The online gambling industry generated a turnover of over 56 billion US dollars in 2018. And it is growing continuously: experts predict that the online casino market will generate revenue of over USD 87 billion by 2024.
The gambling industry is one of the markets that is currently being reshaped and revolutionized by cryptocurrencies such as Bitcoin and is growing the fastest and fastest. Bitcoin casinos are currently enjoying increasing popularity. How did this come about and what advantages do cryptocurrencies offer in the gambling industry?
The benefits of online gambling with Bitcoin and cryptocurrencies Every industry today is facing innovations and massive changes related to the internet. Blockchain technology and the introduction of cryptocurrencies are playing a significant role in this change.
The online gambling industry has already recognized and harnessed the enormous potential of cryptocurrencies such as Bitcoin. The use of Bitcoin and other cryptocurrencies in the casino sector brings significant benefits for providers and users. We will explain the individual advantages in more detail below.
Anonymity through Bitcoin and cryptocurrencies
Blockchain-based cryptocurrencies such as Bitcoin are anonymous. With the ongoing digitalization of the world, data protection and anonymity have become highly valued yet rare commodities. The amount of personal data required by many traditional betting and gambling providers alone frightens many users and customers.
For many betting and gambling enthusiasts, the fun of betting and gambling is lost before the first spin has even taken place – simply because of the provision of personal information. People are finding it increasingly difficult to share sensitive information such as their full name, phone number, email and home address, zip code, credit card number and other details on the World Wide Web.
Bitcoin and cryptocurrencies eliminate the need to share such personal and sensitive information with unfamiliar third parties and often unknown parties.
Quick, easy to make deposits and withdrawals
There is a great desire for quick and uncomplicated transactions in the gambling market. Cryptocurrencies offer just that. Given that the financial industry is also facing significant change, it is not surprising when comparing traditional transfer systems. The online gaming industry has already recognized this upheaval. In order to offer its customers an improved and more enjoyable gaming experience, this industry is already using the speed of cryptocurrencies such as Bitcoin, Ethereum or Litecoin to transfer value.
Wallet with cash and credit cards
A payout via bank transfer takes around three to five working days. A transaction with cryptocurrencies, on the other hand, only takes a few seconds to minutes. As with Stadtgame, players can enjoy their personal winnings without having to wait what feels like an eternity for the payout.
Of course, this also applies to desired deposits. Bitcoin casinos offer their online customers an unclouded gaming experience directly and without long waiting times.
Cryptocurrencies are more cost-effective The transaction costs of cryptocurrencies are significantly lower than those of established and conventional payment systems. By using Bitcoin, Litecoin and Ethereum, players can keep more of their own money and bypass third-party services.
Location restrictions
In many countries there are no online casinos. However, some Bitcoin casinos welcome players from all over the world, even if gambling is prohibited in their own country. The operators of the online casino leave the decision and full responsibility to the website visitor as to whether they want to play or not.
More gaming fun thanks to Bitcoin and cryptocurrencies Rapidly fast deposits and withdrawals are possible within seconds at Bitcoin Casino thanks to the use of cryptocurrencies. What’s more, using Bitcoin and similar currencies is child’s play and anonymous.
At a Bitcoin Casino, it is possible to make deposits in several popular cryptocurrencies. It is also possible to place bets and withdraw winnings. Payments with Bitcoin (BTC), Litecoin (LTC), Ethereum (ETH) and Tron (TRX) are supported.
Take advantage of the cashback benefits In addition to the benefits of using cryptocurrencies, users also benefit from an excellent program that currently refunds a portion of earnings to users. Numerous instant rewards, free spins and cashback bonuses are also available.
There are also numerous instant bonuses, free spins and cashback offers of up to 10% available.
Conclusion on Bitcoin and cryptocurrencies in the gambling market
Cryptocurrencies such as Bitcoin are undoubtedly continuing to gain ground as a currency system. Established payment systems in particular are gradually being replaced by this type of payment in the online sector. It is therefore not surprising that online gambling providers in particular are among the pioneers and are increasingly relying on payments and payouts with cryptocurrencies such as Bitcoin.
Bitcoin as a casino cryptocurrencyThe underlying concept sounds promising. Fast and uncomplicated deposits and withdrawals, leading to an improved gaming experience. A highlight for many online players who already own cryptocurrencies.
Even those who have not yet invested in Bitcoin or other cryptocurrencies can benefit from the ultra-fast deposits and withdrawals: Some Bitcoin casinos offer a link to platforms where you can buy Bitcoin. This closes the loop perfectly.
Cryptocurrencies in the gambling sector are an innovative idea and represent the future, which is why they should be viewed positively overall.
