The rise of bitcoin as a peer-to-peer digital currency that works worldwide has allowed new economies to flourish alongside the existing fiat currency-based economy. This increase in the popularity of bitcoin and cryptocurrency has also created a new arena for online punters to gamble and play lotteries through new bitcoin-based betting games.
Where To Enjoy The New Bitcoin-Based Betting Game
For those unfamiliar with bitcoin gambling, you'll need to start by finding a casino that allows you to wager using your digital currency. Bitcoin casinos have become quite popular on the internet, and you can easily find a trustworthy site from anywhere in the world. That's because bitcoin facilitates cross-border transactions within minutes, provided you're connected to the internet.
Through bitcoin transactions, the casinos offer you a wide range of options, including sports, traditional casino games, spread betting, and online lotteries. That explains why these casinos have such a huge impact on the crypto market.
How Bitcoin Casinos Work
In any online gambling site, the software is at the heart of the business. Popular bitcoin casinos with a large pool of players run their betting software developed by in-house developers, while others use rented or purchased versions. These versions are sold from reputable casino software publishers.
The bitcoin casino software runs the game with limited human intervention. That means the software acts as the table dealer in games that require only human players. However, bitcoin casinos' digital nature makes them have a hard time convincing the players about fairness.
Most bitcoin casinos try to win the players' trust by openly disclosing their software's inner workings, while others choose a peer-to-peer reference focusing on the uniqueness of their games. Nonetheless, you can expect a wide range of games like poker, lotteries, and other interesting variations of popular traditional casino games.
Placing Bets
The main advantage of using bitcoin for betting and the reason behind its steady growth in popularity is the low transaction fees involved. That means it's relatively cheap to transact with bitcoin compared to fiat currency, which has inspired many operators to embrace the idea. The affordable transaction prices of bitcoin support a viable business model while offering low commissions.
Although bitcoin gambling contributes only a small fraction of the total gambling revenue, the market is pushing to make this cryptocurrency more mainstream because of its cost-efficiency. Fortunately, the gambling market presents an excellent opportunity as more and more casino game publishers and operators understand bitcoin's advantages.
In 2012, the global online gambling market recorded over $21 billion in gross winnings. The market had witnessed a 9.13% annual growth rate by 2015, supported by increased consumers demanding new forms of gambling platforms like bitcoin casinos. Fortunately, placing bitcoin wagers is pretty easy for anyone with a bitcoin wallet and internet connection.
How to Place a Bitcoin Wager
Placing a bitcoin wager starts with creating and funding your bitcoin account to have enough money to stake. Some wallets require you to install a desktop client, while others work directly from the web. Fortunately, the most popular wallets on the web are very easy to use as they don't require you to install dedicated software.
After getting a wallet, the next step before you start wagering will be to acquire the bitcoins. Fortunately, most web-based wallets will allow you to buy bitcoins on the platform using fiat currency. After buying the bitcoins, you'll need to register a casino account before you deposit your cash.
To deposit your bitcoin in your casino account, you'll need to get the platform's bitcoin's address and send your money to it from your wallet. After depositing the money, you'll only need to choose the games to play or the sports market that attracts you. Once you've deposited the money, choosing betting the betting market is the same as wagering in any other online casino.
Impact Of Crypto Casinos On The Price Of Bitcoin
While bitcoin has proven its worth as a cross-border payment solution, it isn't easy to assess crypto casinos' impact on this digital currency. However, based on the limited information available, it's evident that bitcoin gaming greatly boosted its adoption rate in the global market. That was evident in 2012 when the first bitcoin game came to life.
Since 2012, bitcoin casinos have welcomed more transactions than other platforms, contributing to the market's steady growth. That shows how the anonymous world appreciates gambling activities.
Bottom Line
Bitcoin's core prices have spiked sharply over the last few years, inspiring many game developers to embrace crypto for gambling. As a result, reputable companies and startups are looking for ways to improve their games using blockchain technology to improve the games' user experience, safety, and convenience. Many bettors are also accepting the crypto portfolio, and there's no doubt that the future of bitcoin betting is bright.
