Why are cryptocurrencies so popular in online gambling?

[Swordsoffreedom]

Sorry if this is a stupid question, I’m still new here.

Your question is not stupid at all.

For me, payment was a big problem for online gambling. Also, in many country it is difficult to deposit or withdraw from gambling platform using traditional banking system. It is very slow and sometimes blocked.

Bitcoin and other crypto have given us an advantage in this area because it is borderless payment system. Now I don’t need bank approval or long waiting time anymore. This is why many online casino and sportsbook have started accepting crypto payment.

[Cryptmuster]

I didn’t realise how popular cryptocurrencies were in the gambling industry until I became a member of this forum. May I ask why that is?

I see that many people here are involved with gambling and online casinos. To be clear, I’ve never gambled in my life or been to a casino, so I don’t really know how it all works. Sorry if this is a stupid question, I’m still new here.

I think everything is crystal clear and simple here. If you want to play at an online casino with fiat money, you need to top up your account with your bank card. And the bank will see where your money goes, how much, and so on. If you play at an online casino with cryptocurrency, especially one that doesn't require KYC, you remain completely anonymous. And I think for many players who understand the importance of this, this is truly crucial.

[Charcol]

I didn’t realise how popular cryptocurrencies were in the gambling industry until I became a member of this forum. May I ask why that is?

I see that many people here are involved with gambling and online casinos. To be clear, I’ve never gambled in my life or been to a casino, so I don’t really know how it all works. Sorry if this is a stupid question, I’m still new here.

Since you don't know much about gambling, it's natural to not know why crypto is so widely used in gambling. In my opinion, using crypto, a gambler can easily hide his identity and send money directly to the casino's address, so crypto is used so much because of its ease and convenience for gamblers.

Compared to the crypto casinos of recent times, the previous casinos used relatively less identity verification. Because of this, gamblers probably preferred crypto to hide their gambling transactions. Which is why it is widely used today. However, to my knowledge, it is not possible to keep Bitcoin transactions completely secret because of the identity verification that casinos do at present.

[hedgeh0g]

I didn’t realise how popular cryptocurrencies were in the gambling industry until I became a member of this forum. May I ask why that is?

I see that many people here are involved with gambling and online casinos. To be clear, I’ve never gambled in my life or been to a casino, so I don’t really know how it all works. Sorry if this is a stupid question, I’m still new here.

There is already a fairly large percentage of online casinos accepting crypto, and this is cool because it increases the adoption of cryptocurrencies. All online casino participants, if they do not want to use fiat or be guilty before the government of their country for participating in illegal gambling, are forced to realize what crypto is, and such an adoption is also not bad. Therefore, it is very important that all online casinos maintain a good reputation so that these new gambling cryptans are not disappointed in the field of cryptocurrencies and have an exceptionally positive experience using crypto.

[TheUltraElite]

I feel this is related to the pseudo-anonymity of bitcoin. It stops getting them billed in your name or your credit card so your spouse does not catch you. It is also because many countries might not allow spending money on gambling sites. Often the sites are blocked and they have to use VPN to bypass the restrictions.

All these are just methods to circumvent censorship at the core from a generalized point of view.

Either way, you should not be gambling at the first stance to spend your crypto, because the long term outcomes are never good. Better read about how gambling works and why the house always wins before you gamble. They are many other places to spend you crypto as well.

[Yablee0]

I think the main reason cryptocurrency is widely used when gambling is mostly because of privacy. That is what matters to gamblers more. However, I know their are some other benefits or reasons why cryptocurrency (Bitcoin) is popularly used like in terms of speeditity in withdrawal and likewise in depositing of our fund's.

And again, this recent development has made users to enjoy a top notch gambling experience lately, and also to have a taste of what convenient looks like without been disrupted by any form of obstacle's.

[Oshio-man]

I didn’t realise how popular cryptocurrencies were in the gambling industry until I became a member of this forum. May I ask why that is?

You can take some of your company time on duty to gamble without absent from work because is online things, which you can gamble and see your results whether you win  or lose before the result is out, you will know what makes you lose because you will be following up your prediction to know if there is still hope or not before the final results will be out for you to be sad or happy, if you visit some higher institutions you will know that cryptocurrencies is very popular in online gambling because many students that have cryptocurrencies knowledge are popular in online gambling and their lectures is not affecting their gambling because that is wher their source of income is coming from.

[angrybirdy]

I think the main reason cryptocurrency is widely used when gambling is mostly because of privacy. That is what matters to gamblers more. However, I know their are some other benefits or reasons why cryptocurrency (Bitcoin) is popularly used like in terms of speeditity in withdrawal and likewise in depositing of our fund's.

And again, this recent development has made users to enjoy a top notch gambling experience lately, and also to have a taste of what convenient looks it without been disrupted by any form of obstacle's.

