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Cryptocurrency is steadily becoming the most used form of online payment worldwide. It is accepted in many countries and by many businesses as a means of payment. An ecopayz casino uses cryptocurrency as a means of transaction for gamblers. Many casinos accept it for transactions, such as 888 Casino.
According to statistics, players from Africa, South America, and Asia are more likely to own bitcoin in 2021 than other regions. In 2021 alone, the number of people who owned crypto currency went from 11.2% in October to 15.5% in December
Incorporating cryptocurrencies into an online casino has increased online gambling growth well. In this article, we’ll reveal why online gambling is perfectly set up to receive crypto and the benefits that will help with crypto adoption.
Why is Online Gambling Suited to Crypto Adoption?
Natural Fit
The online gambling market suits crypto adoption because many gamers know how to use new technologies more than any other person. Online gamblers fully embrace new technologies and aren’t averse to fun changes.
Target Audience
The online gambling space is largely young people who grew up with technology and use it as part of their daily lives. This sort of people would need little to no explanations on how to use cryptocurrency as there’s a good chance, they already know about it and use it for other payments.
Virtual Experience
One thing online gaming and cryptocurrency have in common is that they’re both virtual. Many who are in the online gaming world are typically accustomed to other virtual technologies and platforms like cryptocurrencies and NFTs.
Benefits of Mixing Online Casinos and Crypto
1. Convenience
Cryptocurrency is an easy, fast, and efficient method to withdraw and deposit money into online casinos. Using bitcoin to fund your casino gambling will reduce the cost as it has no inherent charges for making any transaction. The stability of the value of bitcoin also aids online casino games so that they don’t lose money due to a loss in currency or different currency values.
2. Security/Safety
The security cryptocurrency gives your funds when playing online casino games is unparalleled. Both people playing casino games and the game owners want to protect the funds deposited or withdrawn in the game. Blockchain is very secure because everything done is transparent, and no one can manipulate the data due to its foundation.
3. Privacy
Transactions made with cryptocurrency don’t involve any personal details such as identification numbers, account numbers, etc. Neither banks nor governments are part of transactions made with cryptocurrency. It only uses your given wallet ID to complete transactions, which helps reduce or eliminate restrictions banks place on accounts. Anonymity makes it difficult for hackers or thieves to access your actual bank account details.
4. Minimal Hassles
Crypto removes many of the problems and challenges gamblers usually face with traditional banks. An example of this is a check getting missing while being processed, the sheer amount of time to validate transactions, withdrawal and deposit limits on bank accounts, and many more. It helps keep things fluid and stress-free.
5. Efficiency
Online casinos that accept cryptocurrency usually have a better registration process because they don’t need all your information details if you are paying with cryptocurrency. Hence, the casinos are generally better positioned to entice new users as they find it very easy to sign up and start playing the game instead of having to drop all of their personal information with long registration processes on casinos that don’t.
The Future of Crypto and Online Casinos
Urbanization and the legalization of online casinos are the primary drivers of the industry. As more people are becoming aware of technology, the number of people using cryptocurrency to gamble online has increased. A study Global Online Gambling Market Report shows that the number of people who preferred and used smartphones to gamble by playing online casino games grew by 117% from 2012 to 2018.
The virtual currency is projected to be the No. 1 method to use for any online transaction in the future, especially gambling. This will help boost the market base of online casinos as people feel safer, more secure, and in charge of what they are doing.
Big online casinos like DraftKings Inc. keep making gambling innovations with cryptocurrency to be unique and attract more customers by doing mergers, launching additional products, and promos.
Bottom Line
While some are still skeptical about it, we believe cryptocurrency is the future of online casino games. More casinos will accept it as a means of payment in the future because it is a reliable and convenient method of making transactions. Having this as an option for casino deposits increases its player base while benefitting the game’s customers and makers.
