Cryptocurrency Gambling

Cryptocurrency gambling is experiencing widespread adoption and more users are wishing to use it for their online gaming activities. Some sites offer Bitcoin Gambling while others already offer deposits and withdrawals in various cryptocurrencies and this is something that will continue into 2021. Provably fair gambling is unique to cryptocurrency-accepting gambling sites. Provably fair gaming makes is impossible for the casino (or the player) to cheat as the results can be verified later. Apart from sports betting, any gambling action you take at a casino site requires.

Cryptocurrency gambling is experiencing widespread adoption and more users are wishing to use it for their online gaming activities. Some sites offer Bitcoin Gambling while others already offer deposits and withdrawals in various cryptocurrencies and this is something that will continue into 2021.

It’s no longer enough to just offerBitcointransactions on your iGaming site. Some users may want the choice to switch to fiat as well and you should provide the execution of transactions in a variety of different coins such as:

• Etherum
• Litecoin
• Monero
• DASH
• Bitcoin Cash.

Cryptocurrency was once a niche market but it is now widely accepted and adopted. You can be paid in crypto, buy a house with crypto, do your weekly shop with crypto, and of course gamble with crypto. This application of the technology on everyday activities has led to peoples perception of it improving. It is now recognised as something with value, benefits, and that is secure and trustworthy. Incorporating crypto payments into your site is a must, read on to learn why…

The expected rise of Cryptocurrency Gambling

Those that have been seeking a greater level of privacy in their financial transactions have been increasingly drawn to cryptocurrency gambling due to its decentralized nature. Virtual currencies such as Bitcoin, Monero, Ether and various other cryptocurrencies have become increasingly more popular, particularly in the online gambling sector.

As we move into 2021, both players and operators are becoming more aware of the benefits of cryptocurrency gambling. Bitcoin Gambling Casinos and Sports betting platforms which accept crypto payments are successfully using it as a selling point and growing their client base. Additionally, other platforms and startups will show a willingness to adopt cryptocurrency as a valid form of payment.

The increase in its popularity and adoption is due to several factors that are particularly beneficial to the online gambling market. Benefits such as instant transactions, low fees, and anonymity all play a part in the way it is continuing to successfully infiltrate iGaming. This, in turn, is likely to contribute to an increase in players that are drawn to Bitcoin gambling, resulting in an increase in revenue across the board.

Benefits of Cryptocurrency gambling

Cryptocurrency and Bitcoin gambling i

Cost-Efficiency and Low Transaction Fees

From an online gaming license holders point of view, providing crypto payments on your online gambling site also has many benefits. Merchants can often negotiate better rates for conventional payments but still, a big chunk of income is lost on paying fees to payment service providers. But with cryptocurrency payments, things are rather different. Some of the leading crypto payment gateways charge as little as 0.5% which is significantly less than fiat currency competitors. By providing for crypto payments on your site, you can funnel a large percentage of your revenue through a payment method that saves you a fortune on processing fees.

Instant and Borderless transactions

Chances are, your customers will not all be located in one country. Therefore, offering cryptocurrency payments means that your international client base can enjoy instant cross-border payments and transactions. The transaction is completed in a matter of seconds and it’s secure, immutable, and private. The best thing is that even those without a bank account or credit/debit card can send crypto paymentsmaking online purchasing and playing accessible for all.

When you transact in cryptocurrency, you don’t have to wait for it to be processed or clear and you certainly don’t have to pay international fees. Anyone with an internet connection can send a cryptocurrency transactionwhen they want, to whom they want, and for how much they want.

Privacy & Transparency on Cryptocurrency and Bitcoin Gambling

Cryptocurrency transactions all take place on the blockchain– a decentralised ledger that is completely immutable. This means that once a transaction is made, it is permanent and cannot be reversed, edited, deleted, or otherwise tampered with.

This means that the risk of fraud, identity theft and counterfeit payments are significantly reduced. Crypto payments provide both online gaming license holders and players with an extra layer of security.

No chargebacks on Crypto Payments

Businesses bear a lot of losses from chargebacks. This is where a customer makes a card payment, receives the item, and then reports the charge as fraudulent to get it refunded. There are

New technology savvy generations

The market is particularly popular with Millenials whose spending power is increasing as they progress through their thirties. Cryptocurrency payment facilities will allow you to share this forward-thinking and progressive group of consumers and entice them to use your services. Integration of cryptocurrency in your business is a smart move for those looking to engage this market.

Considering all of the benefits above, we can expect to see a significant increase in the number of crypto payments, particularly in the gaming sector, over the next few years. As far back as 2013, Bitcoin gambling transactions accounted for as much as 50% of all Bitcoin transactions. Bitcoins popularity has significantly increased since then. These figures show that incorporating cryptocurrency into any iGaming platform is no longer an option, it’s a necessity.

The cryptocurrency was once a niche market but it is now widely accepted and adopted. You can be paid in crypto, buy a house with crypto, do your weekly shop with crypto, and of course gamble with crypto. This application of the technology on everyday activities has led to peoples perception of it improving. It is now recognised as something with value, benefits, and that is secure and trustworthy.

