Internet casinos that offer users a way to gamble using cryptocurrencies are booming, sidestepping regulations while operating and advertising with few controls. Dozens of websites operating outside the U.S. now offer a way to quickly begin gambling.
Online gambling has broadly surged in recent years both in the U.S. and abroad. Twenty-two states and Washington, D.C., have legalized online sports betting. The online casinos that operate outside the U.S. and legally serve Americans have to register with each state where they operate, and often make an effort to verify their customers’ physical location. They take deposits through credit cards or bank transfers, in line with federal regulations to prevent money laundering.
THE EXPANSION OF CRYPTO CASINOS
Cryptocurrencies are also in the midst of their own expansion, with companies jockeying to sell Bitcoin, Ethereum and a variety of other digital assets. One in five Americans has invested in, traded or used cryptocurrency, according to a recent NBC News poll.
Crypto casinos are similarly thriving. Advertising all manner of casino games, these websites often take typical payment methods such as credit cards in addition to Bitcoin and Ethereum, which can be used on digital versions of slots and roulette. A survey from Chainalysis, a blockchain analytics company, found that there are about 70 crypto-friendly casinos currently operating on the U.S., and that they’ve received an estimated USD 2.8 billion so far this year. Last year, the industry pulled in USD 10 billion, which was a 64% increase from 2020.
WELCOME TO THE FUTURE OF GAMBLING
The blistering pace of advancements in technology has only increased the acceptance of cryptocurrencies. The integration of Bitcoin among online sites has surcharged their development, allowing casinos to create unique perks and features. Why this online betting modality is being considered the future of the industry? Here are five reasons to explain this phenomenon.
1) Quicker transactions. The rising popularity of cryptocurrency payment solutions has made transactions a lot cheaper and insanely faster´, fuelling better, more player-friendly offers in the digital casino space. Gamblers absolutely hate high transaction fees, and the time it takes to process a transaction, only for it to time out or decline. Bitcoin has little to no fees, and hardly any wait time since no one actually needs to approve the transaction before you can send or receive money. By fully getting rid of go-betweens, the cryptocurrency creates a kind of safe space for players, as well as operators allowing more money to land up in the gambler’s pocket.
2) Player privacy and increased security. We are living in an age where your digital information is pretty valuable; remaining anonymous online is paramount. One of the main reasons behind the emergence of Bitcoin is its use of several layers of encryption to protect your identity. Blockchain technology is the backbone of Bitcoins’ success and has been securing players’ transactions for years. It helps ensure you don’t fall into any shady traps. The online world is filled with scammers wanting to sell your data. Bitcoin makes sure the information you provide isn’t nearly enough for hackers to use against you. You will also be the only person able to gain direct access to your cryptocurrency wallet, which means you have full control over any winnings.
3) Worldwide availability. The nature of Bitcoin and online casinos makes it easy to play from anywhere in the world, cutting out any transactional restrictions. It opens up a whole field of opportunities for managing finances and holding on to your money a bit easier.
4) Exclusive bonuses for cryptocurrency deposits. The portfolios available for the best online crypto casinos are impressive compared to the traditional ones. We already know players want a variety of games, especially those with high payouts. All the more reason crypto deposits are more attractive. The bonuses exclusively offered to players are a lot higher compared to normal casinos, and players can magnify their gains, all the while playing their favorite games. Once the players meet the set wagering requirements, they can claim the bonuses at any time. It also means that if the price of Bitcoin goes up overnight, so will the players’ winnings.
5) Long term growth potential. It’s not something that will make you a millionaire overnight. It’s true to a certain extent, but it’s still trading, and it takes time. It still comes with risks attached, but as long as you understand the fluctuating market, you should be safe. Understand that there is a long-term opportunity to bring you a considerable return.
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