Despite the controversies and speculations that rocked cryptocurrency throughout 2019 and 2020, emerging trends suggested that crypto gambling could be headed for new heights. Online gaming platforms have not hidden their admiration for bitcoin, with a good number of them resorting to prioritizing crypto over dollars and other fiat currencies.
Besides blockchain gambling apps, crypto casinos, eSports books, and other established traditional platforms look to have added their weight on bitcoin use. The wave acknowledges the rapidly growing number of people currently adopting cryptocurrency as a trading medium. As of May 2019, there were well over 47 million people holding crypto wallets worldwide, with bitcoin taking the market’s largest share.
The Lure of Digital Coin
When the first online betting platform was launched in 1996, no one envisioned it would witness such rapid growth. Similarly, the bitcoin gambling sector is growing at an equally fast pace. It is helped by the fact that people are now looking at cryptocurrency in a different dimension. Initially, people invested in cryptocurrency purely for profits through buying and selling later.
Fast-forward to 2020, more and more industries embraced the famous digital currency as a means of doing business. Goods and services purchased online can be settled using bitcoin and other legal digital currencies.
It is safe to say cryptocurrency and online gambling are a match made for each other in more perspectives than one. First, online gambling is not legal in all parts of the world, but a blockchain-powered crypto payment system guarantees incognito payment and withdrawal processes.
Secondly, playing and betting with crypto is cheaper and swift as it does not involve lengthy clearance periods and related international transfer charges, regardless of your geographical location.
Where online security and issues to do with personal data protection have been prevalent in traditional gambling patterns, crypto gambling addressed that fully. Bitcoin transactions can be made safely and successfully without revealing names, mobile phone numbers, or locations. It is a handy feature that gives gamblers an edge in what was traditionally viewed as a hub for fraudsters and online crooks.
Cryptocurrency Gambling in 2020
2020 was the year when cryptocurrency gambling announced itself to the world officially. Incredible figures were posted in the first quarter of the year, with almost $8 billion transacted on dApps, where casinos were among the top three most active addresses alongside Exchanges and Games.
Out of the different platforms that utilized blockchain, casino dApps accounted for more than 92 percent of the total volume.
The challenges caused by the Coronavirus pandemic across different sectors were also felt in the gambling and casino industry. However, there was a lot to smile about in the industry as online platforms’ consumption more than doubled. To appeal to more customers and stay relevant to the sector, the number of casinos adopting cryptocurrency increased.
Where controversies were surrounding the stability of bitcoin and other emerging digital coins, the matter looks to have since been addressed. The world is growing increasingly aware of the advantages of a decentralized banking system, and the faster businesses adopt it, the better for the people.
The truth is traditional casinos used to be havens for fraud and other criminal activities. At least that was the mentality across the divide. Unfortunately, there is still a significant number of people out there who associate gambling with all evils. People hate to share their personal details across online platforms, but crypto gambling does not involve any data sharing.
Also, the fact that a third party cannot alter transactions makes crypto gambling the safest way to bet. It can be argued that the reluctance of companies and customers to use bitcoin for gambling can be attributed more to the lack of knowledge than to fear. Still, with 2020 presenting more online opportunities for multiple sectors, it was a time more and more people paid attention to the now-popular blockchain technology.
Cryptocurrency was highlighted more in 2020 than in any other year, including when US President Donald Trump played down its resolute re-invention in stock markets. No one knew the negative stance taken by antagonists only allowed people to learn more about it and embrace it as a new, safe way of doing business.
The Projection of Crypto Gambling in 2021
It will be an upward trajectory in terms of bitcoin usage in the gambling and casino industries, thanks to more companies embracing the technology and incorporating cryptocurrency as a central mode of payment. Blockchain casinos keep innovating, and the number of operators now accepting bitcoin as payment keeps surging.
Upon realizing that the highest number of gamblers are looking for freedom and diversity in how they transact, we are certainly going to witness a massive rise in crypto gambling figures from an even larger number of casinos. It will be helped by the news that bitcoin has witnessed a steady rise in value over the last couple of months, which has seen rigid institutions like PayPal considering its offering for 2021.