Increased Adoption of Cryptocurrencies in Online Gambling

Increased Adoption of Cryptocurrencies in Online Gambling

While it’s not a full-on migration, most online gambling sites are seeking to adopt at least some of the common cryptocurrency payment methods. One of the best ways to lend weight to new online casinos is the adoption of safe payment methods. While it’s still speculated about whether or not bitcoin works against preserving the integrity of online business, one thing can’t be denied – it is super convenient for online gambling.

We are observing an increased number of bitcoin casinos opening up and the same can be said about betting sites. In general, the gaming industry is banking on the blockchain to bring it into contact with a new user base. So far, it’s working.

Why Is It Happening?

The gambling community consists of open-minded people with an opportune mindset. These kinds of people are more likely to invest in technology such as ethereum, bitcoin, or the altcoins. Once you have the necessary crypto assets, it’s super easy to make a deposit and start playing. Playing video games is another touchpoint connecting gamblers with the world of crypto.

You see, all sorts of sophisticated transactions are taking place over the internet. People trade and even bet video game outfits – also known as skins – and other virtual items such as accessories and weapons. This phenomenon pertains to the eSports betting domain because the most traded skins are firearms from tournament FPSs such as CS:GO.

Many of the modern-day video games have a gambling element in them. Yes, we are talking about the infamous loot boxes that earned a bad reputation to the likes of FIFA (the video game). To those who are fond of such mechanics, it’s much more appropriate to try them out at bitcoin casinos such as BitSpinCasino – which have the necessary licensing and track record.

Is There Much Value in Holding Cryptocurrency?

Many are asking the same old question, waiting for the supposed bitcoin bubble to burst. If there isn’t long-term profit, then why not make the best of a bad situation and gamble your bitcoin or dogecoin? Next thing you know, you are playing slot machines on one of the casino apps accepting bitcoin. Yes, it’s that easy. The thing with casinos offering high volatility games is that money comes and goes very easy.

Put in simple terms, it’s reasonable to believe that surge of interest is due to investors trying to make up for losses they incurred due to bad trading – or investment decisions – and casino sites just happen to be there giving a ‘helping hand’. If anything, trying to beat the stiff odds of the house edge is an even more unreasonable decision than investing in highly-volatile altcoins.

Liquidity Like None Other

The best gambling sites accepting bitcoin and altcoins provide liquidity like that is irresistible to the owners of cryptocurrencies who live in the fast lane. If you’ve been on one of those crypto trading platforms, you may know how long you have to wait until you turn a profit. With gambling sites, you don’t need to wait for days to fulfil your order.

Because deposits are instant, you are right away immersed in an interactive world where every choice you make can cost you, but can also bring you instant gratification. To top it off, the bonuses are masterfully structured to keep you coming back for more and the games are provenly fair. Not that you have to be actively searching for ways how to keep your cryptocurrency safe, but the casino also takes that worry away.

In a Nutshell

The Gaming industry drives huge profits for the owners, governments, and a small minority of very lucky players. We can’t deny that online gambling is here to stay and probably will spearhead the adoption of cryptocurrency on even more levels. The blockchain offers tailored decisions for the needs of the online gambling sites such as building trust between game providers and users.

What’s more, the blockchain fits in perfectly in the future painted by the Metaverse. It will make it impossible to steal personal items and reverse actions with malicious intent. The decentralised architecture is also very fitting of a free and non-limiting virtual world, as such the Metaverse is being portrayed.

Last updated Dec 6, 2022

Share this page:

Binance 10% Offer

Latest Posts

What Are Perpetual Contracts (PERPS)?

What Are Perpetual Contracts (PERPS)?

What are Perpetual Contracts (PERPS)?Perpetual contracts, also known as perpetual swaps or simply "perps," are a type of derivative contract that allows traders to speculate on the price of a particular asset without having to physically own the...

What Is Annualized Percentage Yield (APY) in Crypto?

What Is Annualized Percentage Yield (APY) in Crypto?

What Is Annualized Percentage Yield (APY) in Crypto?Annualized percentage yield (APY) is a term used to express the annual rate of return on an investment, taking into account the effect of compounding interest. In the context of crypto, APY is...

What is Wash Trading in Crypto?

What is Wash Trading in Crypto?

What is Wash Trading in Crypto?Wash trading is a form of market manipulation in which a trader buys and sells a security for the purpose of creating artificial activity in the market. This is done in order to deceive other market participants...

What Is the Crypto Fear & Greed Index?

What Is the Crypto Fear & Greed Index?

What is the Crypto Fear & Greed Index?The Fear & Greed Index is a tool used to measure investor sentiment. It is based on a scale of 0 to 100, with a value of 0 indicating extreme fear and a value of 100 indicating extreme greed. The...

What is the Metaverse?

What is the Metaverse?

What is the Metaverse? The metaverse is a collective virtual shared space, created by the convergence of the real and the virtual. It is a concept that has been explored in science fiction for many years, but it is becoming increasingly relevant...

Top Rated Exchanges

Top Rated Brokers

Top Rated Wallets

Roobet

Latest Reviews

MoonXBT Review

MoonXBT Review

MoonXBT Review 2022MoonXBT Review Summary MoonXBT is a trading platform that aims to take your investment to the moon with the innovative means of social trading. MoonXBT is based in the Cayman Islands and has offices throughout East Asia and...

PrimeXBT Review

PrimeXBT Review

PrimeXBT Review 2022 PrimeXBT Review Summary The PrimeXBT cryptocurrency exchange is a one-stop-shop trading platform that supports trading cryptocurrencies, most major stock indices, commodities, and foreign currencies. They have quickly become...

MEXC 10% Trading Fee Discount

Pin It on Pinterest