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Crypto gambling: using bitcoin to gamble

By Guardian Nigeria
17 October 2022   |   3:09 pm
  Gambling has taken on to whole new levels and has embarked upon what is now considered to be the next big thing, and this is nothing else than the cryptocurrency. You’ve probably heard that the cryptocurrency market is continuously growing and it is soon expected to reach double-digit compound annual growth rates by 2026.…

 

Gambling has taken on to whole new levels and has embarked upon what is now considered to be the next big thing, and this is nothing else than the cryptocurrency. You’ve probably heard that the cryptocurrency market is continuously growing and it is soon expected to reach double-digit compound annual growth rates by 2026. And you’ve also probably heard that the applications of blockchain technology are ever expanding, simply justifying why this break-through, innovative decentralized system is so effective and efficient. Gambling-wise, the cryptocurrency and the blockchain technology have so many applications that it is safe to say that we are living in the era of crypto gambling. 

Cryptocurrencies are not new to the world. The bitcoin, for example, was first introduced more than a decade ago, but it is these last few years that it has taken off, after it was first highly questioned, criticized and even rejected by the masses. Gambling with the use of cryptocurrencies has also taken off, as part of the entire dynamics of this new trend. Notably, crypto gambling now accounts for almost 35% of all gambling turnover of online casinos and online bookmakers like Sportsbet, while in the next few years it is anticipated to reach almost half of the industry’s revenues.

There are several cryptocurrencies available for punters, though Bitcoin remains the king of cryptos. But why is bitcoin good for online gambling and why should you go about using a cryptocurrency instead of the available traditional fiat currencies when wagering? Well, let’s see some of the most important advantages, which will probably make you change the way you see the whole issue of crypto gambling. 

Safety, privacy and anonymity
Gambling with bitcoins increases the security of your transactions and since it requires no credentials or authentication on your part, it also ensures total anonymity. Crypto gambling works upon a decentralized system built on the blockchain technology, enabling transactions to be transparent, credible and safe, while at the same time, confidential as you don’t have to provide any sensitive private information. The fact that all cryptocurrency transactions are immutable further adds to the benefits for the punters, particularly as blockchain technology guarantees that no transaction can be changed, altered or modified in any way and thus it remains intact and secured.

Speed of transactions
Another very important advantage in gambling using bitcoins is the fact that all transactions are very fast compared to transactions made in fiat currencies. In fact, you can make deposits and withdrawals faster than you’ve ever thought of before and this can be a game-changer when it comes to online gambling. Imagine being able to instantly make a payment or receive your winnings quickly regardless of the amount or the time.

Very low transaction fees 
Being bettors you are certainly frustrated about the transaction fees that are regularly charged when gambling with the traditional fiat currencies. With crypto gambling, however, you don’t need to worry about that. There are very low transaction fees – in some cases there are no fees at all – when you gamble with bitcoins and this means that you can deposit and withdraw as many times you like, without considering the amount that will be subtracted by your account every time you do it.

Crypto gambling using bitcoin is going to be the most popular and dominant form of gambling in the near future and if you are serious about gambling, you should probably get on board with this at some point. The advantages of cryptocurrencies are not negligible, while the benefits are easy to grasp. What is now a rising trend, will eventually become mainstream and you’d better keep up with that!