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The rise of crypto gambling during the pandemic

bitcoin
(© piai – stock.adobe.com)

In one form or another, gambling has been extremely popular across the globe since … well, forever. Some betting enthusiasts prefer to physically step inside a casino, while others prefer gambling on legitimate online casinos from the comfort of their own home. Whether online or offline, betting is a great form of entertainment, and if you know what you’re doing, it can also be good for making some extra pocket money.

However, the COVID-19 pandemic has forced many players to gamble online. Many of them were initially skeptical until they discovered the numerous benefits of gambling from home, especially when crypto is involved.

In fact, the pandemic might have accelerated the mainstream adoption of cryptocurrency due to the resilience demonstrated by Bitcoin’s performance in 2020. These two factors created the perfect storm for the rapid growth of online gambling backed by cryptocurrency entering 2021.

Factors behind the ascent of crypto gambling

Online gambling with cryptocurrency has come on in leaps and bounds during these strange times we find ourselves in. Here are the primary reasons for that growth.

Easy payment processing

People are tired of being charged with high fees and having to wait for bank transfers that take forever. That’s why they choose crypto payments, which saves effort and avoids those unnecessary fees during these tough economic times when every cent makes a difference. In comparison, making a cryptocurrency deposit at an online casino only takes a few minutes when you use a QR code scanner.

Anonymity

Crypto transactions are encrypted using a complex algorithm that is virtually unhackable and untraceable. There is also no need to disclose credit card details when depositing and withdrawing at crypto online casinos. Therefore, players can make completely anonymous bets, giving them privacy and peace of mind.

High returns

Thanks to cryptocurrencies and blockchain technology, gambling operation costs are reduced and users can enjoy higher returns. At a time when thousands of people are losing their jobs and struggling to survive during this global economic crisis, it’s at least a relief to know that your return on gambling can be better than ever.

Crypto gambling as an investment

Believe it or not, crypto gambling can be a form of real investment if it is done right. Of course, to be successful requires a combination of strategy, financial savvy, and intuition – it’s not all about luck.

Online gambling is not just a form of entertainment; it’s an everyday job for some people who have made entire careers out of it.  Earnings can be insane due to the fluctuation in the price of cryptocurrencies, particularly Bitcoin last year.

The price of Bitcoin dipped below $10,000 in February 2020, but today it’s worth more than $34,000. Those who win when the price is low and cash in when it’s high are in for an extra treat.

Gambling with cryptocurrencies: Pros & cons

Other than being a fun way for people to kill time during this extended quarantine, online gambling of course has its own benefits and drawbacks. You should take everything into consideration before embarking on this adventure.

Advantages:

  • No legal restrictions
  • Anonymous transactions
  • Fast payments
  • Bonuses offered for deposits with cryptocurrencies

Disadvantages:

  • UX can be clunky
  • Uncertainty and fluctuating value of crypto
  • More complicated for inexperienced players and non-techies

Summary

Not long ago, gambling with cryptocurrency was a vague and little-known concept. However, nowadays it’s continuing to gain popularity among both professional and casual gamblers. Although this form of gambling is accessible to pretty much everyone, you should only use established online betting sites and coin exchanges to avoid getting scammed.

It’s always best to do some preliminary research and a thorough background check before committing to any online betting site. There are plenty of reputable online casinos that offer buy-ins with cryptocurrency, allowing players from anywhere in the world to start playing instantly with their coins.

Story by Daniel Korolija


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