The year 2020 has been a big year for the crypto gambling industry. Although it was a difficult year for the entire world, more people chose to stay home and find other ways to spend their time. Online casinos and sports betting were able to step in.
2020 saw the introduction of the sandpaper. More crypto casinosThere are more launches than ever. There were new crypto games being launched every week, or so it seemed. Things were going well.
Growth continued to 2021, until it hit a roadblock. Bitcoin hit record highs and then saw its decline. Half off the value. However, growth has picked back up in the last month or two and crypto casinos are expected last a few more months as we move into the fourth quarter of 2021.
Bitcoin game: Changes
Bitcoin payments are faster than traditional payment options and more secure. While the currency itself has not changed much over time, the way it is used in casinos has.
It was all about manual payments and wallet IDs in the beginning. CoinsPaid, a company like CoinsPaid, offers a service that functions more like a web-based wallet. This allows players to store all their crypto in a single account and transfer it to and from their favorite casino in just a few clicks.
Online casinos can also be linked with cryptocurrency exchanges. This allows players to connect their exchanges to bank accounts and transfer funds.
This is why Bitcoin is so popular as an online casino payment option.
These currencies can be quite simple for advanced users, but they can be difficult for beginners. The idea of buying coins and transferring them to a virtual wallet via long chain credentials is a bit foreign. However, when the process can be automated via web wallet-type services it is a lot easier. That’s the key.
What drives Bitcoin’s inclusion in the market?
One of the biggest drawbacks of Bitcoin or other cryptocurrencies is volatility. It is often cited by businesses as the reason these coins are not widely accepted. Online gambling companies have less trouble with this.
These companies work through merchants, so they don’t care about the currency’s future value as long as $10 is $10 at the time of the transaction. ‘purchase.
Anonymity is the greatest problem. An individual’s bank account is linked to a debit card. This link is also linked to their name, address, and other details. This creates a long trail of paper and makes it difficult to use debit cards to commit fraud or launder money.
While transactions made with cryptocurrency can be tracked on the blockchain they cannot be tied to any individual. This is where the problems arise. Online casinos in the UK and Sweden are required to follow strict Know Your Customer (KYC), and Anti-Money Laundering(AML) procedures. This is not possible with cryptos.
Most crypto casinos are currently regulated in Curacao and Malta. However, once these changes or workarounds have been made, the last hurdle should be cleared. Neteller, Skrill, and Visa are all common.
The online gambling industry is not only adopting Bitcoin. We see more crypto options being added to the banking pages at casinos and sports betting over the months.
This was traditionally Ethereum and Bitcoin. XRP, Bitcoin Cash, and Litecoin were all added shortly after. Then we show that Dogecoin has been added during its unexpected and meteoric rise. We will see many smaller altcoins, as well as coins with a big year, added to the market in 2021.
Cardano is one the most prominent to make an appearance at 2021 Online Casinos. However, options like Monero (DASH), Tether, and Tether are now more popular than Bitcoin Cash. Although they may not be the largest in terms of market capital, they offer something other coins don’t and can help this industry.
It is reasonable to expect that the industry will continue to grow and add more altcoins to this list. Players will soon be able to use many different altcoins every time they withdraw or deposit money.
Because cryptocurrencies are quicker, easier, and safer than most payment options, they might be able to surpass options like PayPal or debit cards to become the most used method of playing.