Over the last few years, cryptocurrency has witnessed a huge surge in popularity with many realizing the vast potential that there is for returns. Initially, Bitcoin was the main cryptocurrency, though, since 2016, many more have emerged such as Ethereum, Litecoin, and Cardano which are seen as equally as important.
It is only in the last couple of years, however, that the online gambling industry has recognized the value that this could have and as a result, many specialist cryptocurrency casinos have launched, while others started to offer this as a form of payment method.
Indeed, in 2020, statistics have shown that gambling activity at cryptocurrency casinos has tripled, according to a report by Softswiss Game Aggregator, with figures showing a particular increase in Canada, Russia and Latin America.
As a result, there are now a wide range of slot sites that accept cryptocurrency as a payment method many of which you can find here and this is only likely to increase over the next couple of years.
What reasons were behind this?
The growth in cryptocurrency gambling could likely be attributed to a number of different reasons. Arguably one of the main reasons is that it puts more power back into the player’s hands.
This is because cryptocurrency is a decentralized market and as a result, when it comes to making withdrawals, these are not only more secure, but they are virtually instant. It means that players have much more autonomy, anonymity, and also discretion when they use this to gamble online.
Arguably for players, security is one of the biggest advantages of gambling using cryptocurrency and because cryptocurrency casinos do not require you to enter any personal details, it means that players do not need to worry about the casino being hacked.
In addition to this, the price of the cryptocurrency rose considerably during 2020 – particularly Bitcoin and Ethereum, which meant a lot of people would have had a significant amount of disposable income. As a result, cryptocurrency casinos provided a good way for traders to increase their returns even further.
Increase in awareness
Over the last couple of years, marketing for cryptocurrency casinos and the benefits that are associated with these has increased, with a number of sports clubs, for example, being sponsored by cryptocurrency casinos. In addition, there is a lot more education available about how these work and how players can leverage them to their favor.
For example, they can, if they time it right, significantly increase the value of their wins when playing at a cryptocurrency casino. If a player wins three Bitcoins which have a value of £300, this can very easily increase to £600 literally overnight and should they convert this to cash at that given point, they would have made £300 in addition to their gambling winnings.
It is this that savvy cryptocurrency gamblers have identified as a major benefit – especially those who know which currencies are doing what and are able to effectively read the graphs so that they can time it right. Obviously, with online gambling, you do need an element of luck as well, so some might play more skill based games such as poker in order to give them the best possible chance of this strategy being successful.