Significant Portion of Bitcoin Volume Attributed to Gambling

News / 19.08.2020

In recent years, Bitcoin and other cryptocurrency have grown a lot in popularity and significance. Over the years, Bitcoin was able to become a lot more mainstream than ever before and as of today, it stands to be one of the most successful cryptocurrencies. 

Bitcoin is used in very different markets, people of all backgrounds have found something that they like about this cryptocurrency and because of that, Bitcoin is becoming more dependable than ever before. 

One of the fields that is the most actively adopting Bitcoin is gambling. Most of the online casinos in the recent years have worked very hard to come up with ways to include BTC on their platforms. As of today, there are tens of different games that gamblers can play using BTC. 

According to CasinoCrunch, one of the leaders on the market, they are doing their best to adopt Bitcoin uses on their platform as much as they can. “We believe that creating all these new games with BTC gives our platform to be superior on the market, we give gamblers something new to experience and that is very important for us,” said IT department manager of CasinoCrunch, Tom Wilde. 

Why is BTC becoming so popular in gambling?

Bitcoin is playing a very important role in the gambling industry of today and there are many reasons for it. One of the main reasons is the fact that Bitcoin offers gamblers the ability to deposit and withdraw their funds very fast. In addition, the process is very easy and while most of the casinos on the market rely heavily on bank transfers or credit card purchases which can take up to several days to be processed, Bitcoin casinos do the same in a matter of just a few minutes.

This means that Bitcoin offers users the possibility to control all of their funds any time of the day. It creates a whole new, safe, secure, and private environment for payments for gamblers all around the world.

In addition to how fast the payments are made, many people use Bitcoin payments for the improved safety that it offers. In addition, this payment method will also provide you with a protection of your anonymity and it creates privacy like never before. 

Although there are several countries where you are not allowed to use Bitcoin, it has been expanding around the world over the last few years which offers gamblers the ability to use these payments even in most remote places around the world.

Also, most of the Bitcoin casinos online offer different types of promotions and bonuses for the gamblers who like to use Bitcoin. They also create games especially for those who like to use Bitcoin.

How do BTC online casinos work?

Most of the online casinos that use Bitcoin also have their own gaming software which runs and conducts the game with as little human intervention as possible. When it comes to games that need all-human players, the software works as a dealer and actually conducts the game. 

There are many games that Bitcoin users can play, anything from Poker, to Slots, and many others. In any case, online casinos are creating different versions of already existing games to offer their clients a more diverse environment. 

What is Bitcoin and when was it created?

Bitcoin is a very popular digital currency which was created 11 years ago, in 2009 and since then it has become very popular around the world. Some of the biggest advantages of Bitcoin include lower transaction fees, and it is also operated by a decentralized authority, which means that the government can not control your payments. 

To say it in the easiest way possible, Bitcoin is a collection of computers that together run Bitcoin codes and store blockchain. It also represents one of the first digital currencies that included peer-to-peer technology for instant payments. 

The reputation of the Bitcoin grew largely in 2017, after it reached its highest price ever, almost $20,000. Although the price came down very fast, it still had a huge impact on the reputation of this cryptocurrency. 

Other than gambling, where can Bitcoin be used?

As of today, there are many fields that are using Bitcoin very actively. A number of well-known companies are adopting Bitcoin to make their job a lot easier. You can pay to buy books, games, make reservations in hotels, and do pretty much anything with Bitcoin today, and the number of fields accepting payments in Bitcoin is constantly increasing. 

Bitcoin is becoming largely accepted around the world, countries like the United Kingdom, the United States, Hong Kong, and Singapore are known to have the largest number of registered digital currency exchanges. This gives Bitcoin and the whole crypto market the chance to develop even further and create a trustworthy and secure environment that could possibly attract even more people.

avatar
Born in Bucharest, Marius is the founder of Crypto Adventure. Since his first contact with Bitcoin and cryptocurrencies, he never stopped believing that they are one of the most important innovations of our time, which will forever change the way business is done.