15th May2019

Crypto gambling: What is it and how has it become mainstream?

by James Smith

cryptocurrency

Gambling online has become a pretty big deal in recent years. Since the internet came along, a digital revolution has swept through the whole gambling industry, making it different than ever before. Rather than having to hang-out in late night casinos dressed to the nines to try your luck, online gambling made it ok to play anywhere and in your dressing gown if you really wanted to. The statistics around online casino play back this up – as a sector, it now brings in around $50 billion globally with an increase to $123.5 billion expected by 2026.

As befits such a fast-moving and tech heavy sector, online gambling loves to make use of the latest innovations around. This is no more clear than in the use of digital cryptocurrencies to gamble, which has become all the rage recently with many players. Bitcoin is the major cryptocurrency that casinos are beginning to accept and that people know enough about to use. Compared to more traditional methods, like using your debit card, it has a host of benefits and is certainly starting to be seen more with online casino players. Crypto gambling is simply the act of using digital currencies to gamble with at online casinos which accept them, rather than using more traditional payment options.

If you are wondering what is so great about using a currency you can’t hold to gamble with, the below should help out.

Greater awareness of crypto

You may not know this, but cryptocurrency is not that new an invention anymore – certainly not in tech terms! The first and probably best known one, Bitcoin, was first created in 2009 by Satoshi Nakamoto. What has happened in recent years though is that cryptocurrency itself has become more mainstream and reported in the media globally. From newspapers to daily TV news programmes, currencies like Bitcoin are talked about more frequently. The net effect of this for crypto gambling is that more people are aware of cryptocurrency, know more about it and therefore feel more comfortable using it to play casino games online with.

More online casinos are accepting it

Another reason that crypto gambling is becoming more popular and mainstream is that more online casinos are accepting it now. In the past, this was not the case and players were hard pressed to find a site that allowed them to gamble with digital currency if they wanted too. By more casinos allowing players to do this, it helps currencies like Bitcoin become more used by players and more popular as a way to gamble. Indeed, there are even specially designed Bitcoin casinos online now that cater to this need in the modern player. These are not only great to use in terms of crypto gambling but also carry the newest Bitcoin casino games.

Safe and transparent

A big factor behind the rise of this type of gambling is that players now have more confidence in using it. As more information has become known to people about digital currency, they have felt secure enough to choose it as their payment method of choice when gambling online. A big part of this is the safety players know cryptocurrencies bring. As the underlying blockchain technology prevents the currencies ledger from being tampered with, it is fully transparent as a solution. Security is also assured as the transactions you make cannot be traced by criminals trying to snatch your bank details. These two factors have influenced more people to choose to use digital currency to gamble with and it has become more mainstream.

Fast deposits and withdrawals

Who has ever tried withdrawing money from an online casino to a card or bank account? Usually, you will find this takes days which is not good if you need the money now. Crypto gambling has become increasingly popular as it eliminates this annoying problem. Deposits and withdrawals via currencies like Bitcoin are lightning quick, so you get money to play with or money to spend almost instantly.

Gambling with cryptocurrency is a thing

Through 2017 and 2018, using digital currencies like Bitcoin to gamble with saw a big increase. In part due to more Bitcoin casinos being available to play at and more public awareness of the currencies themselves, we have witnessed traditional ways of funding online casino accounts disrupted. As more online casinos cater to this need from players who are starting to demand it, then this will seemingly only become truer. When you look at the many advantages cryptocurrencies offer to players and the whole online gambling sector itself, it really is no surprise.
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