Unfortunately, not a lot of people know about crypto. Contrary to what Bitcoin maximalists or obsessive crypto enthusiasts might think, cryptocurrencies aren’t in the center of everyone’s attention. According to a study, conducted by ING, one of the biggest banks in the Netherlands, the overwhelming majority of people have a confusing knowledge of cryptocurrencies. Ironically, the study also revealed that those people who knew very little about cryptocurrencies were the most enthusiastic about them.
Moreover, among those surveyed only 12%, on average, admitted that they currently own cryptocurrency. Interestingly, the respondents from the developing countries turned out to be more crypto savvy than their peers from the developed ones. For example, while the percentage of crypto holders in Turkey reached 18%, the results in such prosperous countries as Luxembourg, the UK, the Netherlands, and France have never surpassed 6%. This signifies that the cryptocurrency industry is at the very nascent stage of development, but also that there’s plenty of room to grow.
Gambling and crypto are forming an inseparable bond
Even though the mass adoption of cryptocurrencies by the general public is practically a stage of inception, there is one industry which appears to have gained the upper hand in that matter. The name of this industry is online gambling, and it has been embracing the blockchain technology, along with its offspring, cryptocurrencies, at an increasing pace over the last couple of years.
The main reason why online gambling grew so fond of crypto lies in the nature of this type of digital asset, described above. Gambling could be a sensitive subject for someone, especially for those who, for some reason, try to keep the lid on their gambling activities. That’s why the unprecedentedly high level of anonymity, or even full anonymity and untraceability of transacted funds provided by the so-called privacy coins, such as Monero and ZCash, is one of the main factors that make cryptocurrencies so appealing to the global gambling community. Thanks to crypto, people can place bets on sports fixtures, or try their hand at casino games, without being afraid of getting frowned upon by the public or worse, drawing the interest of government agencies, especially the ones that deal with taxes.
The next benefits that cryptocurrencies provide for gamblers constitute in the speed and the cost of transactions, specifically the ones that concern the withdrawal procedures. Many of us know that withdrawing winnings from a regular casino account could be a long, tedious, and costly thing. Ask yourself, why do you have to wait for 48 to 72 hours to see the hard-won money arrive at your bank account and allow intermediaries like banks and payment processing companies to take a nibble at your dough? Before crypto, the answer would be that there’s no better alternative. But now, there is one that’s more cost-efficient and swift than anyone could ever imagine. When withdrawing funds in crypto, the entire operation takes roughly around 5 minutes, depending on the blockchain workload and the number of required network confirmations. All one needs is an installed crypto wallet and its address. When it comes to withdrawal fees, they are usually negligible, which means in order to withdraw, for instance, a $100 worth of Bitcoin from the online gambling platform, the player would have to pay only a few cents in fees, which is nothing compared to what the intermediaries charge.
These are things that can make a real difference in the realm of online gambling in the years to come, though there are sagacious platforms that have already been gaining the upper hand by incorporating the all-for-crypto model. 1xBit is one of the most prominent of that pack since it has many features that can’t be found on other online gambling sites.
1xBit makes a new use case for cryptocurrencies
Even if you are just dipping your toes into the crypto waters but have some expertise in betting on sports or playing online casino games, then 1xBit will help you to discover the full benefits of wagering by a means of crypto.
Once again, we would touch upon the subject of anonymity and non-disclosure of personal and sensitive information. At which stage a player has to provide the bulk of such information? Obviously, it’s the registration and the creation of a personal account. Well, you can forget about giving out as much as your first name when joining 1xBit. In the spirit of crypto’s underlying concept of anonymity, 1xBit established a one-click registration which implies the automatic and instant creation of a gambling account with a single push of a corresponding button. You won’t even be asked to provide an email address!
As soon as the account is established, it can be loaded using more than 30 cryptocurrencies, including Bitcoin, Ethereum, Litecoin, Dash, USDT and so on (the full list of accepted digital currencies is available on the website), which will be subsequently converted to mBTC (milliBitcoin) in which all the wagers are being made. Make a deposit of at least 5 mBTC, and you will be in for a treat that comes in the form of a lucrative welcome bonus of up to 7 BTC, as well as other perks. 1xBit prides itself in having an extensive list of bonuses and promos. For instance, you can get bonus points for placing bets, a VIP cashback, the Accumulator of the Day, Advancement, and many more bonuses up for grabs.
1xBit creates a new chance for bettors to use cryptocurrencies, apart from trading and holding them in the wallets. There are plenty of opportunities on 1xBit to double your crypto: sports betting, including esports, UFC, and cockfighting, online casino games with live dealers, more than 5000 titles of slot machines, and even wagering on the politics. 1xBit’s great variety of betting options and commitment to an all-for-crypto model make it a progressive gambling platform that allows making crypto in a way that’s much more interesting than mining.
Disclaimer: The views, opinions, and positions expressed within it are those of the author alone and do not represent those of Cryptopolitan. The accuracy, completeness and validity of any statements made within this article are not guaranteed. We accept no liability for any errors, omissions or representations. The copyright of this content belongs to the author and any liability with regards to infringement of intellectual property rights remains with them.