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hen it comes to cryptocurrency betting, gambling with Bitcoin is at an all time high in 2023. Based on the SOFTSWISS State of Crypto report for 2021, Bitcoin gambling roughly held a share of 80% across hundreds of iGaming brands powered by SOFTSWISS products. Its closest runner up was Ethereum, with Ethereum gambling holding an average 10% share.
Over a quarter of all bets made across SOFTSWISS-powered brands are now in crypto. This comes in contrast to the roughly 5% share held by bets in crypto for the previous year.
In tandem with Bitcoin hitting peak price and in a year with so much hype surrounding the crypto market, it comes as no surprise that the share of online crypto gambling would increase.
Bitcoin gambling advantages for players
- It is decentralized. No one can take your Bitcoins away from you or freeze your ‘crypto account’ due to the sheer absence of a central regulatory authority in the system. You own your money and control your transactions.
- It is secure. Your payment information cannot be stolen away from you. Bitcoin transactions do not require any personal data to be submitted, protecting you from identity theft. And there can be no chargebacks – once sent, Bitcoins transactions are immutable. This means the transaction cannot be reversed or altered from the way it was recorded in Bitcoin’s public ledger, which makes for fewer risks for merchants.
- It is private. Since no personal information is attached to your Bitcoin wallet, people do not know who purchased what. At the same time it is transparent, meaning that anyone can find information on addresses and their balances in a public ledger.
- It is fast. It does not matter where you transfer your coins to: be it an international transfer or a local pizza purchase. With Bitcoin any. With CoinsPaid’s crypto-processing capabilities, crypto casino deposits the transfer is close to instantaneous.
- Bitcoin has (had) low transaction fees. Since there are no middlemen in a decentralised network, no one will charge you for anything. At the same time, the way the technology is set up there might be fees for faster processing of transactions or conversion of bitcoins into fiat currency. Still, most wallets will give you the option to adjust your commission in favour of a speedy crypto transfer or a low commission.
- It is not subject to inflation. The number of Bitcoins to ever be issued is limited to 21 million and Bitcoin volume growth is predictable, so they cannot be churned out like fiat currencies and poured into the economy at random.
- It is not always taxed. The tax regulation for digital assets has come a long way as Bitcoin and altcoins have been recognized by some states as property, store of value, or even currency. If you are planning to gamble in Bitcoin, make sure you know what your local tax law says on your winnings or profits from betting with crypto. But for most countries Bitcoin remains largely unregulated.