A non GamStop casino always offers several payment options, including not only credit cards and bank transfers. Many modern online gambling providers allow the use of cryptocurrencies. A new study now highlights how popular this modern payment method is, especially among players choosing the best casinos without GamStop restrictions.
Cryptocurrency Popular at Non GamStop Casinos & Bookmakers
SoftSwiss conducted a study focusing on the popularity of cryptocurrency. This study revealed that the use of the digital currencies increased dramatically in the third quarter of 2021. Currently, 43.3 percent of all players use the option to deposit with cryptocurrency, representing a 28 percent increase over the previous year. Interestingly, the digital currencies is more popular with non GamStop casinos than with sports betting.
Less than two percent of online bookmakers recorded a payment via cryptocurrency. This is a very low figure, especially considering that SoftSwiss examined 300 providers. A total of more than €700 million was deposited with these providers. In the second quarter of 2021, the figure was just €560 million.
Is it also possible to determine which currency is more popular and which currencies are used? SoftSwiss also investigated this, and found that Bitcoin is clearly the most popular, followed by Ethereum, Litecoin, Dogecoin, Bitcoin Cash, and Tether.
The Rise of Cryptocurrencies: Why Bitcoin Dominates Non GamStop Casino Deposits
SoftSwiss not only investigated the popularity of cryptocurrencies and the share of this payment method. The company also investigated why digital currencies are used in the first place. One reason, they found, is that modern life is increasingly shifting online. This inevitably led many people to switch to digital currencies. Another reason for the rise of cryptocurrency in online casinos is that more and more younger people are turning to online casinos. This group of people would generally use cryptocurrencies. This automatically led to the use of this currency in online gambling as well.
Bitcoin is generally popular, which may be due in part to the fact that it is the first digital currencies. It was launched in 2009 and has since become extremely popular. Regarding online casinos, it has been determined that approximately 80 percent of all deposits are made with Bitcoin. However, this may also be due to the fact that this currency is the most popular.
In addition, Bitcoin is also the most valuable asset. While the price of one Bitcoin was still below €20,000 in 2020, it is currently worth over €51,000. Hardly any company has been able to achieve such an increase in value to date. The entry price in 2009 was seven cents.
How Secure Is Digital currencies?
Cryptocurrency was introduced as an alternative currency and is based on complex encryption. This prevents transactions from being hacked. Therefore, cryptocurrencies are considered extremely secure. Furthermore, with digital currencies, no money is transferred. Instead, everyone has a digital wallet in which their assets are stored. When transferring money with digital currencies, the customer must log into their account using a password and enter a code for the transaction itself.
In this sense, paying with the digital currencies is similar to online banking. Although it’s supposed to be a very secure currency, there have already been cases of the currency being hacked. The resulting losses ranged between $195 million and $534 million. Those who take this into account may no longer believe that Bitcoin is a secure currency. On the other hand, bank account and credit card holders can also be defrauded.
Does Every Online Casino Offer the Option of Cryptocurrency?
Not every non GamStop casino offers cryptocurrency payments yet. Those who prefer this payment method should therefore find out whether their chosen online casino offers this payment method or not. On the other hand, there are many online gambling providers that only accept deposits via digital currencies. These are often new and up-and-coming online casinos whose entire appearance has been adapted to this, such as Betmac Casino: review and benefits for UK players.
How quickly payments via Bitcoin and other cryptocurrencies will spread depends on several factors. SoftSwiss is a company that offers complete solutions for online gambling providers and sports betting. Using this software, the online casino operator is also able to offer payment with digital currencies. After all, SoftSwiss was the first company to offer this option. This software is now used by many providers, offering not only slots but also classic casino games. This means the range of games is not limited to modern slots. Players just need to be aware that bonuses are also calculated in digital currencies.