Bitcoin & Ethereum climbs as crypto gambling industry booms

Bitcoin and Ethereum have both been able to make some gains in regard to their price recently, albeit rather marginally.

Bitcoin had managed to grow by just over 1% as it managed to achieve a price of $43,800, whilst Ethereum managed to climb 1.5% to reach a price of around $2,900 as it continues to work its way towards the $3,000 mark.

There are a number of reasons that some have pointed to in regard to why there has been an increase in price, with some highlighting the current war situation that has been happening in eastern Europe between Russia and Ukraine. However, there are others that have highlighted the influence that a boom in crypto gambling has had.

Why has crypto gambling become popular?

Indeed, many have already started to play at Bitcoin live dealer casinos to enjoy the best online gambling experiences that they can as they have been able to use the biggest crypto tokens to their advantage and enjoy a number of benefits that traditional fiat currency simply can not provide them.

There are a host of major factors and reasons why people have turned to use virtual currency for their online gambling experiences, with each of them explained below:

Security

An enhanced level of security has been provided to bettors who use crypto tokens to wager, as they are provided with an opportunity to use fewer details when making a transaction. They are no longer required to enter sensitive banking details as they can simply use the wallet address that they have.

Anonymity

In addition to being provided with a greater degree of security, players are provided with the anonymity that can help to keep them as protected as possible.

Decentralization

With the use of blockchain technology, cryptocurrency has a decentralized nature which means there is no need for an intermediary to get involved in any transaction that may be made. For example, banks and other financial institutions are no longer required to process transactions, thus making things quicker and cheaper for players to make deposits and withdraw any winnings they may be able to acquire.

Cross-border discrimination eliminated

Players will no longer have to be concerned with any potential issues that they may face when it comes to online wagering if they use Bitcoin to gamble, as they are able to use it in any market due to the fact that it is not regulated. This can be particularly useful to gamblers who are based in countries where online casinos are not permitted.

Innovative and provably fair games

One of the biggest benefits those that enjoy crypto gambling may have noticed recently is that they are now able to enjoy some of the most innovative titles including crash games, whilst they can enjoy provably fair games that can help to enhance their overall gaming experiences.

Are there any drawbacks?

Unfortunately, there are a couple of drawbacks for those who participate in crypto gambling. They are:

• No central governing body which means transactions are not controlled.
• Not accepted in some countries – China, Egypt, Iraq, and Morocco – due to restrictions that have specifically been introduced.
• Price fluctuations can still be experienced as we highlighted before regarding the price increases to have been experienced by Bitcoin and Ethereum recently.
• Regulatory issues can make it difficult to know who to trust.

Final Thoughts

It can be hard to know whether the price of cryptocurrency has been boosted by the boom that has been experienced in regard to the crypto gambling industry, however it is clear that virtual currency appears to be back up on the rise. Of course, there are a number of clear advantages that could suggest that the iGaming industry has a positive impact, though.