Crypto casinos are now a real thing, and you might often read about them in casino blogs. These are basically the casino platforms where you can gamble using various digital currencies. From Bitcoin to Ethereum, Bitcoin Cash, Litecoin, Dogecoin, and many other digital currencies can be used to play casino games.
Furthermore, they also come with certain benefits such as secure transactions, peer-to-peer dealings, provably fair games, fast withdrawals and such.
All said and done, are the punters taking advantage of these benefits? Are they really using the crypto casinos to make it a thriving business as we all assume? Let’s learn the truth below.
- The Issue with the Cryptocurrencies
It has been over a decade since the introduction of the first decentralized cryptocurrency, Bitcoin. However, it rose to prominence only by the extreme end of 2017. Before 2017, only a few people around the world used it for financial transactions.
With its rise in 2017, people suddenly started investing in cryptos to take advantage of its surged value. While many people got accustomed to the concept of the digital currencies and their working method, there are several others who have no clue of how to use them actually.
Now, the same aspect remains associated with the crypto casinos. Only a certain percentage of gamblers actually know how to use the Digital currencies for transactions. Many are still to learn the concept before buying and using them to gamble.
- The Volatile Nature of the Digital Currencies
Not all digital currencies are worth much when converted to FIAT currency. The ones that are worth are highly volatile. The stock rates of these currencies keep fluctuating continuously. It is absolutely unpredictable, making it difficult for users to decide if they have to invest in it or not.
For instance, consider that the users invest in any digital currency and use it for their other dealings like gambling. They win some more of it at the crypto casino and withdraw it to their wallet. Now, suddenly the stock market price of that particular crypto decreases, much less than for what it was bought. The user is now facing a loss.
Then again, the chance of an increase in the stock value of the digital currency is also a possibility. But no one can predict it accurately.
If you look closely, the investment in the digital currency itself seems like a gamble. So, many gamblers who do know how to use these currencies prefer not to gamble using them at the crypto casinos or at the crypto sports betting sites.
- Too Early to Predict
While it might not have been much longer since the cryptos came into existence, it is the even lesser time since the introduction of the crypto casinos. The concept is still new, and many punters are yet to explore it.
As of now, it is definitely not a thriving business, as many might think it is. However, we assure you it is too early to predict the condition of crypto casinos. Chances of the increase in demand of these casinos is still a possibility and might turn the tables!