Can Trust and Transparency Prevail with the Rising Popularity of Cryptocurrency Gambling and Casinos?
Since the rise of bitcoin, blockchain industries and cryptocurrencies as a whole have been exploding in their spectrum of application; one of the most feverishly popular applications being online casinos and gambling.
It comes as no surprise. Traditional land-based casinos were originally designed for members of the wealthy high-society, but since the emergence of online sports betting platforms and virtual casinos, anyone with access to a computer or mobile device can enjoy the thrills of gambling.
Bitcoin and cryptocurrencies have taken the online betting industry another step forward, it’s one of the few real-world use cases that is chiming with extreme popularity and is continuing to rise with virtual casino games such as roulette.
In June 2013, SatoshiDice was estimated to be responsible for around 50% of all bitcoin transactions at it’s peak, and according to data from TheBitcoinStrip.com, 2014 to 2017 saw bitcoin gamblers lay down approximately 3.7 million BTC, which equated to roughly $4.5 Billion USD at the time of reporting, as shown below:
Additional data from BitcoinStrip also revealed an astronomical increase in volume between January 1st 2015 and June 23rd, 2016. The data shows that cryptocurrency casinos took in 2,340,734 BTC and profited 9181.6 BTC, which demonstrates the extraordinary growing interest in the sector.
Blockchain: Beneficial for Gamblers?
Gambling with bitcoin or other cryptocurrencies has far-reaching benefits for the player. Firstly, Bitcoin is pseudonymous, meaning that players can make bets in some comfort knowing their transaction will be difficult to trace and unrestricted. For regular fiat currency gambling, players need a bank account / PayPal and to share a mass of personal details, which is an increasingly unpopular notion in the age of digital privacy.
Furthermore, payments are transparent, the blockchain records all transactions that have ever been made on the network meaning a transaction sent from address A to address B is easily viewed using the block explorer, it keeps crypto gambling websites honest and fair.
Setting a Shining Example
1xBit is a rising star in this booming industry; the multi-cryptocurrency accepting platform has been proving itself to be popular with the crypto-community. The platform boasts unique software for placing sports bets and playing casino games from top-providers.
Players can also bet pre-match and live with more than 50 types of sport listed on the platform including Football, Ice Hockey, Basketball, Greyhound racing and e-sports. There are over 30 slot games as well as live and virtual casino games such as roulette, blackjack, baccarat and many others. The platform also hosts its own poker sit-and-go tables amongst 50 other self-developed casual games, creating a true gaming experience beyond the norm.
Players can wager their bets in 18 different cryptocurrencies such as BTC, LTC, DOGE, DASH, ETH, XMR and GAME. Furthermore, players play directly using all accepted cryptocurrencies and there are no fees for deposits or withdrawals.
World Cup 2018
In the spirit of the 2018 World Cup, 1xBit has launched an extraordinarily generous wealth of promotional offers. Firstly, new users can deposit up to 1 BTC with zero fees and enter promo-code AMBCRYPTO to receive an enticing 125% bonus on that first deposit.
There is also a unique achievement-based FIFA World Cup 2018 card game, which is a gamified bonus programme in which players place bets on World Cup matches, fulfil tasks from collected cards and gain valuable prizes and redeemable bonus points.
They’ll also be hosting the BitCup lottery, the largest crypto-lottery of its kind and allows for users to receive lottery tickets by betting at least 2mBTC (0.002 BTC) on World Cup matches. The lottery takes places every day between June 13th and July 15th and daily prizes of 100 mBTC (0.1 BTC) are up for grabs. Winners are chosen at random from all tickets distributed that day.
So, can trust and transparency prevail with the rising popularity of cryptocurrency gambling and casinos? Most certainly. And with projects like 1xBit leading the way, the future is bright.
To know more, click here!