But it’s no longer enough to just offer Bitcoin transactions on your iGaming site. You need to provide the execution of transactions in a variety of different coins including Etherum, Litecoin, Monero, DASH and Bitcoin Cash.

World’s Finest Crypto Jurisdictions for Cryptocurrency Gambling

When it comes to cryptocurrency gambling, there are two kinds of jurisdiction. The first are those that have created a legal framework to nurture and develop the industry, and those that haven’t. Some operators choose to work in jurisdictions that don’t have the necessary frameworks in place but this is something of a grey area. It can lead to issues with third parties, advertisers, software companies, and banks, as well as potential issues with the authorities.

Fast Offshore recommends only working in reputable jurisdictions that have an adequate structure in place to regulate and oversee the industry. Doing so helps you boost your credibility and stay on the right side of the law. Our top four crypto jurisdictions for gaming are:

Curacao

Curacao is a prime jurisdiction for gaming and crypto gaming startups. They have been in the iGaming business since the mid-’90s and offer one of the most cost-efficient, quick, and simple licensing processes around. In addition to that, they are crypto-friendly and those with a Curacao gaming license are welcome to offer transactions in a range of cryptocurrencies and virtual coins.
Those that opt for a Curacao license for their crypto gaming company can enjoy 0% tax and VAT, quick and straight forward licensing, and a simple setup process with minimal red tape and bureaucracy.

We tend to recommend Curacao as the perfect jurisdiction for startup crypto gaming companies. The low costs involved in the process in-country means they can prove their concept and get the company in good financial shape before seeking to license in another jurisdiction.

Kahnawake

Kahnawake’s online gambling license comes with a solid reputation. The Gaming Commission is known for its zero-tolerance approach to violations of fair play, underage gaming, or any criminal activity. As such, a license from them carries weight when it comes to negotiating with third parties or setting up bank accounts. They are also welcoming to online gambling companies that want to offer cryptocurrency payments.
The setup costs more than Curacao but significantly less than Malta, ongoing fees are affordable as well. In terms of timescale, everything can be done within a few months. While there is more paperwork to get through when compared to Curacao, there is less than in Malta or other crypto jurisdictions.
Those acquiring a Kahnawake crypto gaming license can enjoy 0% tax rates in Kahnawake as well, meaning there is more liquidity for expanding the business going forward.

Malta

Recently, the Maltese government has taken steps to incorporate crypto into the market. They became the first country in the world to create a comprehensive legal framework for cryptocurrency, blockchain, and virtual assets. Nicknamed “The Blockchain Island”, Malta is home to blockchain startups, crypto exchanges, and several gaming companies that offer transactions in a variety of cryptocurrencies.
The Malta Gaming Authority is by far the most reputable in the world and the license comes with a hefty price tag. But for those with the capital to invest, or established iGaming companies, it is a solid option. The Maltese government is extremely ‘pro-business’ in their approach and there are a wealth of benefits to operating a Maltese crypto gambling company. These include some of the lowest effective corporate tax rates in the EU and access to a highly-skilled, English speaking workforce.

Costa Rica

The Central American country of Costa Rica does not offer an online gambling license. Companies are allowed to incorporate a company where the purpose is online crypto gambling and they are then allowed to conduct activities from Costa Rica. In terms of cryptocurrency, the Costa Rican government is very pro-crypto and supports the growth and development of the industry. Again, they take a somewhat hands-off approach which is great for startups that are finding their feet.
Incorporating a crypto gaming company in Costa Rica does come with some challenges. There may be difficulties. Likely, you won’t be able to get a conventional bank account, which is ok if you solely want to transact in crypto. We recommend launching your platform in Costa Rica, ironing out any issues, honing your offering and then going for licensing elsewhere.

Questions about Cryptocurrency Gambling? Contact Fast Offshore

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Many trends keep coming up to redesign and redefine the gambling industry. Most of them are a result of the continuous evolution of technology and the need to satisfy different types of players. Many gambling platforms embrace technological advancements and the newest trends since they want to meet the new demands of the ever-changing online gaming market.

Many industries are always careful not to accept any new changes fast since they do not know their respective future impacts. Also, others wait to see how they’ll affect the industries that are quick to accept them. Basically, they fear risking since they understand that risks are, in most cases, associated with losses. But that is a different case in the online casino industry.

If you are a lover of gambling as well as for cryptocurrencies, then you are lucky today. You will not only learn about the role of crypto in the gambling industry, but you will also get some of the best cryptocurrency betting sites when you follow this link https://smartbettingguide.com/best-bitcoin-bookmakers/. So be sure to read the whole of this detailed article to discover more.

What is Cryptocurrency in Gambling?

