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As of 2021, there have been major developments in the Blockchain and Crypto industry. Various developments such as NFTs, Crypto Gaming and Metaverse have greatly helped the growth of the industry. Likewise, the gambling industry is being redesigned as part of this development.
The online casino and betting industry continues to grow with the inclusion of blockchain technology. Currently, blockchain technology is only reflected in payment methods in the gambling industry. Bitcoin, Ethereum, Litecoin, BNB and Ripple and many other cryptocurrencies are used in transactions on gambling sites.
Bettors who want to gamble anonymously and securely support these innovative methods. In today's article, we will talk about the close relationship between the crypto and gambling industries. Now, if you are ready, let's take a look at the details of our article.
How to Use Cryptocurrency in Gambling?
The use of cryptocurrencies in the gambling industry is still considered a new technology for most betting lovers. You may be using traditional payment methods when depositing money or withdrawing winnings from your account at an online betting site. For example, bank transfers, credit cards or electronic wallets. It is precisely because of these that you may be intimidated when you hear about cryptocurrencies.
But don't worry, you just need to update yourself. Cryptocurrencies are digital currencies protected by cryptography. It would be a simpler explanation if we say that there are virtual currencies that do not have a physical equivalent. All cryptocurrencies use the basis of blockchain technology. It has extremely high anonymity as there is no central authority.
It is frequently preferred by betting lovers due to its high anonymity, transfer speed and ease. For example, crypto bookmakers like Thunderpick has become very popular lately. Because they use XRP, Ethereum, Bitcoin, Litecoin, Tron, Tether, Dogecoin and Bitcoin Cash as payment methods.
Why Has Crypto Gambling Got So Popular?
Using Cryptocurrency in options such as traditional sports betting, Esports and online casino is a rising trend. The general reason for this situation is the belief that Cryptos will be used frequently for online transactions in the future. And in addition to this, both the gambling industry and bookmakers benefit from it due to its cheap transfer fees. This sustainability in fees makes Cryptos useful for gambling operators.
Looking at the emerging trends, Cryptos reached their highest level in 2021 with a volume of 2 trillion dollars. In the same way, we can say that Esports betting has grown at the same pace. Specifically, according to some data, 4% of all online gambling searches on google are Crypto-centric.
Although this may seem like a very small percentage, it is not exactly the case. Because the rate of those who want to join casinos with Bitcoin has increased fourfold from 2019 to 2021. In short, we can say that this popularity has two sources. The first is the growth of the Crypto industry with new technologies. The second is the development of new generation betting options such as Esports.
Benefits of Using Crypto in the Gambling Industry
Blockchain technology has finally begun to reflect on the gambling industry. In this part of our article, we will answer questions such as the benefits and why we should use Cryptos when gambling.
Security
Blockchain technology provides an important security to cryptocurrencies due to its structure. In Blockchain technology, decentralized transactions take place when you pay with Cryptos. These transactions must be verified and approved. Due to this approval and control, fake transactions are completely destroyed.
Some security features are provided when blockchain technology is applied in the gambling industry. For example, you do not need to register with your identity information on the site where you will gamble. Likewise, you do not put your credit card and other personal information at risk. You can remain anonymous so you don't have to protect your account information and financial records.
Using cryptocurrencies you can simply deposit, get quick confirmation and start gambling. At the end of this process, the casino site will only know your Crypto wallet address. Other than that, they will not be able to access your information.
You may not have enough knowledge about crypto gambling. Don't worry too much about it and have a look at our article on how to bet with cryptocurrency.
Complete Privacy and Anonymity
All betting sites that you register using traditional payment methods will ask you for your identity information. The first time you register, you have to submit all the details of your personal information to these sites in order to confirm your accuracy. And naturally, the biggest concern is the disregard of the privacy of your personal data. Many bettors do not feel secure about how and where their personal information is stored.
This is where blockchain comes into play. Since financial transactions are instantly verified via blockchain, it does not require personal information like traditional payment methods.
Easy Payment and Fast Transactions
The most important point that the gambling industry benefits from blockchain is the efficiency in instant money transfers. As you know, cryptocurrencies are decentralized and there is no central authority overseeing transactions.
Transactions are extremely fast, unlike traditional payment methods in cryptos. And the transfer costs of Cryptos are extremely low. Naturally, Cryptos are becoming less costly than other payment methods. This situation provides an advantage in terms of fees for both the gambler and the gambling site.
As a betting lover, you do not need the approval of third parties when you pay with Crypto to the gambling site. When you pay to the digital wallet, blockchain transactions take place within seconds and are instantly added to your account on the casino site. That's the whole process.
High Bonus and Promotions
The most indispensable feature of a gambling site is the bonuses and promotions it offers to its customers. However, since most gambling sites offer high wagering and odds conditions at this point, they make the bonuses unusable. However, this is not the case with Crypto bookmakers. Because another reflection of the cheapness of Crypto transactions, which we mentioned at the top of our article, is bonuses and promotions.
Due to the absence of third-party intermediaries in Crypto transfer transactions, both the gambling site and the customers benefit. Gambling sites also include these additional earnings back into the system by using promotions. In this way, promotions have requirements that are both more generous and easier to meet.
Final Words
Online gambling and the Crypto industry are part of a new ecosystem that has come together. Cryptos seem to continue to lead the industry, as it paves the way for bettors to gamble in safe environments. We can say that many new developments have been experienced as of 2021, especially with NFT's entering the gambling industry.
In any case, it is worth mentioning that the development of Cryptos has increased the comfort of gambling as gamblers. Finally, if you want to learn about the Crypto and gambling industry in the future, continue to follow us.
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.