Bitcoin is Back for Crypto Betting
September 01 2021 - 10:47AM
NEWSBTC
2020 was a huge year for the crypto gambling sector. It was a bad
year for the world on the whole, but as more people stayed home and
looked for ways to pass the time, online casinos and sportsbooks
stepped in. In 2020, we saw more crypto casinos launch than ever
before. New crypto games also hit the market every single week—or
so it seemed—and things were on the up. The growth continued into
2021 and then hit a roadblock of sorts as Bitcoin reached record
highs and then saw its value drop by half. But the growth has
restarted in the last month or so and crypto casinos are set for a
bumper few months as we approach the final quarter of 2021. The
Changes in Bitcoin Gambling Bitcoin payments are faster and safer
than many traditional payment options. The currency itself hasn’t
changed much over the years, but the way that it is used in casinos
has changed a lot. In the early days, it was all about wallet IDs
and manual payments. These days, companies like CoinsPaid provide a
service that works more like a web wallet. It means that players
can keep all their cryptos in a single account and then transfer
these into and out of their favourite casino in a few clicks.
Cryptocurrency exchanges are also being linked with online casinos,
allowing players to connect their exchange like they do a bank
account and transfer funds across. The simplicity of these
processes is one of the reasons why Bitcoin is growing so quickly
as an online casino payment option. As easy as these currencies are
for experienced users, they can be problematic for complete
newbies. The idea of buying coins and transferring them to a
virtual wallet via long-string IDs is a little alien. But when the
process is automated through web wallet-like services, it’s a
little more familiar, and that’s key. What Drives Bitcoin’s
Inclusion? Volatility is one of the major downsides of Bitcoin and
other cryptocurrencies and it’s often cited as the reason that
these coins are not widely embraced by companies. It’s less of an
issue for online gambling companies, though. After all, these
companies work through merchants and tend to consolidate their
payments, so they don’t care what the currency is worth in the
future as long as $10 is $10 at the time of purchase. The biggest
issue is anonymity. A debit card is tied to an individual’s bank
account, which is tied to their name, address, and other details.
It creates a long paper trail and makes it hard for someone to use
debit card gambling to launder money or commit fraud.
Cryptocurrency transactions can still be tracked in the blockchain,
but they are not tied to an individual and this is where the
problems are. Regulators like those in the UK and Sweden expect
online casinos to employ strict Know Your Customer (KYC) and
Anti-Money Laundering (AML) procedures and that’s just not possible
with cryptos. At the moment, most crypto casinos are regulated in
Curacao or Malta, where the rules are a little less strict, but
when that changes or workarounds are discovered, the final hurdle
will be cleared and cryptos should be as ubiquitous as Neteller,
Skrill, and Visa. The Future It’s not just Bitcoin that is being
embraced by the online gambling sector. As the months progress,
we’re seeing more and more crypto options being added to the
banking pages of casinos and sportsbooks. Traditionally, it was all
about Ethereum and Bitcoin. XRP, Bitcoin Cash, and Litecoin
followed shortly after that and then we show Dogecoin being added
during its meteoric—and unexpected—rise. In 2021, we are seeing
many smaller altcoins being added, as well as some coins that have
had a huge year. Cardano is one of the biggest to make an
appearance on 2021 online casinos while options like Monero, DASH,
and Tether are now more common than Bitcoin Cash. They might not be
the biggest in terms of market capitalization, but they offer
something that other coins don’t and have the technology that can
benefit this industry. As the industry continues to grow, it’s fair
to assume that we’ll see many more altcoins being added to these
lists. In time, players will be given the option of using dozens of
different altcoins every time they make a deposit or withdrawal.
And because cryptocurrencies are faster, easier, and safer than
most other payment options, the extra variety could be all that
they need to outgrow options like PayPal and debit cards and become
the most popular methods used to gamble. Image
by vicki4net from Pixabay
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