Currently, a Bitcoin is valued at just shy of $8,000. Though far from the heights it attained in 2017, this year has proven just how resilient the e-currency really is. From the start of the year, the value has over doubled, sending holders and investors into hysterics, as many await another massive boom in the market, akin to that of two years ago.
This surge in the market has proven to be a very positive thing for the Bitcoin online casino market, as the rise in the coin offers even more exposure to Bitcoin First establishments than before.
STABILITY DESPITE DIP
2018 was notably the most devastating for Bitcoin investors, as the market value of the coin dropped by over 80%. While many Bitcoin start-ups were not able to weather the trends, it seems that the online casino business defied the odds and ‘beat the house’, metaphorically speaking.
Statistics show that 50% of all Bitcoin transactions done last year were related to online gambling in one way or another. More than 50 of the world’s most active crypto-wallets are linked to the industry. It is no wonder that the Bitcoin Betting industry is one of the fastest growing markets in the world. Estimations place industry revenues at $80 billion by 2021. That is mind-boggling growth when we realise that the revenue in 2017 was totalled at $45.8 billion.
WHY BITCOIN CASINOS MARCH ON STRONGLY
Bitcoin can be likened to an invading army, who seek to eventually win the war against pesky centralised currency and all the bureaucratic red tape that comes along with it. The decentralised nature of the Blockchain frees people to make their own choices about what to do with their own money.
The strength of Bitcoin is even being recognised in regulated casino markets. Both Malta’s Gaming Authority and the Gibraltar Gaming Commission are working hard towards introducing Bitcoin casino gambling to the regulated markets because they can see the advantages offered by this platform.
While we can argue all day about whether regulating Bitcoin is ideal or not, the fact of the matter is, that Blockchain is the way of the future.
Traditional fiat currency banking methods come with a great deal of red tape, with far too many complications. This is just one of the reasons why more and more players are joining the Bitcoin casino ranks in order to streamline their transactions. Other reasons include:
Cheaper: It’s far cheaper to trade at online casinos with Bitcoin instead of large sums of fiat currency, especially when transacting over borders. Nominal mining fees are charged on the blockchain, but these are small charges when compared to banking fees and foreign exchange costs of standard money.
Accessibility: Certain regions in the world find it difficult to gamble online due to banking laws prohibiting them, or in the USA’s case – the Federal Wire Act restrictions. In this case, Bitcoin is a great option to maintain online gambling activities, as crypto-currency is not bound by these laws.
HOW THE SURGE ONLY STRENGTHENS BITCOIN CASINOS
When a market is able to cope through the low periods, its ability to thrive is only multiplied in the good periods. The current upward trend of the Bitcoin currency is only a booster for gamblers and gambling operators everywhere.
Here are some of the ways in which the surge ads to the industry:
Validates the Currency: The strength of Bitcoin in comparison to other altcoins is a real drawcard for potential investors. The more investors that hold Bitcoin, the bigger the market opportunities are for Bitcoin-First casinos, such as Vegas Casino.
Increase in value = Higher disposable income: The more value Bitcoin attains the more disposable income develops as peoples investments increase in value. This means that it is a little easier for investors to part with some of their coins on a gamble or two at a casino.
Bull Market Arouses Interest and Curiosity: When an asset does as well as this in the market, it piques the interest of the public who are looking to make a quick buck. The more people that are educated and introduced to the platform, the higher the potential market share for Bitcoin dealers.
Boosts Casino Capital: Casinos with Bitcoin in their reserves benefit just as much as the public from the increased trade value of Bitcoin. All of their capital suddenly gains far more traction, empowering their businesses with more clout.
More Players = More Content: The more players flooding the Bitcoin casino market, the more competition there will be. This will push Crypto casinos to ensure that they have the best and latest products for their customers.
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