Existing Scenario in Cryptocurrency Gambling

The surge in popularity of Bitcoin and growth in cryptocurrency adoption has further expanded its use across various industries with a range of applications, of which the most prevalent being online gambling and casinos.

The growth of cryptocurrency gambling doesn’t come as a surprise. Conventional casinos were basically developed for the members of the rich high-society, but since the rise of virtual casinos and online sports betting platforms, anyone having a computer or mobile device with internet connectivity can access the thrills of gambling.

The Existing Scenario

Cryptocurrencies have taken the online gambling industry another step forward. It’s one of those real-world use cases that is striking with high popularity and is rising continuously. As revealed in the report, bitcoin gamblers laid down around 3.7 million bitcoins in between 2014 and 2017, equating to around $4.5 billion at the same of reporting.

Is Cryptocurrency Gambling Beneficial for the Gamblers?

Gambling with bitcoin and other cryptocurrencies brings numerous benefits for the players. Bitcoin is pseudonymous, implying that players make bets in some comfort knowing their transactions will be hard to trace and unrestricted. For traditional fiat currency gambling, the players need a PayPal or a bank account and share personal information, which is increasingly an unpopular idea in the era of digital privacy.

Moreover, the payments are 100% transparent as the blockchain records all transactions made over the network, implying a transaction sent from one address to another is easily seen using the block explorer. This ensures crypto gambling platforms are fair and honest. And then there is the implementation of smart contracts on many crypto-gambling platforms which further defines transparency and fair play.

Bitcoin Slots: A Shining Example of Bitcoin Gambling

Online gambling sites offer a whole suite of games and slots is among the popular ones. These slot games come in various flavors, developed by multiple game developers. However, unless there is one single place that compiles the best available slot games, there is no way for a player to enjoy all of them. And if there is some way to try the games out before wagering some real money, it will be even better.

One such platform is MyBitcoinSlot that lists all such games and offers an opportunity for players to try these titles out for free or place a wager. In addition, they can also a lot of other information about these games and portals that host them.