and e-wallets are catching up, crypto-based payments remain the fastest. It then becomes a matter of when Bitcoin gambling will take over the industry.
Young and new players do not have the patience to wait days for a withdrawal. Adopting Visa, MasterCard, and other debit card-based options will bring that experience. E-wallets have shortened the process to hours, at best.
Nonetheless, cryptocurrency gambling takes advantage of Blockchain's efficiency to provide lightning-fast transactions. That is true for both deposits and withdrawals. Players can focus more on their gaming performance than on payment options.
Anonymity
There is a catch on this one, but it is still a contributing factor to the popularity of crypto gambling. Most high rollers and even casual players prefer anonymity.
The idea of maintaining privacy when playing online games is becoming more appealing. As a result, experienced players seek new ways of achieving anonymity without risking gameplay. Bitcoin gambling comes as a perfect solution to their challenges.
As mentioned earlier, there is a catch to the whole idea of anonymity. Players cannot stay anonymous at conventional online casinos, even though they support cryptocurrencies. Instead, they will achieve privacy in their financial transactions.
Regulatory bodies have no jurisdiction over cryptocurrency transactions. That is because the blockchain is decentralized, with no central authority. Hence, bettors who adopt Bitcoin gambling achieve anonymity in their financial statements.
Total anonymity is possible at fully decentralized online casinos. These platforms are entirely based on blockchain technology. As a result, they have no affiliation with mainstream regulators.
Players can maintain the privacy they need. There are no prying eyes looking into their financial records. Overall, anonymity remains one of the most appealing aspects of crypto gambling.
Higher Transaction Limits
In fiat-based online casinos, you cannot make high transactions without drawing the attention of the casino. You might even get a call from the financial regulators in your region. This occurrence is okay as governments seek to stamp out money laundering.
Crypto gambling allows bettors to deposit more funds into their accounts. The amount might sound small in coin value, but you will understand once converted to fiat currency.
Higher deposits are what most high-rollers want. It allows them to stake high amounts and gain the potential of winning even higher amounts. However, Bitcoin gambling sites still have a threshold.
They do, but it is often higher than fiat-based platforms. Higher transaction limits are attractive, especially for players who prefer large bets. Hence, it is easy for crypto gambling to become famous.
Lower Transaction Fees
Mainstream payment services may offer fast transactions, but they often come at a cost. They will charge processing fees that eat away at your total withdrawals. That includes both deposits and withdrawals.
We are not referring to the casino's charge, but the payment method's charge. PayPal, for example, can charge up to 3.5% for a single transaction. That is a sizable chunk of cash going to a processing fee.
Then, if you add the casino's processing charges, the cost quickly rises. Crypto gambling sites have lower transaction fees. Of course, you will pay the gas fees for this process.
With Bitcoin gambling payment options adopting cleaner energy, gas fees are declining. That means bettors get to pay even less while enjoying the games.
So, which one would you prefer? A payment method that has substantial charges for transactions or one with lower fees? Of course, we will lean more toward the latter.
We have crypto gambling to thank for that. Still, there is more to it.
Security
Fiat payment options are secure, especially when it comes to online payments. They have enterprise-level security, which is a good thing. However, the tight-knit encryption of blockchains makes them highly appealing for crypto gambling.
A hacker would need your seed phrase to access your account-an extremely difficult task. Once you have it, you never have to expose it, unlike debit cards. To make a payment, you must enter the card details, exposing them to any watchful eye.
Final Thoughts
Crypto gambling is sweeping through the online gaming industry. It has become the preferred option among millennials. Nevertheless, its popularity is well deserved.
Bitcoin gambling offers faster transactions, anonymity, higher limits, and lower fees. With such benefits, it is unsurprising that it has become popular among players.
