Cryptocurrency is now almost everywhere; you look around and it’s seen in advertising online, advertised by sports teams and certainly has become something which more and more people are aware of.
After an initial boom and the introduction of various types of cryptocurrency, the market became somewhat saturated, with some of the more recognized currencies such as Bitcoin losing value.
However, the growth of cryptocurrency has seen something of a boom demonstrated by the strength of Bitcoin, which was the very first cryptocurrency.
Bitcoin has showed a real resilience seeing its value rising by over 1200% earlier this year. It’s a stark contrast to a currency, which slumped to a value of just $3,300 in March 2020 to levels of over $51,000 per Bitcoin just 11 months later in February 2021.
As its strength continues to grow we are now beginning to see its uses moving into different business sectors and now Bitcoin is beginning to get a strong foothold into the realm of online gaming.
It isn’t entirely a surprise. With the popularity of poker, hundreds of millions of people around the world are playing it, and revenues into the hundreds of billions are coming in from online casino gaming, so it could be argued it was only a matter of time.
We are beginning to see that Bitcoin is becoming a popular way for people who play poker with real money to fund their accounts, this is alongside the more traditional methods such as credit and debit cards, ACH and bank transfers.
Bitcoin was the first cryptocurrency to move into the online gambling space back in 2012 but there weren’t so may early adopters but now websites such as BetOnline, Cloudbet and 1xBit are all allowing players to utilize Bitcoin as a means for funding their online gaming sessions.
In terms of the benefit for the player, there is a very low or in most cases no fee for utilizing Bitcoin, whereas the costs to the player for a cash advance for using a credit card can be anything between 3-5% and that doesn’t include the extra APR on the bill.
You and you alone are responsible for your money by using crypto, as it’s not centralized within a bank so there’s no terms and conditions to adhere to, to access your money.
If you consider that with Bitcoin for example, all transactions and data are stored on something called a hardware wallet which is practically immune to virus attacks it couldn’t be any more secure.
From a personal information standpoint too, there are security benefits. With many of these gaming sites who are exclusively accepting cryptocurrency you don’t even have to add in your name, meaning there is even less of your information which could be susceptible to fraudulent use.
After a year in which Experian, who are data information experts in the United Kingdom, found that there was a rise in fraudulent activity online, during the pandemic it’s more important than ever to look at all avenues to keep your money and your personal information safe.
So there’s a definite argument that cryptocurrency is the perfect bedfellow for those who like to gamble online.
With its increasing value added to the safety and security that it can offer its users beyond that of more traditional means, it maybe something that we see more and more of and becomes commonplace over the next few years.