Crypto is without a doubt one of the fastest-growing topics in the world at the moment. While originally envisioned as an alternative payment method, it has grown to be used in a number of different ways in the time it has been available. People use it for everything from investing to online gambling in the modern world, making it highly versatile.
Online gambling is one of the fastest-growing areas for crypto usage at the moment. In fact, players have access to a number of Bitcoin casinos that are increasing by the day. We’ve taken a look at how crypto can be used to carry out online gambling, the benefits of using crypto for gambling, and the potential for growth in the future. Keep reading to learn more.
Ways to Gamble with crypto
Gambling with crypto has become a large part of the online market recently. It’s actually available to players in a number of different ways. The first way that it started to be offered was through taking Bitcoin and other cryptos as deposits. Once this is done, the crypto is converted into fiat currency and then the games can be played. When players want to make a withdrawal, the fiat is converted back to crypto and then the payment is made.
The second way that started to become popular was Bitcoin versions of standard casino games. This allows deposits to be made with crypto and then the stake can be made directly with crypto. It means that players can increase their crypto holding rather than increasing a fiat holding, which might then decrease in terms of crypto value. This is the best way to play for players who want to avoid being hurt by the volatility of crypto prices.
The final way that’s currently popular is using provably fair games. These are games that actually use blockchain technology to provide a casino game that can be proven to be fair. While they’re not as widespread as other online casino games, they are growing at an extremely fast pace. Players are able to enjoy table games, video slots and even experimental casino games when playing provably fair titles.
Benefits of Using Crypto for Online Gambling
There are a large number of different benefits for players when playing using crypto. One of the first benefits is related to price increases. If you play with crypto and grab a good-sized win and the prize of your chosen crypto increases, you will have actually made money on your crypto twice.
An example of this would be placing 0.01 BTC into an online casino account. Say, for example, that this was worth $400 when making the deposit. The player could then play some games and win another 0.01 BTC to make a total of 0.02 BTC. When making the withdrawal, many players could think that it would be worth $800. However, if the price of 0.01 BTC has increased to $500 in the time the player took to play the games, the withdrawal would actually be worth $1,000. It means that another $200 has been earned on top of the winnings from playing at the casino.
It’s not just the potential for price increases that are available either. Using crypto as a payment method offers players the opportunity to retain some privacy. So, when making your deposits and withdrawals, you will be able to do so without your bank knowing that you are playing at an online casino. While this isn’t a massive deal to a lot of people, for those who are in the process of getting a loan or mortgage, playing at an online casino might be something that they may not want to divulge to their bank. Playing using crypto allows for this separation to take place.
Finally, crypto also has excellent security as it’s essentially a peer-to-peer network for all transactions. It means that players can easily make the deposit without having to worry about it being intercepted. As long as the address has been entered correctly, there is no way that the crypto can be stolen. It does mean that players have to be very guarded when it comes to using their private keys and other security measures.
The future for online gambling with crypto
Crypto has a huge part to play when it comes to the future of online gambling. There is a lot of potential with blockchain technology when it comes to the tech world, and obviously, online gambling is part of this. What many people don’t know is that online gambling has long been one of the biggest drivers of online technology. High definition streaming with interactive features has been perfected by online gambling companies, with live dealer games some of the most popular on the market. Crypto is no different and it’s expected to help drive innovation in the near future.
One area where this is likely to impact heavily is actual online real estate. It’s believed that as blockchain tech improves, it will offer the ability to host online casinos on the blockchain. By combining this with virtual reality, actual interactive online casinos could be something that we see very soon. It will be more than just a link between lots of different games – these could be fully functional casino ecosystems that are hosted on the blockchain.
While it’s not even at prototype level just yet, many feel that this is the next big step and will be where online casinos and crypto go to. It is the logical move, especially as virtual reality technology is finally offering a high-quality service. With app development on the blockchain moving forwards at a fast rate and the release of different blockchain-based, sandbox video games, the technology is already there. It just needs to be harnessed to encompass the entire online casino.
This, added to the development of more blockchain-based online casino games every day, means that online gambling and crypto can be banked on to be intertwined for a long time to come.