In one form or another, gambling has been prevalent across the globe since… well, forever. Some betting enthusiasts prefer to physically step inside a casino, while others prefer gambling in legitimate online casinos from their homes.
Whether online or offline, betting is an excellent form of entertainment, and if you know what you’re doing, it can also be suitable for making extra pocket money.
However, the COVID-19 pandemic has forced many players to gamble online. Many were initially skeptical until they discovered the numerous benefits of gambling from home, especially when crypto is involved.
The pandemic might have accelerated the mainstream adoption of cryptocurrency due to the resilience demonstrated by Bitcoin’s performance in 2020. These two factors created the perfect storm for the rapid growth of online gambling backed by cryptocurrency entering 2021.
Factors Behind the Ascent of Crypto Gambling
Online gambling with cryptocurrency has come on in leaps and bounds during these strange times we find ourselves in. Here are the primary reasons for that growth.
Easy Payment Processing
People are tired of being charged high fees and waiting for bank transfers that take forever. That’s why they choose crypto payments, which save effort and avoid those unnecessary fees during these tough economic times when every cent makes a difference.
In comparison, making a cryptocurrency deposit at an online casino only takes a few minutes when you use a QR code scanner.
Anonymity
Crypto transactions are encrypted using a complex algorithm that is virtually unhackable and untraceable. There is also no need to disclose credit card details when depositing and withdrawing at crypto online casinos. Therefore, players can make anonymous bets, giving them privacy and peace of mind.
High Returns
Thanks to cryptocurrencies and blockchain technology, gambling operation costs are reduced, and users can enjoy higher returns. When thousands of people are losing their jobs and struggling to survive during this global economic crisis, it’s at least a relief to know that your return on gambling can be better than ever.
Crypto Gambling as an Investment
Believe it or not, crypto gambling can be a form of real investment if it is done right. Of course, success requires a combination of strategy, financial savvy, and intuition – it’s not all about luck.
Online gambling is not just a form of entertainment; it’s a simple job for some people who have made entire careers out of it. Earnings can be insane due to the fluctuation in the price of cryptocurrencies, particularly Bitcoin last year.
The price of Bitcoin dipped below $10,000 in February 2020, but today it’s worth more than $34,000. Hose who wins when the price is low and cash in when it’s high is in for an extra treat.
Gambling with Cryptocurrencies – Pros & Cons
Besides being a fun way for people to kill time during this extended quarantine, online gambling has its own benefits and drawbacks. You should consider everything before embarking on this adventure.
Advantages:
- No legal restrictions
- Anonymous transactions
- Fast payments
- Bonuses offered for deposits with cryptocurrencies
Disadvantages:
- UX can be clunky
- Uncertainty and fluctuating value of crypto
- More complicated for inexperienced players and non-techies
Summary
Not long ago, gambling with cryptocurrency was a vague and little-known concept; however, nowadays, it’s continuing to gain popularity among professional and casual gamblers. Although this form of gambling is accessible to pretty much everyone, you should only use established online betting sites and coin exchanges to avoid getting scammed.
Doing preliminary research and a thorough background check is always best before committing to any online betting site. Here are plenty of reputable online casinos that offer buy-ins with cryptocurrency, allowing players from anywhere in the world to start playing instantly with their coins.
