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In the past couple of years, the crypto market has completely shaken up the financing world. In the late 2010s, crypto went from a niche that only certain internet subcultures knew about, to a global phenomenon. In a survey done just a year-or-so ago, it was revealed that close to half of the entire United States population is in some way familiar with cryptocurrency, and most of them have either already invested or are looking to invest in the market.
Naturally, this rise in popularity has spurred many businesses to look into this quickly growing phenomenon. Nowadays, folks can make Bitcoin-based transactions at any number of businesses, including some globally-famous ones. An example would be Starbucks; which just last year began to allow crypto-based payments. Another example, are the numerous online casinos, many of which have begun to embrace crypto as a viable method of deposit.
What are Online Casinos?
As the name would suggest, online casinos are websites that offer all of the most popular casino games. This includes games like poker, blackjack, pontoon, baccarat, roulette, and of course, perhaps most famous of all, slots.
Online slots are certainly the biggest draw of most online casinos. What makes these games so popular is the traditional slot gameplay, paired up with some extraordinary visual, audio and graphic elements. In other words, online slots are, in many ways, a lot more exciting than their land-based counterparts.
An example of a very popular online slot game that has been at the forefront of many players’ minds recently, is the Rainbow Riches slot, issued by Barcrest. Though the slot is more than 10 years old now, it has survived the test of time, and remains hugely popular among fans and gamblers of all stripes.
Is Bitcoin Gambling Growing?
The question we need to answer, however, is whether Bitcoin-based gambling is on the rise. And there is, in fact, a definitive answer. Yes, in the past year or two, gambling using Bitcoin, or any cryptocurrency has seen a steady rise in popularity.
Just last year, many websites have come into existence, all of which offer the classic casino games we all know and love, and all of which also accept Bitcoin deposits, or crypto deposits in general. Some of them even operate solely on cryptocurrency. And almost all of them have seen some high levels of traffic.
We do feel it is important to say, however, that if you are going to be dipping your toes into the world of online gambling, be sure to find a website that is licensed. The top licenses are issued by internationally-acclaimed organizations like the Malta Gaming Association or the United Kingdom Gambling Commission. However, there are some local licenses as well, which you can trust.
Why is Bitcoin Gambling So Popular?
The reason behind Bitcoin gambling’s recent surge in popularity is simple. Bitcoin and cryptocurrency are more popular than ever. And they are continuing to grow in popularity. Cryptocurrency is the hot new thing, and if the recent trends are anything to go by, the market will continue to grow in the coming future.
The reason for this massive growth, most would say, is because of the freedom that cryptocurrency provides. It is a completely decentralized asset, and operates on a peer-to-peer system. This means that any middle man is removed from a transaction. Transactions done with crypto are purely a matter of the buyer and the seller. And it is precisely this system that entices people to invest in the market.
Certainly, the crypto market is growing. And it is very likely that it will continue to do so in the coming future. Bearing this in mind, it is no surprise that businesses, such as online gambling websites, are far more likely to accept Bitcoin-based payments now than they were even a couple of years ago.
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.