I agree, I think that privacy is definitely a big reason, especially for those who don't want their gambling transactions showing up on their bank payment history. with bitcoin and other cryptocurrencies, deposits and withdrawals can often be processed much faster than a traditional banking methods, especially for players in different countries where banking restrictions make the transfers difficult. Another advantage is that the crypto allows people from different countries to use the same payment method without thinking too much about the exchange rates, transfee fees or banking limitations. that convenience helped more gambling platforms to adopt it and Of course! users still need to be careful with their security and only choose a reputable casino platforms/ websites since crypto transactions are generally irreversible.

[Die_empty]

I think the main reason cryptocurrency is widely used when gambling is mostly because of privacy. That is what matters to gamblers more. However, I know their are some other benefits or reasons why cryptocurrency (Bitcoin) is popularly used like in terms of speeditity in withdrawal and likewise in depositing of our fund's.

And again, this recent development has made users to enjoy a top notch gambling experience lately, and also to have a taste of what convenient looks it without been disrupted by any form of obstacle's.

It was Bitcointalk that introduced me to crypto gambling. The ruthless KYC process I had to undergo in fiat casinos made crypto casinos my favorite. Although some of these crypto casinos have started demanding KYC, but not like fiat-based betting platforms.

People in countries where gambling is restricted choose crypto casinos because it offers some level of privacy. Using VPN and other privacy tools could protect the identity of those bypassing restrictions.  

[Majestic-milf]

I think everything is crystal clear and simple here. If you want to play at an online casino with fiat money, you need to top up your account with your bank card. And the bank will see where your money goes, how much, and so on. If you play at an online casino with cryptocurrency, especially one that doesn't require KYC, you remain completely anonymous. And I think for many players who understand the importance of this, this is truly crucial.

I agree with this. Also I feel it's so that it's to further push the popularity of cryptocurrencies. People gamble everyday and when the means of payment is through there, it helps people know about them. And it's even more beautiful to note that your activities can't be tracked unlike when fiat is used just like you mentioned.

[sotelorene]

I didn’t realise how popular cryptocurrencies were in the gambling industry until I became a member of this forum. May I ask why that is?

I see that many people here are involved with gambling and online casinos. To be clear, I’ve never gambled in my life or been to a casino, so I don’t really know how it all works. Sorry if this is a stupid question, I’m still new here.

Gambling can be annoying sometimes most especially when you are making losses back to back without winning a bet and since you have not gambled before I would not really advise you to start neither will I advise you not to start because it is your decision and choice to make but I will tell you little things I have seen and observed. Sometimes, you can be on a winning streak but don't be over excited about it when are you... Because that can make you go extreme and whenever you are on losing streak don't panic just take a break and come back after sometime.

[Dave1]

I didn’t realise how popular cryptocurrencies were in the gambling industry until I became a member of this forum. May I ask why that is?

I see that many people here are involved with gambling and online casinos. To be clear, I’ve never gambled in my life or been to a casino, so I don’t really know how it all works. Sorry if this is a stupid question, I’m still new here.

One of the major problem of casino back then is funding, if you are not from particular region it was almost impossible to use casino. Like in my country, it was difficult to use any casino you see online due to how credit card works here, since Bitcoin is censorship resistance and you can make border payment with it, Bitcoin and dogecon became the next thing for funding accounts with casino and today it's now history for casino with crypto payments.

I had to disagree though, crypto base casinos was established because online casinos have problems with regions that doesn't allow deposit or even the used of credit cards. Crypto casinos was put up in the beginning to use crypto, simply as that.

An average casino has more than 30 deposit of coins on their platform, even USDT and some stable coins are popular today because of the crypto but now it seems we have more project of casino than the market has experience. Recently I noticed casino has become the new start up unlike back the where you will see almost everyone launching different projects, casino seems to be successful and better than most of this other crypto projects.

At the start it was only BTC. But with the sudden rise of crypto, casinos right now are almost accepting crypto that are in the top 10 or top 20. The ease and the speed as well was one factor why there are many gamblers who prefer it. Definitely, it's nature of anonymity and censorship resistance is also a big reason for us to moved to online base, specially in my case wherein I love to go playing in brick-and-mortar casinos.

[libert19]

I didn’t realise how popular cryptocurrencies were in the gambling industry until I became a member of this forum. May I ask why that is?

Sure. I'll go with they are convenient. I mean, back when I started gambling for the first time during directbet days, it was even more convenient than it is today (absolute anonymity and simplicity).

I see that many people here are involved with gambling and online casinos. To be clear, I’ve never gambled in my life or been to a casino, so I don’t really know how it all works. Sorry if this is a stupid question, I’m still new here.

No question is stupid and it's easy to start gambling with crypto, just pick any casino from signatures here, create an account, deposit some crypto and give a try to simple games like dice, coinflip — and there is your first crypto casino experience.

