The cryptocurrency market is said to be in a bear market due to the price going down since November 2021. Besides that, the usage of crypto coins went down just slightly and continues to be very stable with more than 200,000 transactions processed every single day, and sometimes even getting closer to 300,000 transactions.
No surprise that Bitcoin is the leading cryptocurrency that people hold and use for transactions – even 65% of total cryptocurrency users. Bitcoin casinos are no exception, people still actively use this asset to make a deposit and play at online casinos. It’s the most trusted cryptocurrency on the market at the moment.
Impressive Growth from 2021 to 2022
Recently, we analyzed the data from the past couple of years and found some interesting trends related to crypto gambling. Back in the first quarter of 2021, people gambled a huge amount of $2,925,599,422 using cryptocurrencies. Fast forward to the first quarter of 2022, and this amount surged to a whopping $6,342,214,971. That’s an impressive increase of more than 116 percent in just a year.
Moreover, if we look at the total bets placed in the first quarter of 2022, 36% of them were made using crypto. This is a significant jump from the 26% we saw in the same period of 2021.
We are excited to get data from 2023 and compare it to 2022. But by the public stats we were able to find, we still see a significant expansion of Bitcoin and other cryptocurrency casinos this year too.
Increased Number of Bitcoin Casinos in 2023
2023 is the year when tens of new online casinos accepting cryptocurrencies popped up. Most of them are now oriented to being decentralized and allowing users to log in using only an e-wallet such as MetaMask or other verification methods. That eliminates the requirements of KYC making Bitcoin casinos even more private and anonymous. Well, that is what cryptocurrency is about.
Moreover, it allows online casinos and customers to avoid misunderstandings and restrictions from financial institutions. Due to recent changes in some countries’ legislation, more and more payment methods are getting a grudge.
According to JPost, there are more than 3,000 Bitcoin online casinos operating to this day, and there are zero doubts, that this number will increase a lot in the next couple of years.
Adoption of Bitcoin Opens New Doors
The adoption of cryptocurrencies has increased a lot lately. The network of Bitcoin ATMs expanded to more than 42,000 machines worldwide. It’s expected that this number will reach 150,000 ATM machines in 2024. Making crypto funds more accessible than ever. We expect that cashing out cryptocurrencies will be as simple as we are all used to.
Most noteworthy, bank cards that can be acquired at many bigger exchanges such as Binance, OKX, or Coinbase can be used to pay at hundreds of thousands of retail shops, restaurants, or online booking services worldwide. These cards are accepted anywhere where Visa or Mastercard stickers/logos are visible.
Lastly, the applications created by the leading names of the crypto industry, all offer top-level convenience such as quick transactions and crypto exchanging to traditional currencies can be made within seconds. Sending money to a friend or a family member will cost you a few cents or a couple of dollars, but it is going to be processed within a couple of minutes. It doesn’t matter if the receiver lives thousands of kilometers away.
The expansion and adoption of Bitcoin grows immersively. And while online gambling is one of the most innovative industries, we’re not surprised that cryptocurrencies such as Bitcoin take a more important role there. It offers everything gamblers need – cheap and fast transactions, a decent level of privacy, no borders, and the greatest convenience possible. This is also reflected in the figures that we see now, a huge number of new online casinos appear every month.
However, it is always crucial to follow local laws and regulations. There are still a lot of countries where cryptocurrency payments are not allowed or are very strict. Breaking the law can lead to huge financial losses or even worse. Also, plenty of regions do not allow online gambling at all. Players should follow that and understand the local crypto-gambling environment.
Even though crypto resolves a lot of old and outdated issues, and is growing exponentially, there is still a long way ahead of us when Bitcoin gambling will become mainstream. But we’re 100% sure, it will!