There are a few benefits that cryptocurrency casinos offer betters that traditional online casinos without the Bitcoin/Cryptocurrency funding options don’t. These are just some of the reasons that cryptocurrency gambling is growing in popularity so quickly.

Gambling is a form of entertainment that millions enjoy on a daily basis. This pre-existing popularity, combined with the rise of cryptocurrency gambling, has created a gambling industry that’s quick and easy to access for anyone and everyone. Cryptocurrency enhances gambling experience, making it more convenient and accessible. However, despite its ease, gambling with cryptocurrency is not without its shortfalls.

What Makes Cryptocurrency so Popular?

No matter what kind of casino you’re using to play, you’ll always need funds. Whether they be digital assets or cash, something to wager is essential. Gambling sites have spent the last few years expanding globally, and Bitcoin casinos have started to play an important role within the industry. Increasingly, online casinos from all over the world have started to accept cryptocurrency as a form of funding that can be deposited and withdrawn from better’s accounts, making it a far more readily available form of currency to gamble with and a popular choice for many experienced users.

What are the Differences When Using Cryptocurrency to Gamble?

Fast deposits and withdrawals

Traditional casinos require bank transfers, credit card transfers, and online banking. These methods can take several days to process. With cryptocurrency gambling, deposits and withdrawals take only a few minutes. This is especially useful for placing last-minute wagers or withdrawing big wins.

Geographic location restrictions may not apply

Using online currency can help avoid geolocation restrictions in some casinos. In certain places, real money betting is not allowed. Cryptocurrencies enable users to gamble without banks sharing their information with authorities. Those restricted by government laws may gamble under the radar. However, it’s always best to follow the laws in your country.

Improved user safety

Recognised established and trustworthy cryptocurrency casinos will ensure your digital money is kept safe at all times. Using this type of currency is a popular choice for users who wish to maintain a sense of anonymity when playing on several different online casino sites as bank and credit card information is not shared between sites. This sensitive information is, of course, at risk of being stolen, and if this information is shared between several sites, it certainly makes your finances less secure. With cryptocurrency, no bank information is shared, reducing the risk of fraud or theft.

Bonuses for users of Bitcoin casinos

All casinos try to entice new players with great promotional deals and cryptocurrency casinos are no different. Crypto casinos often have very tempting and profitable promotional deals on that punters can wager on in the hopes of winning big.

Controversy Scams and Protecting Yourself

Despite cryptocurrency being a relatively new asset, it is still vulnerable to those classic scams that have always been around. These schemes include pump and dump activities, money laundering, and gambling streams on sites like Twitch. Cryptocurrency enhances gambling experience by providing faster and more secure transactions, but it is not immune to risks. Pump and Dump scams are, of course, illegal on regulated crypto exchanges; however, there is still plenty of activity on non-regulated exchanges that spark controversy.

Falling victim to one of these scams will cost you dearly. It’s advisable to always research and check your facts before making any large investments.

What is a Pump and Dump?

A Pump and Dump scheme occurs when a person or group buys large quantities of cryptocurrency to increase its demand price. This is where the term “pump” comes from. They push the asset into the market, causing the price to rise.

Afterward, the scammers release the currency (“dump”) at the higher price. They profit as others rush to buy the popular currency. Pump and Dump scammers exploit the supply and demand market. They typically target new or unpopular cryptocurrencies that don’t require vast amounts of money to generate a profit.

NFT Sales Soar, Hitting Over $1.9B in August So Far

An NFT is a blockchain-based record of ownership for a digital asset, such as an image or video. In 2021, NFTs experienced a huge boom. This surge was especially noticeable in August, as sales of digital assets spiked with the start of various sporting events. Sales volumes on the leading NFT platform, OpenSea, hit over $1.9 billion in August—ten times more than March’s $148 million.

This surge in NFT ownership, combined with the beginning of many sporting seasons, has raised concerns about the rise of Pump and Dump scams. These scams could affect both regular cryptocurrency buyers and cryptocurrency gamblers.

Despite the risks, cryptocurrency gambling remains popular. Cryptocurrency enhances the gambling experience by offering faster transactions, increased security, and greater anonymity. These benefits attract many users, even with the potential risks involved.

It looks unlikely that the popularity of cryptocurrency gambling will fade anytime soon. In fact, the statistics suggest that gambling with Bitcoin and other Cryptocurrencies will only increase in popularity over time. Cryptocurrencies have the advantage of being convenient, which is especially useful for those wanting to quickly deposit and withdraw funds into eWallets and cryptocurrency casinos.

Using Cryptocurrency Casinos

If you’re looking to make use of a Cryptocurrency casino then you’ll be glad to know that there are plenty options. In fact, with a quick Google search you can find top live online casinos that accept Cryptocurrency as payment. You’ll find that these casinos offer a range of offers and games which means that there is something for everyone no matter what type of casino you’re looking for. It is wise to read up on some reviews and user feedback forums to see if anyone has been talking about the Cryptocurrency casino you’re interested in play at and whether the feedback that they’re giving is positive or negative. This should give you a fair idea as to whether the casino is the right choice for you.