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How Cryptocurrencies are Changing the Online Gaming and Gambling Market

How Cryptocurrencies are Changing the Online Gaming and Gambling Market
Written by
Alex Carlson
Published on
December 5, 2019
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Online gaming and gambling have been expanding and growing since the early 90s. The development of technology has helped both industries to reach where they are today. Despite today’s technological advancements, both industries are still expected to just keep better.Many technological developments are benefitting from both the gaming and gambling industries. When developers have finally found a way to digitalize transactions, both industries also made sure that they won’t get left far behind.In 2009, the first cryptocurrency was released and this is the now-famous Bitcoin. It’s the first-ever decentralized cryptocurrency but it took a few years before it really made its name online. In fact, when it was available to the public in 2009, a Bitcoin was only priced at less than a dollar.In 2017, many cryptocurrencies were already in the online market, but this was when Bitcoin was on top of the game. In that year, a Bitcoin was valued at around 20,000 USD, and this is why many industries and online consumers suddenly see its potential. The same goes for other cryptocurrencies like Ethereum and Ripple.Now, Bitcoin is still known to be the father of all cryptocurrencies. After all, it’s the one that started the decentralization of online transactions. When Bitcoin was already gaining a lot of users, many gaming and online casino operators were starting to transact with their customers with cryptocurrencies.For gaming, players were allowed to purchase items or skins for their games with cryptos. Meanwhile, online casinos have started to accept Bitcoin deposits and withdrawals from their players. According to statistics, Bitcoin casino sites and other crypto gambling sites accept over 300 crypto bets every second.The use of cryptocurrency has made online trading and transactions easy for the consumers of the gaming and gambling industry. Even gaming companies and online casino operators are benefitting from this too.In particular, when a casino wants to operate online, it usually takes a few months to go live. However, if it chooses to operate with cryptocurrencies, it only takes 2 to 3 weeks for the online casino to accept bets from players.There is no licensing required just yet for casino operators who’d like to transact with cryptocurrencies. It’s just really generally cheaper to open and run an online casino business with the use of cryptocurrencies.The global gambling market alone is expected to grow with a CAGR of 8.45 percent by 2022. Experts see that one of the factors that could greatly help the growth of this market is Bitcoin gambling. Bitcoin users still continue to grow. As of now, there are already 32 active Bitcoin wallets out there.It also helps that casinos that operate with cryptos are offering more options and perks to their players. Some of the casino bonuses and promos that these operators have are exclusive to cryptocurrency users and this is why crypto-gambling is still growing.Recently, MintDice, an online cryptocurrency casino that accepts Bitcoins and others like Litecoin, Bitcoin Cash, and Ethereum, has made investing an available option to their players. This means that their players now have a better chance of doubling their deposits through investing.MintDice offers three types of risk-free investment opportunities. Its players can invest in crowdfunded bankrolls, Masternode or Staking investment, and ‘Be the Bank’ investment with a no-risk payout opportunity.Players who are into digital investments and currencies can very much appreciate this. Currently, there are only a few online casinos that allow these types of investment. However, it’s still possible that this could be the future of crypto-gambling.After all, many use cryptocurrencies like Bitcoin to mainly trade, invest, and gamble. The benefits of using cryptos are well-suited for those types of transactions. The blockchain technology that cryptocurrencies use makes sure that all transactions are safe from fraudulent activities.Since cryptocurrencies are decentralized, transactions are also made in real-time. Cross-border transactions are also made easier and less complicated with cryptocurrencies. Approval from the bank is no longer necessary with these transactions.Many see that cryptocurrencies are the future of both the gaming and gambling industries. It just makes sense because many are already starting to shift to cryptocurrencies when transacting online. However, there still are people who are skeptic about it.The safe answer whether cryptocurrencies will really be the future of many industries is that it could be true. However, what’s still likely as of the moment is that the use of cryptos will remain to co-exist with cash transactions.Image by xresch from Pixabay

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