According to the Bitcoin Strip, online gamblers place close to 337 bets per second using cryptocurrency. The statistics indicate that this technology has been widely accepted in the online casino industry.
But what contributes to the trend? Gambling using digital currencies such as Bitcoin, USD coin, Dogecoin, and Ethereum comes with several benefits due to their technology. This article details the benefits of digital currency betting and an apparent reason why you shouldn’t miss out. The benefits include:
Digital currencies use blockchain technology, enabling transactions without intermediaries such as banks. Decentralization makes platforms offering betting options like crypto gambling a haven for you if you avoid the complex banking regulations. In addition, this feature makes this type of gambling possible anywhere globally. You not only don’t need double conversions to bet, but also beat jurisdiction gambling restrictions.
Low transaction fees
Banks don’t deal in cryptocurrencies, which leaves you to transact directly with the online casino. Such transactions are commission fees-free. This feature of digital currency gambling makes the option less expensive. As a result, you will get a higher return in the event of a positive outcome compared to gambling using fiat currency.
Privacy is a significant concern when gambling online, but your online transactions are safe thanks to blockchain technology. Unlike payment options such as banks and credit cards, crypto wallet addresses don’t reveal any information. The enhanced privacy goes for both deposits and withdrawals. In addition, you need two-factor authentication to access a crypto wallet which makes your account proofed from cyberattacks.
Transacting using banks or credit cards is tedious and prone to rejection. This isn’t the case with betting using cryptocurrency. Cryptocurrency transactions are fast, which makes them efficient. However, that transaction speed can be affected by block size, block time, transaction fees, and the network traffic you are using.
Like conventional online casinos, those using crypto also have bonus and promotional incentives. The difference is the margin. Platforms offering digital currency betting have huge bonuses, making gambling on them lucrative. However, note that it takes meeting the terms and conditions to get the bonuses. So, it helps to read and understand them when signing up.
Impossibility of account freezing
Online gambling governing bodies always check your transactions and freeze them in case of any suspicious activity. The freezing might not be due to illegal activities, and if that happens, you will be highly inconvenienced. Luckily, that isn’t possible with cryptocurrency betting. The governing bodies can’t freeze your crypto wallet or account since this isn’t fiat currency. On the downside, gambling using cryptocurrency attracts attention from the authorities.
Cryptocurrencies are volatile (liable to change unpredictably). This feature can benefit or hurt you, depending on how you handle it. If you are an investment-oriented online gambler, a betting option like crypto gambling lets you hold the coins until the price changes before selling them.
Cryptocurrencies have gained traction recently, and online casinos using the technology are a blessing to online gamblers. Blockchain technology has the benefits you have read …….