Do make sure to read terms, so you don't feel 'surprised' with future happenings but there shouldn't be any fuss with little amounts.

[I_Anime]

I didn’t realise how popular cryptocurrencies were in the gambling industry until I became a member of this forum. May I ask why that is?

I see that many people here are involved with gambling and online casinos. To be clear, I’ve never gambled in my life or been to a casino, so I don’t really know how it all works. Sorry if this is a stupid question, I’m still new here.

There are many reasons why folks prefer using cryptocurrency casino for their gambling activity.  Some of those reasons are; it comes with a faster deposit and withdrawal , yeah most cryptocurrencies are known for their fast transactions and stuff . Another reason it has greater privacy (gambling cryptocurrency), many crypto casinos require less personal information than traditional casinos , though many License  platforms  still perform identity verification (kyc) . And also lower transaction fees , boils down to the cryptocurrency and network used .

[Taskford]

I didn’t realise how popular cryptocurrencies were in the gambling industry until I became a member of this forum. May I ask why that is?

I see that many people here are involved with gambling and online casinos. To be clear, I’ve never gambled in my life or been to a casino, so I don’t really know how it all works. Sorry if this is a stupid question, I’m still new here.

Well its expected, since somehow not all people know that cryptocurrency exist. But the reason why it became popular on gambling scene. Its because it solve the problem of gambler which they always encounter upon using digital fiats.

Crypto gamblers like the privacy it offers before( but now seems questionable), easy access and also the speed of transaction. Traditional payment methods is so slow and usually need KYC, also what's even more worse is there are entities can possible block their funds depends on which country they are on.

So with that you can really see the convenience what crypto can offer is the primary reason why crypto gambling became popular.

[swogerino]

I didn’t realise how popular cryptocurrencies were in the gambling industry until I became a member of this forum. May I ask why that is?

I see that many people here are involved with gambling and online casinos. To be clear, I’ve never gambled in my life or been to a casino, so I don’t really know how it all works. Sorry if this is a stupid question, I’m still new here.

That is a normal question as people here keep gambling I believe because in the early days of Bitcoin there was not much you could do with it except gambling. Well of course you could have used it a store of value which many people still do but when doing so it means you are not active with your Bitcoins. So beside that fact many true gamblers joined the forum because of ease of use and not leaving credit card details so the most well known use case your wife never finds out  .

[danherbias07]

Way back, Bitcoin was one of the options to gamble with on advertising trading sites that had dice games injected into their system. Yeah, that's true. Trading sites with gambling. I think that's my first time gambling online and also my first time using cryptocurrencies to gamble. It was not fun. That I am sure of.

But most people prefer it because of privacy. Well, that's what they thought. Yes, it could help you keep your gambling secrets from your wife, but not from the internet. The trace will be there, although it is semi-private.

[LastKiss]

I didn’t realise how popular cryptocurrencies were in the gambling industry until I became a member of this forum. May I ask why that is?

~snip

Some countries have banned gambling including my country. If I get caught the government could block my bank account or even worse so to avoid that, I use cryptocurrency on online gambling platforms where I don't have to complete KYC, provide my phone number, address or other personal information.

There are many online gambling platforms operating in my country and the government has already blocked the bank accounts of some gamblers from my country. I don't want to become one of them so, the existence of crypto gambling platforms is really helpful for people like me who gamble.

I believe many other gamblers do the same because gambling is not legal in their countries and made crypto popular to this day.

[HelliumZ]

I didn’t realise how popular cryptocurrencies were in the gambling industry until I became a member of this forum. May I ask why that is?

I see that many people here are involved with gambling and online casinos. To be clear, I’ve never gambled in my life or been to a casino, so I don’t really know how it all works. Sorry if this is a stupid question, I’m still new here.

Even if it is a common question, the answer is known to everyone and is certainly in line with the times. The current era is the era of crypto currency where most people directly or indirectly use crypto currency on gambling platforms. Usually, people from different countries of the world participate in online gambling platforms, so if there is an opportunity to use a common currency among them, then everyone can participate spontaneously. That is why in the current era, digital currency is used most in gambling and casino platforms. Through Bitcoin, i.e. digital currency, you can easily participate from any corner of the world at any time. That is why people are trading and using digital currency in gambling and casinos day by day.

[bakasabo]

I find it a bit naive to be surprised that on a cryptocurrency forum you find out that many casinos are cryptocurrency oriented and accept crypto besides fiat. What else would expected to see? Dominance of fiat in a world of online gambling? Like being surprised there is so much water in ocean. Since cryptocurrency allowed people to earn a lot of money, it was a matter of time when something entertainment and gambling would appear where big money are. I would be more surprised if there were any or many offline casinos that accept deposits in cryptocurrencies.