Transforming gambling with cryptocurrencies in 2022
According to a Statista report, as of May 2020, there are more than 47 million cryptocurrency wallets in operation. Of these, Bitcoin is the most popular and valuable digital currency on the Internet.
Given this, if online gambling operators do not include cryptocurrencies in their payment options, they could leave a lot of money unused. While trading and speculation were the main uses of cryptocurrency at the beginning of the year, its uses have diversified.
Many industries are constantly adapting and adding cryptocurrencies for popular demand.
Cryptocurrency gambling
The popularity of cryptocurrencies can be reflected in the prevalence of online casinos. The first online casino, Intercasino, was launched in 1996, and since then the online casino industry hasn’t looked back.
While it is still mainly used for trading, with people looking to make money by selling bitcoin to someone else, cryptocurrencies have found a favorite place in the heart of gambling enthusiasts. Cryptocurrency payments happen within minutes, unlike overseas payments through financial institutions, which take time and have high processing fees.
Why cryptocurrency?
Cryptocurrency can be described as a decentralized digital or virtual currency that uses cryptography to provide security, making it extremely difficult to counterfeit. The technology has been growing in popularity over the past few years, and new use cases are emerging for these currencies. While Indian authorities have warned users to be cautious about investing in these digital currencies, unorthodox Indians have taken a leap of faith to do so. This has led to a number of startups in the economy like – aggregators, coin miners and exchanges. In the past, the government has actively supported innovative technology ventures. Extending the same treatment to cryptocurrencies will lead to fewer bureaucratic and administrative hurdles, and propel India further toward becoming a technology-driven economy.
Here’s why they’re being used far and wide in the digital world – and here’s why.
Benefits for smaller merchants
The cost of digital payments and transactions, while lower than in the past, is still high for smaller merchants. Once cryptocurrency-based transactions are accepted in the economy, this will lower the cost of digital transactions. This will make even small merchants use them for low- or small-scale transactions without being burdened by costs.
Less threat to financial transactions
The catalyst for the digital revolution in India is the Adhaar technology introduced by the government. However, this has led to serious security concerns in the economy. With cryptocurrencies, the threat of fraud, hacks or leaks is lower. With digital currencies, the transaction is solely in the hands of the person initiating the transaction, instead of third-party banks and financial institutions otherwise. Therefore, important personal and banking information involved in the transaction is not shared and is stored securely.
Fast cross-border payments
Currently, international payments take up to five days to process. So if your payment is not processed at the mobile casino, you won’t be able to play for another five days. With cryptocurrencies, these payments can be made in seconds.
What gambling looks like in 2020
According to experts, in the first quarter of 2020, the Ethereum network processed transactions worth $4.6 million. The number of casino applications on it jumped by a margin of 40% compared to last year. TRON, a Las Vegas-named network on the blockchain, is 92% used by casino applications. Its dollar volume appeared at $379 million.
Based on research and statistics, it is estimated that players spend $10 million a day on coin flips, dice rolls, slot hands and sports games. Most apps and mobile online casinos have realized the demand for cryptocurrency transactions and have incorporated payment functions. They either support cryptocurrency transactions completely, or use third-party custodians such as BitPay to convert a user’s cryptocurrency to local fiat.
Conclusion
The gambling industry is highly competitive, and players can shop around and test sites before matching and spending money. That’s why about 80% of cryptocurrency transactions take place on a few select popular apps and websites. The combination of cryptocurrencies and the bonuses offered with them can be a winning deal for any gambling enthusiast. Whether it’s slots, poker or blackjack, there are bonuses and secure cryptocurrency deals to enhance the online gambling experience. With so many mobile casinos and lots of competition, the industry will be better off embracing cryptocurrencies.