Much like people can scarcely go a day without hearing about global conflict, the pandemic, or the rise of mega-companies such as Tesla, the same is true for crypto. The hype around crypto all started several years ago when Bitcoin first began to experience atmospheric growth, and ever since, talk of cryptocurrency has become a common occurrence. This is interesting considering that the technology behind crypto isn’t exactly easy to understand for the average person, but many will still be aware that there is potential money to be made by buying some of the available options.
A common view is that crypto is only used as a replacement for cash in the sense that it can buy products and services. While many cryptocurrencies can certainly do this, there is no doubt that this is just one of the many applications that some cryptocurrencies have. In actual fact, the popularisation of crypto has allowed many different industries to discover how useful some crypto can be. For example, in gambling, there are crypto casinos that players can visit if they wish to play using deposited crypto such as Bitcoin or Ethereum. These can be found in most places around the world such, as the US, and even some West Virginia online casinos allow people to deposit using crypto; Time2play lists some of the best options for eager players.
Before explaining why crypto is steadily gaining popularity with gamblers who regularly access online gambling sites, it’s useful to highlight what crypto actually is. This is because the technology is still relatively new and everyone will not be aware of what it is exactly. Given this, cryptocurrency is any currency that is digital and uses the process of cryptography to secure transactions. Most use blockchain technology, which means that all crypto exists on a decentralised network that is not controlled by anyone. Taking this explanation into account, here are some of the most significant reasons why crypto is becoming increasingly popular within the iGaming industry.
Improved deposits and withdrawals
Many people who regularly play at online gambling sites will know that when using traditional payment methods such as debit cards or bank transfers, transactions can often take several days to process. On the other hand, using cryptocurrencies such as Bitcoin, these transactions can take as little as a couple of minutes to go through, easily allowing players to play their games or enjoy their winnings faster.
Privacy
Some people enjoy remaining private, and it is a fundamental right that everyone is entitled to. Those who use crypto to play at gambling sites can remain private as other entities cannot see a record of transactions at that site. This means that people can gamble anonymously, a notion that is appealing to many.
Avoids geolocation restrictions
Some gambling sites will not allow certain users to play or deposit money into an account. This could be because of laws set by the government, or policies introduce by payment companies. Those who use crypto can bypass both, effectively allowing themselves to enjoy a gambling experience without limits.
These are some of the reasons why crypto gambling is growing in popularity and it’s likely that the number of people doing this will only grow as more people begin to understand the advantages of using crypto to gamble.