Web3 Casino Harvests Profits, Shadow of Risk Haunts

Bittime - Who would have thought that online gambling based on blockchain or web3 technology was on the rise? In the last year, these digital casinos managed to make fantastic profits of up to around IDR 80 trillion (around $5 billion) from around 4,000 digital wallets. 

This is proof that the world of gambling is transforming rapidly, supported by active players and a number of gambling 'whales' who bet big.

Digital Wallet Deposit Amount to Web3 Casino

Analysis of blockchain transaction data shows that on average each digital wallet deposits around IDR 112 million (approximately $7,000) to these web3 casinos. Wow, quite fantastic numbers! 

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But what makes you shake your head even more is the role of gambling 'whales'. About 500 of these super rich people put an average of IDR 4 billion (around $250,000) into the casinos, contributing a total of IDR 2 trillion (around $125 million) to the total transactions.

Interestingly, the majority of transactions at many of these web3 casinos are carried out directly from the players' personal digital wallets, not through crypto trading platforms. 

This provides a huge advantage for casino managers because they can analyze player behavior in more detail. They can know habits, spending patterns, even how much money players have.

The Shadow of Web3 Casino Risk

However, behind its glory, the world of web3 casinos also holds potential problems. Since appearing four years ago, the total money entering these casinos has reached IDR 12.5 trillion (around $78.7 billion). 

This huge amount raises concerns about money laundering. Apart from that, the anonymous nature of blockchain-based transactions can also be used for undesirable things.

Meanwhile, the crypto asset market is not doing well. The value of Ethereum, one of the largest crypto assets, fell sharply. In fact, there are critics who say the crypto industry is more like a casino than a promising technology sector.

So, even though web3 casinos are skyrocketing, we need to remain vigilant. Apart from great opportunities, there are also risks that must be faced. The government and industry must work together to ensure that these successes are not followed by bigger problems.

How to Buy Crypto on Bittime

You can buy and sell crypto assets easily and safely via Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti. 

To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. Apart from that, also ensure you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. Study Complete Guide How to Buy Crypto on Bittime. 

Monitor graphic movement of Bitcoin (BTC) price, Ethereum (ETH), Solana (SOL), and other cryptos to find out today's crypto market trends in real-time on Bittime.