One of the first industries that adopted blockchain technology and cryptocurrencies was the gambling industry. Crypto gambling has been growing at a very fast rate in several parts of the world where crypto adoption is high, such as in some countries in the US, Europe, Asia, and Africa as well. But it is also other countries, which presently experience growth in adoption rates, that also see growth, such as crypto gambling in Germany or cryptogambling in markets that were not traditionally inclined towards digital assets.
Why is this? Well, there are two basic reasons for the quick adoption of cryptos by the industry, and they are presented below.
Why were cryptocurrencies quickly adopted by the online gambling industry?
Because it is an industry where the cryptos could unleash their tremendous potential, manifest their applications, and ultimately illustrate how they can benefit users. Cryptos fit exactly the type of transactions that both bettors and online bookmakers and casinos were looking for: quick, cheap, and safe.
Also, it is an industry that shares the same user demographics with the crypto market user demographics. The typical crypto users are, in fact, the typical online gamblers and bettors for the most part. The demographic profile of crypto users is pretty much the same as the demographic profile of online gamblers, and this made the adoption of digital currency a much more attractive option for online casinos and betting sites.
What’s in it for bettors? Why should you start using cryptos for gambling?
If you enjoy gambling or if you like sports betting, cryptocurrencies can offer you many benefits and advantages that you are unlikely to gain with fiat currencies and traditional methods of payments and transactions.
But what’s in it for you, and why should you start using cryptos?
Cryptocurrencies have some distinctive built-in characteristics that make the difference, and this is the number one reason – besides all the hype and the inclination towards being early adopters of innovative technologies- why gamblers go for cryptos. These are:
a) They can ensure that bettors’ personal information and private data remain anonymous and confidential. When using cryptocurrencies, you are certain that your betting energies and actions are not out there, readily available for everyone to see. On the contrary, you can bet with total anonymity and privacy without worrying that your bank -let’s say- will know where you’ve spent your money or that your personal data will be subject to potential fraud, stealing, or hacking.
b) They are fast and cheap at the same time. With the internet, we’ve gotten used to a certain amount of speed when it comes to transactions (compared to physical transactions), but the speed we’ve seen with cryptos is nothing like before. You can almost instantly make a deposit and start your betting journey on a website or casino platform, and you can almost instantly withdraw your winnings to your crypto wallet.
And they are also very cheap since they have very low fees per transaction and so you don’t have to think twice about the number of transactions or the amounts to be transacted to avoid the fees charged with the traditional payment methods. The only thing you need to worry about is the tax and how cryptogambling is actually taxed.
c) They are safe and secure. Equally important is that they are safe and secure basically because they are transparent. Every transaction being made is recorded into blocks, which are then entered into a chain -the blockchain – and this chain has a certain sequence and an immutable system, meaning that it keeps safe and secure every bit of transaction.
Safe and secure means that because transactions are transparent, they are almost impossible (yet nothing is in fact impossible) to be modified, changed, or transformed in any way by someone. And this is, in fact, really important in gambling and sports betting, especially for those who want to trust the sites and platforms that they bet with.
Key takeaway
Cryptocurrencies are transforming our world now, and they are expected to mobilize more transformations in the future. For the time being, they are turning into more and more mainstream methods of transactions in many industries, including the gambling industry. The benefits of using cryptos are many, and the advantages of cryptocurrencies over traditional payment methods have become, by now, rather explicit.