Before you can learn about the role of cryptocurrency in the online gambling industry, it is important to know what it means. If you have been using fiat currencies or the traditional methods of payment like bank transfers, credit/debit cards, and electronic wallets to deposit funds into an online casino account and receive your winnings, then the whole concept of cryptocurrency might be brand new to you. But if you have been updating yourself in terms of technology in the banking industry, then you already know what cryptocurrency means.

Cryptocurrency is a digital currency that is well-protected by cryptography. It exists in virtual form, meaning it is intangible. Cryptocurrency relies on blockchain technology, meaning it is decentralized. It utilizes blockchain technology to provide the best banking services in the digital world.

XRP Ripple, Ethereum, and Bitcoin are the most popular types of cryptocurrency that you will find at top sportsbooks and online casinos. Many players love using cryptocurrencies primarily because of the safety, security, and speedy transactions that they offer.

The Role of Cryptocurrency in the Online Gambling Industry

Many gamblers are keen on using different types of cryptocurrencies when it comes to online sports betting and placing wagers on casino games. This’s because cryptocurrencies play a significant role in terms of deposits and withdrawals.

The benefits that cryptocurrencies offer are not only enjoyed by gamblers but also online casino operators as well. Some of the main roles and benefits that cryptocurrencies provide in the gambling industry include:

Enhanced Safety and Security

Technology has been helping to come up with safety mechanisms. But many hackers use the same technology to tap into sensitive information as they take advantage of the weaknesses in online banking systems. With crypto, you can do all of your transactions and even share your private data without having to fear that they’ll leak since blockchain technology provides one of the safest ways of doing transactions online.

Also, with blockchain technology, it is not possible to manipulate the transactions that you make. Many punters also prefer betting privately, and using any type of cryptocurrency allows them to make deposits anonymously.

Enhanced Credibility

It is worth understanding that online players are not the only ones that benefit from the use of blockchain technology; gambling operators also gain. The use of this technology inevitably affects other technologies that online casinos use.

With proper utilisation and management, blockchain technologies allow online casino operators to provide an enhanced user experience. The best part is that online gambling platforms no longer need to work with third-party companies since blockchain proves powerful enough to provide everything.

Many players currently view sites that accept cryptocurrencies as safe places to place bets, play their favourite games and secure massive winnings without having to worry about safety and security threats. With cryptocurrencies, players can enjoy safe deposits and withdrawals, fast transactions, and a more immersive gaming experience.

It should not come as a surprise when many crypto casinos and sports betting platforms emerge and replace operators that still accept fiat currencies and traditional banking methods.

Fast and Affordable Transactions

Using traditional banking methods when gambling online offers some benefits. And also, they have some drawbacks as well. Traditional banking methods and currencies offer great liquidity, meaning you will not have any problems converting your coins to gambling credits.

When it comes to drawbacks, many hackers take advantage of the weaknesses in some online casinos, offering the risk of losing cash when making a deposit or withdrawal. By using any of the popular cryptocurrencies available in the market, you can enjoy safer as well as faster transactions.

Cryptocurrencies allow you to make instant deposits and receive your earnings as quickly as possible while remaining anonymous. If you decide to validate and verify yourself, you can find all of your transactions on the public ledger that many cryptocurrencies use.

Cryptocurrencies are also affordable to use since all of their transactions do not involve massive fees as compared to traditional payment methods. They manage to offer low fees on transactions since they do not involve third-parties in their transaction processes. The only thing that crypto users pay for is the computer power that is used in the mining of cryptocurrency coins.

Better Bonuses and Promotions

It is cheaper to process crypto transactions since they are end-to-end. Middlemen are not involved for you to send or receive your crypto coins. This is the main reason why online casinos that accept cryptocurrencies offer some of the best bonuses and promotions to their players. This’s a win-win situation for the operators as well as gamblers.

The promotions are better since they come with player-friendly terms and conditions, including easy to meet wagering requirements. This means that once you use your bonus and win, you will easily turn your free credits into real money that you can withdraw or continue playing with.

The Prospects of Cryptocurrency Gambling Online

Cryptocurrencies enhance the online casino’s independence from some external factors. Concerning gaming, cryptocurrencies provide the guarantee of fair play in the eye of the public. If you analyze the statistics for different types of cryptocurrencies or other casino requests keenly, you will be able to see increased interest among thousands of individuals. Cryptocurrency casinos and games have appeared recently, but they have already fallen in love with crowds and have created a type of fan club that rejects online casino games for fiat money.

Crypto Gambling

Final Thoughts

Online casinos and cryptocurrencies are two technological inventions that have been waiting to meet, and they are together. Aside from a few drawbacks, crypto casinos and betting sites have so many benefits to provide. This means that players will be able to enjoy a safe gambling environment, better bonuses and promotions, faster withdrawals, and instant deposits.

Crypto Slots No Deposit

You can enjoy all these benefits once you follow this link https://smartbettingguide.com/best-bitcoin-bookmakers/ and pick your favorite site of choice. When you follow it, you will be sure to find betting platforms that offer everything that you need as a punter. Just pick a site that appeals to you the most and gets started.