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Why is the Crypto Gambling Industry Growing So Fast?

Gaming and gambling are one of the most actively developing segments of the blockchain industry․ It is quite obvious that blockchain nation and decentralization have not bypassed such an ancient industry as online gambling, online casinos and betting. How have new technologies affected the evolution of the industry, can these changes be considered positive, and in what direction will the industry evolve shortly? 

Online gambling has been one of the biggest emerging markets since the advent of the Internet. Thanks to innovation, they are growing extraordinarily fast. Currently, this segment is undergoing significant changes, as software developers using the latest technology are opening up more and more opportunities for gamers.

From traditional finance to entertainment, bitcoin technology is steadily taking over new markets. This truly disruptive technology is not just coming into the business and becoming an integral part of it, but also giving entrepreneurs new opportunities, often changing the very essence of traditional business models.

Essential Features of Bitcoin in the Gambling Industry

The rapid growth of the popularity of online venues has had a noticeable impact on the gambling industry, increasing the inflow of potential customers. The development of new technologies led to the appearance of Bitcoin casino sites. This means that many gambling clubs began to accept bets in cryptocurrencies. Some regular gambling sites are characterized by geographical limitations of payments, and by the trustworthiness of the site. These are the kinds of issues that blockchain can solve.

In the case of blockchain casinos, the client can be confident in the honesty and transparency of the gameplay, you can not worry about the payments. Apart from that:

  • Working on smart contracts does not allow developers to influence the functionality of the service. Therefore, the amounts of winnings cannot be limited, also the number of users who win often increases;
  • It is possible to use public statistical data for independent calculation of winning combinations;
  • It is possible to withdraw funds both to cryptocurrency wallets and to usual payment cards. There is no limit on deposits and withdrawals.

Any newcomer can get a welcome package in the form of free spins. In addition, bonuses will be awarded for depositing. If a player makes the first deposit, he is entitled to 100% bonuses. The exact amount depends on the size of the deposit. For the second and third deposits, customers receive up to 75% of bonuses, they are guaranteed thirty spins. Also, it is important to understand that the bonuses are subject to wagers.

Thanks to blockchain technology, each player can see the balance of his wallet, and information on the percentage of winnings on different slots. Speaking about the usual sites, they do not provide such statistical data. In free access for the client, only approximate values are collected based on surveys, which are averaged by taking into account different indicators.

Blockchain Gambling and its Popularity

Cryptocurrencies are often seen as the future of finance, with no place for fiat currencies. Although such predictions are still only reminiscent of science fiction books and movies, the growing presence of cryptocurrencies is felt in many areas, especially in the online gambling industry.

What makes cryptocurrencies attractive to both players and online casinos is the fact that they are based on blockchain technology. Blockchain can be described as a big ledger, broken down by all the electronic devices and networks that store records of cryptocurrency transactions. Thus, this technology eliminates any vulnerabilities.

Because of the blockchain technology on which they are based and the high degree of security, cryptocurrencies are a real boon for the world of online casinos.

What does the Future Hold for Cryptocurrency Gambling?

Those players who will be willing to show the origin of their funds and identify their identity if necessary will be able to play in regulated casinos. However, the percentage of such players from the total number will not be large, because the main advantages of making deposits in cryptocurrency will be lost. Cryptocurrency will become another additional tool for depositing their accounts at online casinos.

There will remain a mass of players who do not want to disclose the origin of their funds or identify themselves. They will prefer to play on an unregulated site in a highly volatile currency, but such a scheme will remain possible only in the short term before government authorities have time to adapt to the emergence and importance of cryptocurrencies in society.

In two or three years, regulation of cryptocurrencies may reach a high enough level to make the work of unregulated operators very difficult, and the anonymity of income in cryptocurrency will become more transparent.

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