Crypto Has Fallen – A Chance to Win More?

Feb 6, 2023 Reading time : 4 min

The world’s most famous cryptocurrency, Bitcoin, was born in early 2009. Then, Satoshi Nakamoto, the developer of a unique digital currency, made the first transaction using blockchain technology. 

A little over a decade later, cryptocurrencies have emerged as one of the top ways to deliver services across various industries, including the iGaming industry.

Gambling has become one of the most promising vectors for using digital currency. Almost 50% of virtual gambling transactions are carried out in cryptocurrency. 

Modern casinos connect cryptocurrency to payment methods worldwide and launch highly specialized crypto platforms, such as CryptoVegas online casino – the market leader in its segment.

Why Choose a Cryptocurrency Casino

Gambling clubs are switching to cryptocurrencies en masse, and there are many reasons why players are abandoning traditional payment methods in favor of digital currency.

The main ones are:

  1. There are no commissions or fees for transactions. The distribution of digital currency takes place in a decentralized network. Thus, no single institution or organization benefits from fees, commissions, or payments. The only fee that can be charged by the user is the miner’s transaction fee, but it is minimal
  2. Safety. Blockchain technology does not allow you to cancel or reject transactions with digital currency. The history of all transactions is stored in the system, and any attempt to change the history will be blocked. Thus, cryptocurrency transactions are completely safe and leave no room for fraud
  3. High transaction speed. Payments using cryptocurrencies are processed much faster than transfers through traditional banks. Most often, it takes less than a few minutes to confirm and complete the payment
  4. Complete privacy. You do not need to provide personal information when depositing or withdrawing winnings using digital currency. All you need is the address and key of your bitcoin wallet. The identity of the player remains anonymous. This allows players from countries where gambling is prohibited from playing freely and withdrawing their winnings at the online casino

Cryptocurrency casinos are a definite trend in the gambling market, even in the face of a fall in the crypto market, because intelligent people know that a crisis is the best time to make big money.

A Chance to Win More

Many opponents of crypto call it one of the main disadvantages of its volatility. For example, there were cases when the cost of bitcoin changed by 15-20% per day.

But for gamblers, the rise in the price of bitcoin is a welcome bonus. For example, suppose a player bought bitcoins in mid-June 2022 for $17,764 and played several successful games in a cryptocurrency casino. 

In that case, he could not only increase his income with the help of winnings but also play on the exchange rate difference because in just 3 months the cost of bitcoin rose to $22,426 in September.

Today, crypto casino players regard the fall in the exchange rate of Bitcoin and other currencies as an investment. Users buy cryptocurrencies, use them in online casino slots and live games with real dealers, win significant money, and keep it. 

Thus, they increase the total crypto amount in their account, expecting an increase in the price of currencies to benefit from the difference in rates.

If we consider gaming platform as an example, its users can use the following cryptocurrencies:

  • Bitcoin
  • Litecoin
  • Ethereum
  • Bitcoin Cash
  • Dogecoin
  • Tether (USDT)

Major investment companies are predicting a significant rise in cryptocurrencies in the future; for example, they claim that the price of Bitcoin will rise to 1 million by 2030.

Gamers who wager with fiat currency receive their winnings, which depend on the exchange rate. The rupee, dollar, or euro, won and accumulated a few months ago due to high inflation sooner or later depreciated.

With cryptocurrencies, such irreversible rate fluctuations do not happen. The indisputable fact is that bitcoin and other cryptocurrencies are very volatile, which means that the rate can quickly fall and rise rapidly.

Therefore, players should carefully monitor the exchange rate of digital currencies and the trends in the market as a whole. 

Cryptocurrency casinos are becoming more and more popular in the world of online gambling. Many players prefer crypto payments, considering them safer and more convenient than paying with a regular bank card.