The Recent Rise of Crypto Gambling
Welcome to the Topic “The Recent Rise of Crypto Gambling”
Cryptocurrency and blockchain technology both have a plethora of use cases in several different industries given their high tech, versatile nature. One of the industries that is now seeing a considerable amount of adoption is the digital gambling industry, and it has shown no sign of stopping thus far despite strict crypto related regulations in several countries. A rough estimate at the moment states that 50% of all bitcoin transactions (you can check out transactions directly on the Blockchain) are directly or indirectly involved with gambling, which goes to show just how much of the gambling industry has been influenced by this relatively new tech.
The ideal market for crypto gambling is in countries where traditional forms of gambling are strictly prohibited, such as in Singapore. Given the nature of cryptocurrencies in that they are extremely private and secure, they allow citizens in regions such as Singapore to access gambling without being explicitly tracked by their local governments. However, this is provided they can get past the strict existing regulations on crypto as well, which many of these countries have also been involved in.
Crypto Gambling: A better and Easier Experience
The crypto gambling industry offers several benefits over traditional gambling which has also attracted a large amount of customers thus far. These include the fact that there is no need for additional calculations related to winnings, monetary transfer amounts are entirely unrestricted, and the security of settlements is increased as the entire network is backed by the blockchain. Moreover, crypto allows the entirety of the funds to be owned only by the winner, with winning actually being transferred automatically to the player who earns them. The encryption that accompanies cryptocurrencies and blockchains in general is also maintained on the sites that use them for gambling, which adds another layer of security to the operations as there is a lower risk of being hacked or spied upon by outside parties when one is gambling at these sites.
Apart from this, gamblers also do not like the fact that traditional casinos often have a fairly large amount of commissions and transaction fees, which is more or less eliminated in crypto gambling which takes place on a decentralized blockchain. This means that the only real cost of playing is the transaction fee of using the network, which is typically only a few cents compared to the exorbitant amounts one might have to incur at a normal casino. Cryptocurrency payments also offer fast transaction speed, especially when it comes to withdrawing one’s gains, allowing players to cash out in only the few minutes it takes for the crypto network to verify the transaction. These factors, coupled with the security and the amount of privacy offered by cryptocurrencies in general, mean that the rise of crypto gambling is only just beginning and will continue to grow in the future as more and more people become aware of it. Even as of now, players have a large variety of reputable crypto casinos to choose from that offer thousands of games and categories to choose from, a figure that is only going to increase from here as more casinos also enter the industry.
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Also Read: How Does Crypto Gambling Work