The cryptocurrency market has recently been bearish, which means that it is currently experiencing a downward trend. The digital currency Bitcoin has fallen to below $23,000, marking a drop of more than 60% from a peak in November 2021. The market has been trying to rebound for the past few months but has not yet managed to do so. However, experts believe that it will eventually recover from this situation, which means that you should keep an eye on how things develop in this sector over time.
Gambling is one of the oldest industries in the world. It has been around since humans first started playing games with one another and betting on their outcomes. As technology has advanced, so too have the ways people gamble. Bitcoin has also led to the rise of online casinos that accept these digital currencies as payment for their services. This works because cryptocurrencies are decentralised from any one bank or government, so there’s no need for a middleman when it comes to transactions – just two parties conducting business directly with each other.
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In 2022, the popularity of cryptocurrency gambling is at an all-time high. According to the SOFTSWISS State of Crypto report for 2021, Bitcoin gambling holds an 80% share across hundreds of iGaming brands. Ethereum held the second-largest share of the market at 10%. This trend has been consistent over the last few years as more and more casinos have opted to use Bitcoin as their primary currency for gambling. The reasons for this are numerous. Here are some of the few
Benefits of cryptocurrency in gambling
- Cryptocurrency has seen success in online gambling because of its anonymity and the opportunity to play despite regional bans on gambling. The absence of traditional financial institutions in cryptocurrency makes it easier for individuals to participate in online gambling without the fear of getting caught.
- Some online gamblers are reluctant to use bank cards because they fear their transactions will appear on their bank statements. But cryptocurrencies offer a degree of anonymity that allows individuals to deposit and withdraw funds without revealing personal information.
- Moreover, blockchain technology is a decentralised public ledger of all transactions that have been executed. It can be seen as a chronological historical record of all cryptocurrency transactions. As all crypto transactions are recorded and verified through blockchain technology, it is easy to increase trust between operators. This means there is less room for foul play.
- Moreover, the bonuses offered by crypto casinos are higher than those offered by traditional casinos. Crypto casinos do not charge any fees for depositing or withdrawing funds, making it a desirable option for players who want to save money on each transaction they make with their casino.
Final thoughts
The online gambling industry has continued to grow steadily and is showing no signs of stopping anytime soon. According to multiple reports on the matter, Bitcoin gambling is likely to continue growing for years to come. This is simply due to the fact that there is a demand for Bitcoin gambling games and it’s unlikely to be fulfilled by fiat currency-based operations.
With all the benefits of Bitcoin gambling on offer, there’s little reason to expect this trend to slow down anytime soon. Bitcoin is still very much in its infancy in the gaming industry, and while its price fluctuates, we can expect it to continue growing as it becomes easier to use and more people take a chance on online cryptocurrency gaming. The future of Bitcoin gambling certainly looks bright, for those who have their sights set on it.
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Source: Igaming
