The last couple of years has been crazy when we talk about technological innovations. One of the more significant industries that played an important role in the past couple of years is the crypto and blockchain industry.
Cryptocurrencies came out around a decade ago, but they were not that popular until a few years down the line. However, after the world started adopting cryptocurrencies like Bitcoin, the entire crypto market grew significantly and investors were taking money from other investments and investing it into cryptocurrencies.
As a result, the cryptocurrency market grew to be a trillion-dollar industry, and since we are talking about that much money, online casinos wouldn’t want to miss their chance to get a piece of the cake.
Many people consider cryptocurrencies to be the future of our finances, and to see whether or not that is true, we have to look at the usefulness of cryptocurrencies. To be fair, cryptocurrencies are not just digital coins that you can invest in. They are big technological advancements that are here to sort out a couple of problems.
What are Cryptocurrencies like Bitcoin?
Well, in order to get a better idea about the entire online casino market and its strategy toward cryptocurrencies, we have to find out what cryptocurrencies actually are.
Cryptocurrencies are digital currencies that work on a blockchain technology where every transaction is recorded on a digital public ledger. Each transaction is stored on multiple computers just to make the entire process decentralized. This way it is impossible to cheat the system just because every transaction is displayed publicly. On top of that, it keeps all the ledger information highly secured and safe from hackers.
Bitcoin is one of the pioneers in the digital currency market, which is why it is the most dominant and often used by casinos.
What are Crypto Casinos?
Crypto casinos adopted this blockchain technology and it is their main way of operating their finances. In other words, according to Bovada, people are allowed to bet using their favorite cryptocurrencies like Bitcoin instead of the traditional FIAT currencies.
This is a revolutionary use of blockchain technology and it opens the gambling market even further. There are many reasons why casinos are trying to adopt this technology. Apart from being a trillion-dollar market, crypto gambling is more secure, has lower fees, and it is a decentralized process that everyone can benefit from.
So, when you gamble in a crypto casino, every transaction is recorded on a digital ledger enabling you to have a smoother and safer gambling experience.
Due to the many benefits that come from crypto gambling, there are more and more casinos looking for a way to transition to this new technology.
As of now, there is an estimate of 1-5 million daily crypto gamblers in the world, and this number is growing significantly in the past couple of months. Additionally, there are 150 new crypto casinos appearing every year, and this number will continue to grow even more rapidly as people will get more used to this technology.
The first crypto casino launched in October 2013 using Bitcoin, and since then it opened the doors where many new online casinos are trying to enter.
Why Are Casinos Using Cryptocurrencies?
Well, as we mentioned before, crypto casinos come with many benefits and this new technology is sorting out problems that were unsolvable with FIAT currencies. So, let’s look at some of the benefits that come from crypto casinos.
Crypto Casinos Have Lower Fees Compared to their Fiat Counterparts
One of the biggest reasons both casinos and gamblers are adapting to this new technology is because of the lower transaction fees compared to traditional casinos. Since crypto casinos are using cryptocurrencies like Bitcoin, it is much easier to process every transaction without too much waiting or fees.
Until now, in order to withdraw your winnings, you had to put in your bank details and wait a couple of days until you see the amount in your bank account. On top of that, banks will charge you additional fees for processing your payment which in most cases will eat out your profits.
The situation is completely different with crypto casinos. The transactions are processed almost instantly, and the fees are significantly lower depending on the network traffic. Additionally, crypto casinos won’t have to use payment gateways in order to process credit card payments that usually take a percentage of each deposit.
Crypto Casinos Offer More Games
Another important reason why the crypto gambling industry is rising at the moment is the offer of new and unique games that are not available at traditional casinos. Game developers are looking forward to adopting blockchain technology and offering a unique gaming experience unlike anything else we’ve seen so far.
They Offer More Attractive Promotions
Due to the lower costs of running an online casino, crypto casinos tend to spread their profits to all the players that participate in the process in the form of promotions and bonuses. They offer more bonuses that will keep you going at all times.
The bonuses are also higher compared to traditional fiat online casinos, which is why the crypto gambling industry is growing at the moment.
Fairness of Games
Most crypto casinos offer third party audits to ensure the fairness of games. Some of them even go a step beyond and use decentralized blockchain technology in the development of games just to ensure players that they don’t have any impact on the game whatsoever.
This means that the entire crypto gambling market is more transparent, which is what people love in the world of gambling.
Crypto Casinos Can Bypass Geolocation Restrictions
Another important reason why crypto casinos are thriving at the moment is because of the use of the blockchain technology that opens up borders. As of now, there are many places where people aren’t allowed to gamble in online casinos, or they cannot process payments.
However, with the use of crypto casinos, people can bypass the process of geolocation restrictions and play their favorite games in every part of the world.
