Since Bitcoin was invented over a decade ago, it has made waves across the globe. The founder of Bitcoin, Satoshi Nakamoto, created the cryptocurrency to serve as an alternative method of payment and store of value. He wanted to create a form of money that will be free from centralized control because he was tired of how much power the government and big tech companies had over people through fiat money. Bitcoin BTC was the first cryptocurrency to be created on blockchain technology. Since the cryptocurrency is based on blockchain technology, it is virtual. There are no physical Bitcoin currencies as Bitcoin is mined with computers and circulated virtually. Just like many other businesses, some casinos around the world have started accepting Bitcoin. Online Bitcoin casinos have popped up from different parts of the Internet. These casinos are like regular casinos. However, instead of accepting fiat currency, they accept Bitcoin and other major cryptocurrencies. Some others offer both Bitcoin and fiat.
Does A Surge in the Price of Bitcoin BTC Automatically Translate To an Increase in Bitcoin Casinos?
Just like fiat, the value of Bitcoin changes over time. However, Bitcoin is extremely volatile and it can lose or gain a significant portion of its value within a few months, days, hours, or minutes. The high volatility of Bitcoin is one of the factors that is preventing its global recognition as a currency. Toward the end of 2017 and the beginning of 2018, the price of Bitcoin BTC reached its all-time high in a parabolic bull run. Bitcoin surged as high as $19,500 almost crossing the $20,000 mark before it started to plummet again. Shortly after, the cryptocurrency started falling until it got to a low of $3200 in January last year. At the time of writing, the price of Bitcoin was $9,708.80. It is struggling to reach the $10k mark but it is a long way from the $3200 low. This brings us to our question. Does the rising price in Bitcoin mean there will be more Bitcoin Casinos?
The Cryptocurrency market is a large one with a total market capitalization of $275,751,933,391. Bitcoin dominates this market with more than 60% as its market capitalization alone is $178,630,007,220. Over the years, Bitcoin Casinos have been growing in popularity. This is because Bitcoin offers people the kind of freedom that fiat cannot offer. With Bitcoin and other cryptocurrencies, you can protect your identity online. Transactions can be done in billions and no one will be able to trace you if you don’t want them to. Bitcoin casinos satisfy the needs of everyone who wants to be anonymous. With most Bitcoin casinos, you don’t have to create profiles with your real information. There is no need to upload your credit card details or upload your identity card. All you need is your Bitcoin wallet. Deposits can be made into the online casino through your Bitcoin wallet. If you’re fortunate enough to win, withdrawals can be made into your wallet as well.
These Bitcoin casinos are developed by blockchain experts who subsequently rent or sell them to casino owners. They are based on similar algorithms as regular online casinos. Everything, except the currency, is the same. You can play slot machine games, card games, and any other game you’ll normally find in an online casino. As Bitcoin is becoming more popular, the number of Bitcoin casinos is increasing. In the next few years, these casinos will increase at a higher rate because cryptocurrencies will achieve global adoption and there will be a significant increase in these Bitcoin casinos. If there are always people who want to use Bitcoin Casinos, there will always be a developer ready to build them.
Anonymous might be the key attraction to Bitcoin casinos but it isn’t the only one. There are many other reasons why the demand for Bitcoin casinos is increasing. For starters, Bitcoin is based on blockchain technology, a key player that will be at the forefront of the next technological revolution. It would stand with the likes of artificial intelligence and machine learning. So, businesses and individuals who don’t want to be left out are jumping on the blockchain train and looking to Bitcoin as the future of money. This interest affects every industry but the most popular implication is seen in the financial services industry.
Secondly, being able to make casino payments with Bitcoin BTC and other cryptocurrencies is convenient. In the beginning, Bitcoin wallets were online only. People could send money to these wallets through their wallet addresses which worked similarly to email addresses. A wallet address also acts as an identifier so you don’t need to worry about using your name or any other bio data on your wallet. Online a physical wallet, you don’t need to worry about forgetting your Bitcoin wallet at home or being mocked and losing your wallet. However, hackers started targeting these soft wallets since they were online.
Blockchain developers proceeded to create hardware wallets. The hardware wallets allow people to store their cryptocurrencies offline. It is a small USB storage device that can only be accessed when it is plugged into a computer and your password is used. These hardware wallets are also called cold wallets. Even if they are tangible, they are extremely portable. So, you can carry them anywhere with ease. Both storage options are convenient and they allow you to gamble anywhere in the world as long as Bitcoin casinos are legal in that area. So, this is another reason Bitcoin casinos will keep increasing across the globe.
It is important to note that transaction fees in most Bitcoin Casinos are zero. Traditional online casinos charge you for depositing and charge you for withdrawing. Bitcoin casinos, on the other hand, are cheaper to use because you don’t need to pay to use them. All you have to do is deposit your Bitcoin’s, play, and withdraw your Bitcoins. This is a compelling reason that will influence the demand for Bitcoin casinos and subsequently lead to their creation. Let’s not forget about how your Bitcoin winnings can increase significantly within a few hours if the price of Bitcoin Surges shortly after you receive it. You can even hold your Bitcoins and wait for the value to increase before converting it to the traditional currency of your choice.
Factors that May Delay the Widespread Adoption of Bitcoin Casinos
We’ve listed the most obvious advantages of Bitcoin casinos but this doesn’t mean there are no disadvantages and factors that will possibly influence the demand for Bitcoin casinos. Bitcoin’s are still a long way from global adoption. Many parts of the world have indeed started using Bitcoin BTC but it still hasn’t been recognized globally. Many factors are delaying this process. One of these factors is regulation. Cryptocurrencies are under-regulated. Financial regulators across the globe don’t trust decentralized currencies because they cannot control it and they feel it will aid money laundering and other financial crimes.
Another factor that is delaying the global adoption of Bitcoin is scalability. The more people join the Bitcoin network, the slower it becomes. Bitcoin hasn’t been able to solve the scalability problem in the last decade. Bitcoin transactions are too slow. Sometimes, they take hours or even days to complete. Other cryptocurrencies have been trying to solve this problem and they are closer to it than Bitcoin. A typical example is Cardano ADA. The Cardano network is on the verge of releasing a fully decentralized network that also happens to be the most scalable in the space. If the Cardano Shelley mainnet launch is concluded successfully, it would be a major plus for Cryptocurrencies and it will promote adoption, not just for ADA but for Bitcoin and others as well. Eventually,
As long as the price and global adoption of Bitcoin continue to increase more Bitcoin casinos will be developed online. There are many obstacles along the way but no technological advancements are without their flaws. Bitcoin and the underlying blockchain will overcome these challenges as it remains at the forefront of the next industrial revolution. Bitcoin casinos will be developed and more traditional casinos will start accepting Bitcoin payments as well. Eventually, Bitcoin will become as popular as the United States dollar. It might take another decade or two but Bitcoin is here to stay and the only place to go is up. If you’re interested in joining the Bitcoin revolution, you should start by buying when little portions of Bitcoin weekly or bi-weekly. You don’t need to wait until you have almost $10,000 to join the revolution. Start small and work your way up. Most importantly, always gamble responsibly whether it’s a traditional casino or Bitcoin casino.