Bitcoin is back for crypto betting

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2020 has been a huge year for the crypto gaming industry. It was a bad year for the world as a whole, but as more and more people stayed home and looked for ways to pass the time, online casinos and sports betting stepped in.

In 2020, we saw more crypto casinos launched than ever before. New crypto games also hit the market every week where things seemed to be going well.

Growth continued into 2021, then hit some sort of roadblock as Bitcoin hit record highs, then saw its value drop by half. But growth has picked up again in the last month or so, and crypto casinos are expected to last a few months heading into the last quarter of 2021.

Changes in the Bitcoin game

Bitcoin payments are faster and more secure than many traditional payment options. The currency itself hasn’t changed much over the years, but the way it’s used in casinos has changed a lot.

In the beginning, it was all about wallet IDs and manual payments. Nowadays, companies like CoinsPaid provide a service that works more like a web wallet. This means players can keep all of their crypto in one account and then transfer it to and out of their favorite casino with just a few clicks.

Cryptocurrency exchanges are also linked to online casinos, allowing players to connect their exchange as they would with a bank account and transfer funds.

The simplicity of these processes is one of the reasons Bitcoin is growing so quickly as an online casino payment option.

As simple as these currencies are for power users, they can be problematic for complete beginners. The idea of ​​buying coins and transferring them to a virtual wallet via long chain credentials is a bit foreign. But when the process is automated through web wallet-type services, it’s a little more familiar, and that’s the key.

What drives the inclusion of Bitcoins?

One of the main drawbacks of Bitcoin and other cryptocurrencies is volatility, and it is often cited as the reason why these coins are not widely adopted by businesses. However, this is less of a problem for online gambling companies.

After all, these companies work through merchants and tend to pool their payments, so they don’t care about the value of the currency in the future as long as $ 10 is $ 10 at the time of the transaction. ‘purchase.

The biggest problem is anonymity. A debit card is linked to an individual bank account, which is linked to their name, address and other details. This creates a long paper trail and makes it difficult for someone to use debit card gambling to launder money or commit fraud.

Cryptocurrency transactions can still be tracked on the blockchain, but they are not tied to an individual and that is where the problems lie. Regulators like those in the UK and Sweden expect online casinos to use strict Know Your Customer (KYC) and Anti-Money Laundering (AML) procedures, which do not just not possible with cryptos.

Right now, most crypto casinos are regulated in Curacao or Malta, where the rules are a little less strict, but when these changes or workarounds are discovered the last hurdle will be cleared and the cryptos should be too. ubiquitous as Neteller, Skrill and Visa.

The future

It’s not just Bitcoin that is being embraced by the online gambling industry. Over the months, more and more crypto options have been added to the banking pages of casinos and sports betting.

Traditionally, this has been Ethereum and Bitcoin. XRP, Bitcoin Cash, and Litecoin followed shortly thereafter and then we show Dogecoin added during its meteoric and unexpected rise. In 2021, we see a lot of smaller altcoins added, as well as coins that have had a huge year.

Cardano is one of the biggest to make an appearance at 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 cap, but they offer something that other coins don’t have and have the technology that can benefit this industry.

As the industry continues to grow, it is fair to assume that there are many more altcoins added to these lists. Over time, players will be able to use dozens of different altcoins each time they make a deposit or withdrawal.

And because cryptocurrencies are faster, easier, and more secure than most other payment options, the extra variety might be all they need to overtake options like PayPal and debit cards and become the most popular methods used to play.

Image devicki4netdePixabay

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