Is Bitcoin The Future Of The Sports Betting And Casino Industry?

The gambling industry continues to grow despite the challenges that 2020 brought. This year, the industry is poised to get bigger and better. Trends seem to be never-ending, and new ones continue to pop up. In recent years, one sector of the gambling industry has gained more popularity, which is Bitcoin or cryptocurrency gambling.

Today, many online casinos and bookies are now transacting with cryptocurrencies like Bitcoin, Ethereum, Litecoin, Ripple, and many more with their customers. People can easily download a cricket betting app if they intend to wager on the ongoing IPL season.

The rise of cryptocurrency gambling also has something to do with how cryptocurrencies are getting more attention than ever. Cryptocurrencies have been around for a while now, and the first-ever successful crypto, Bitcoin, has been around since 2008.

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However, it took a while before Bitcoin was pushed towards the mainstream since it was created. If there was a time when Bitcoin somehow gathered a lot of attention, it was in 2017 when its value reached almost 20,000 US dollars. Since then, many have been hopeful that its value would go up, but it took a while that some lost interest in it.

No one predicted, however, that 2020 will be quite a year for Bitcoin. Once again, it gained more attention, but it’s bigger this time. Before 2020 ended, Bitcoin’s value reached around 30,000 US dollars, and today, its value is already playing around 55,000 to 60,000 US dollars.

Why Gamble With Cryptocurrencies

People have different reasons as to why they are starting to choose to gamble with cryptocurrencies like Bitcoin, Bitcoin Cash, Cardano, and many more. It can be beneficial to some, and here are some of the great reasons why crypto gambling is a must-try.

  • Anonymity

There are cryptocurrency casinos that don’t require their players to register. This means that they can gamble online without disclosing any of their personal and banking information. Whenever sending a Bitcoin or other altcoin payment, a person will only really need a wallet address and/or a destination tag.

The receiver of the funds can only really have your wallet ID or address. The transaction made will be part of a blockchain which will make it hard to trace the sender. This is why it’s also convenient for people who want to avoid the limitations placed by different locations or banks.

  • Security

Cryptocurrencies are decentralized and all transactions made are end-to-end. It runs on blockchain technology which makes it close to impossible to manipulate crypto transactions. It’s going to be hard for trackers to manipulate any data recorded with the blockchain.

Since you also don’t need to give any information whenever you need to send coins to someone, it also limits the information you share online. Hackers won’t have much data about you, and they won’t have anything to hack into.

  • Generally Cheaper

Bitcoin casinos are also generally cheaper to run. Operators will still need to get third-party service providers to process crypto payments, but according to reports, processing crypto payments only costs a fraction of processing fiat currency payments.

Since Bitcoin casinos are cheaper to run, gamblers are quick to see how generous they could be when it comes to promos and bonuses. They could afford to give new customers bigger sign-up or welcome bonuses, and they could also afford to reward their loyal customers frequently.

The Future

Some people believe that Bitcoin and gambling with it is just a fad. However, it’s tough to say whether Bitcoin and altcoins are here to stay forever at the moment. So far, based on how experts perceive it, it is volatile, but it could continue to peak this year.

The fact that it is volatile but people are still investing in it just makes it more apparent that it has potential. The more people create crypto wallets and buy cryptocurrencies, the more widely they will be used. This is why big companies like Microsoft, Starbucks, and many more are already starting to implement its use.

Cryptocurrencies are slowly penetrating the mainstream, and there are users out there who intend to normalize their use. This is why different online platforms are already allowing cryptocurrency transactions. People can not only gamble with their Bitcoin today, but they can also shop for groceries, products, and services and even book a hotel too.

It’s simply not impossible that this could very well be the future of the sports betting and gambling industry. The next few years will be crucial to determine how long cryptos are here to stay. If Bitcoin continues to rise in the coming years, it’s likely to be part of the mainstream online payment solutions out there.

If you are interested in even more business-related articles and information from us here at Bit Rebels, then we have a lot to choose from.

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