Cryptocurrency trading has been in full bloom since the beginning of 2017 when Bitcoin’s rapid ascend to sky-high prices began. With a price just over $1,000 and a market cap of $16.8 billion in February, according to CoinMarketCap, anyone who bought Bitcoin at the beginning of the year would have made thousands of dollars in profits just from a single coin, yet alone with dozens of the world’s biggest cryptocurrency.
Naturally, Bitcoin’s rapid rise brought faith in the entire crypto-market and the inevitable rise of other cryptocurrencies as investors flocked to trading exchanges looking for the next profitable coin. With the popularity of cryptocurrencies on the rise, many an online Casino and Poker room also began to incorporate Bitcoin while some are already even offering a full spectrum of cryptocurrencies to their users. But why exactly do digital currencies and online gambling go so well together? Well, keep reading and find out.
Gambling Under the Radar
A large part of the original appeal of Bitcoin is owed to the fact that it could provide transaction anonymity to its users. This is mainly why the cryptocurrency was originally used to a great extent in places like Dark Web marketplaces and became notorious with authorities as the currency of criminals and illegal activities. Luckily, nowadays Bitcoin (along with many other cryptocurrencies) has shed that image and became as legit in the eyes of regular users as regular “fiat” money is.
And while there are now means to track cryptocurrencies in serious criminal investigations, regular usage of Bitcoins and crypto-coins remains untracked in most cases, providing an opportunity for players in restricted markets like the US to enjoy gambling under the radar. And not only does it offer “protection” from the government but it also offers privacy from anyone with access to one’s regular bank account statements, like a spouse, children, or parents who may disapprove of online gambling.
Fast Transactions and Zero Fees
Online casinos have gone light years ahead in providing banking convenience to players as opposed to the early days and they now offer a variety of easy and affordable payment/withdrawal options. However, even with the use of the fastest available options like e-wallets, which may take up to 1-2 days to withdraw with, there are Bitcoin casinos out there that can now offer a much faster withdrawal time that can be as low as several minutes.
And yet another advantage of digital currencies are the transaction fees which are non-existent with many cryptocurrency casinos as opposed to fees incurred by using standard banking options like credit cards, bank transfers, or e-wallets. The only exception, perhaps, is Bitcoin, which has become more expensive to trade due to its current popularity and price.
Profits on Profits
And finally, one of the most obvious reasons for using Bitcoin is the opportunity to make profits on top of your profits. Just imagine depositing $10 and winning $100 on a casino game only to see that win jump 70% in 1-2 weeks. It’s hard to imagine it with traditional money but it is possible with Bitcoin and it might just be with other cryptocurrencies in the future as well.
