March 2020 brought about the most significant economic downturn since the global recession that began in 2008 and which reached into 2009. It doesn’t take a genius to know that the onset of COVID-19 and the imposition of lockdowns around the world were the root causes. Although the cryptocurrency market couldn’t avoid the turmoil, it has since rebounded even more strongly and now crypto is being used in higher volumes once more at Bitcoin casino sites.

Bitcoin Makes Crypto Relevant Again

With coronavirus raging in Wuhan, the crypto market fought on and Bitcoin posted a monthly high of $10,500 in February 2020. Although down on the $20,089 high of December 2017, some analysts were still bullish on Bitcoin. However, just over four weeks later, there was a collapse on 12 March 2020 that eventually brought the price of Bitcoin below $4,000. Of course, Bitcoin didn’t remain down for long and it was comfortably trading at above $10,000 from August 2020.

Those who believed in Bitcoin and saw the crash as an opportunity were greatly rewarded as a record-setting bull run began in December 2020. Holders were even treated to an all-time high on Christmas Day. After a series of increases and retracements, Bitcoin was trading within the $50,000 range by spring 2021. As of April 2021, it had surged above $60,000.

In 2021, the crypto market is poised to break the glass floor of the mainstream finance industry. And the movement has been fueled in no small part by Elon Musk announcing that Tesla had acquired $1.5 billion worth of Bitcoin in February 2021, which was later followed by the revelation that Bitcoin would be accepted as a form of payment by the electric vehicle manufacturer.

PayPal has also made within the space by announcing in March 2021 that eWallet holders would be given the option of checking out in crypto rather than FIAT currency, such as US dollars. VISA is also on board with crypto, having announced plans to facilitate payments via the USD Coin (USDC) over the Ethereum blockchain. Each development is a sign that mass adoption is coming for crypto and that online casino sites will also play a role.

Crypto Casino Fees

For any player who’s considering the use of crypto at an online casino for the first time, it’s only natural to have questions. One example would be, are there fees to pay on deposits? Meanwhile, another would be, are there any fees for withdrawal? To provide clarity, this article will answer both questions and provide further information of value to fledgling crypto casino players.

A newbie in the crypto sphere will need to take the initial step of registering with an exchange, with some of the leading examples being Binance, Coinbase, and FTX. This is fundamentally required to enable users to exchange USD and other FIAT currencies for Bitcoin or a range of other cryptos. When exchanging USD for crypto, the exchange can provide a quote for the fee on each transaction. While Binance and FTX can keep fees quite low, a Coinbase transaction can incur $4-5 when depositing just $100.

Bitcoin and Ethereum are the two most widely accepted currencies accepted among the best crypto casinos online. After obtaining funds in either of those cryptos, you can then register with a suitable casino site. Now, let’s assume that the site accepts Bitcoin. You can go to the cashier and see how the payment system functions.

In most cases, the casino will provide an address where you can deposit your Bitcoin. Alternatively, there might be other sites that are willing to let you which are directly from a third-party wallet. However, let’s assume that you need to deposit directly with the site. This would require you to withdraw the Bitcoin funds from an exchange and over to the address specified by the casino.

As of April 2021, a typical Bitcoin transfer can cost upwards of $30 in fees. With Bitcoin, a transaction can only be completed and added to the blockchain after it has been mined by validators for the network. In terms of time, an average transaction can require 10 to 20 minutes before being completed. When withdrawing winnings, you need to factor the fees into the transaction. Essentially, you want to ensure that you have enough winnings to comfortably cover the fees and make the transaction worthwhile.

Further Growth Expected for Crypto Gambling

Understanding the Bitcoin casino fees for depositing and withdrawing will be of fundamental importance for players moving forward. With coronavirus causing many players to remain at home, Global Market Insights has published a research report in which it has been forecast that the value of the global online gambling market will exceed $160 billion by 2026.

In April 2020, Coin Telegraph revealed that US-based crypto gaming operator Bling registered a 50% increase in users during the March that coronavirus took hold. And this occurred in the month that Bitcoin declined in price. With a bull market currently in full force, the crypto sphere now has more retail consumers than ever and this could generate further demand for crypto gambling services online.

Some of the larger operators in online gambling, have already implemented features to accept crypto within their cashier platforms. Nevertheless, adoption can still increase as more operators become involved and more wide-ranging coins are accepted as deposits. One exciting development will Atari’s VR-driven crypto casino that will be developed by Decentraland and will operate with full functionally on Ethereum.

In the online gambling industry, there are different regulators and jurisdictions across the world, and this can complicate matters for players, especially if they live in locations where the practice has not yet been legalized. With crypto, a user can bypass the mainstream and play anonymously and securely within the decentralized gaming industry. This can be appealing for the users who don’t want to submit any of their own personal information to start playing.

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