2009 was the year that Nakamoto successfully mined their first bitcoin, which resulted in the creation of the genesis block, which was the first block in the chain on the bitcoin system. Since that time, the market for cryptocurrencies has seen some of the most significant price increases and decreases.
During the most recent few years, crypto was adopted in a few different domains, one of which was the casino industry. Despite this, there is a plethora of online casinos that accept cryptocurrency payments. In contrast to casinos located on land, they have an existing affinity for playing games online, which makes them more responsive to this proposition. The topic of discussion for today is gambling using cryptocurrencies in African countries. We will investigate the factors that led to its proliferation to the largest extent possible and present the landscape of crypto casinos.
Africa’s Various Cryptocurrencies
Many people fell victim to the crypto trend’s allure, but some coins ultimately made things worse for those who had placed their hopes in them. Luna coin is a great example, and another one is the controversy surrounding FTX that occurred more recently.
The percentage of business owners and chief executive officers in South Africa who have adopted cryptocurrencies is at a record high of 59.7%. Bitcoin is the most well-known and valuable cryptocurrency currently in circulation. More than 85 percent of the company owners who participated in this survey own Bitcoin, and Ethereum is a close second place in terms of ownership percentage.
Ghana, South Africa, Nigeria, Zimbabwe, and Kenya are currently the top five countries in Africa in terms of the number of people using Bitcoin. But why is this taking place when the value of Bitcoin and other cryptocurrencies is continually going down?
Why is There Such a High Adoption Rate for Cryptocurrency?
To begin, we must gain an understanding of the day-to-day applications of cryptocurrency among African people. The vast majority of crypto users engage in a form of transaction known as peer-to-peer (P2P). P2P (peer-to-peer) is, in its most fundamental sense, a way of communicating between each of the parties involved in the exchange. It is important to keep in mind that both parties can initiate communication and that their capabilities are equivalent. One of the sources, TechTarget, was responsible for defining this intricate connection in a manner that was both comprehensive and understandable.
Furthermore, some people who use this method of payment do not have bank accounts because the funds in their accounts are insufficient or because of some other problem; this prevents them from engaging in card transactions. Cryptocurrency, on the other hand, enables individuals who do not have bank accounts to make secure payments for services and goods. In turn, this makes it easier for economic activity to take place in the different nations.
The substantial devaluation of several African currencies is another factor contributing to the widespread adoption of cryptocurrencies. Because they are concerned about the value of their country’s currency, some people may choose to invest in cryptocurrencies instead.
Cryptocurrency Wagering
Participating in casino games while paying with cryptocurrencies like Bitcoin or Ethereum is an example of a form of gambling known as “crypto gambling.” Since not all casinos acknowledge cryptocurrency as a form of payment, you will need to do some preliminary research if you intend to gamble using cryptocurrency.
Gambling with cryptocurrencies is neither legal nor illegal anywhere in the world, as it is practiced everywhere. This activity is pretty recent to governments, and to the best of our knowledge (at the time this article was written), most appropriate bodies do not regulate it in any significant way.
Despite this, some of the most reputable websites that are solely devoted to living gambling offer this method of payment to their customers and guarantee the integrity of all financial dealings. The data collected by Casino Alpha reveals that the popularity of cryptocurrency gambling has increased this year. This trend can be attributed to the high versatility of crypto money, which was discussed earlier, as well as the perception of increased safety associated with these transactions.
Gambling with Cryptocurrencies Has Its Benefits
Due to the many benefits that come with using them, cryptocurrencies are becoming an increasingly popular payment option in the gambling industry. For instance, transactions completed in this manner take less time and incur fewer costs due to their streamlined processing and conversion. Enhanced safety for cryptocurrency transactions is another factor that is being looked into.
Players who select this method of payment are eligible for reduced cash-out fees, which is a significant benefit. After that, the funds will be transferred to your electronic wallet promptly. The fact that you don’t have to provide any personal information to use such a wallet makes it an additional way to improve your security.
Last but not least, cryptocurrency casinos themselves promote the use of digital currencies by providing bonuses and other forms of enticement to bring in new customers. You are aware that bonuses have the potential to sometimes make the distinction between leaving a slot unfulfilled and walking away with jackpots.
The Most Popular Cryptocurrencies in Africa
After going over the benefits of using cryptocurrencies for gambling in Africa, it is time to move on to addressing virtual coins. It is critical to have an understanding of the cryptocurrencies that are receiving the most attention and the extent of their power. For instance, the value of Bitcoin that was traded increased by approximately $1.5 million in just a year 2021 alone.
So, what happens to the other members of that group? The following is a list, in order of popularity, of the top cryptocurrencies that are gaining interest in this country:
- Ethereum
- Tether
- Litecoin
- Dash
- XRP
- Lisk and Monero
The current state of affairs on a global scale provided the ideal environment for the widespread use of virtual currencies in Africa. Aside from the current state of the economy, the proliferation of the internet and the industrialization of certain components of the continent’s technological infrastructure have made it easier for cryptocurrencies like Bitcoin to exist in African nations.
It should come as no surprise that people who do not have bank accounts have so quickly incorporated cryptocurrency into their everyday lives. After all, these cryptocurrencies make their day-to-day lives easier and might be the beginning of an African virtual currency.