Rise In Bitcoin Value Could Impact Online Casino Patrons

Rise In Bitcoin Value Could Impact Online Casino Patrons

Bitcoin, the popular cryptocurrency amongst online gamblers, has taken a considerable jump in value recently. Gamblers holding accounts with Bitcoin gambling sites were happy to see their account balances increase as the cryptocurrency is now worth over $4,300 per unit. Investors also saw a nice return with a $15 billion increase in market capitalization. Bitcoin’s increasing value showcases why the digital currency has become so appealing to the online gambling community.

Bitcoin-exclusive casinos have begun emerging throughout the online gambling sector. Both vendors and players like the alternative currency because it allows for faster transaction times, no transaction fees, added security and anonymity. With the sudden jump in value, players’ account balances could jump by thousands depending on how many Bitcoins they have deposited into the site. If Bitcoin’s value continues to rise, it will likely lead to more Bitcoin casinos, as gamblers will want to take advantage of the up-and-coming cryptocurrency. Bitcoin has become one of the most reliable and secure options for individuals seeking prepaid gambling options.

The value of Bitcoin bets worldwide was reportedly worth $4.5 billion between 2014 and 2016. It is estimated that 337 Bitcoin bets are placed per second. It is even possible that Bitcoin wagering could make up one-fifth of the global online gambling industry. This is a significant figure given the fact that Bitcoin has only been operational for 5 years.

As previously mentioned, the anonymity and probable continued increases in value make Bitcoin a preferred transaction method. The cryptocurrency runs on a decentralized peer-regulated network, meaning it is independent of regulation from any countries’ gambling laws. This adds to the appealing nature of the digital currency, as players won’t have to risk losing any of their winnings to taxes or international fees.

Market analysts believe that politics may play a role in the growth of Bitcoin. Investors must consider the possibility of losing traditional currency due to warring factions, so Bitcoin presents a more reliable option. Demand for the currency has skyrocketed with more and more online vendors accepting the alternative currency. When more demand meets limited supply—which is the present case since Bitcoins are finite—value grows exponentially. Once thought of as a rogue currency form, Bitcoin is gaining a reputation as a mainstream payment option, thus increasing the demand.

As with any investment, there is a chance the bubble crashes. Playing the values game is risky because, in this example, Bitcoin could theoretically plummet at any second. But, risk is an inherent part of gambling, so online gamblers won’t likely give up on their cryptocurrencies anytime soon. They are taking a gamble on keeping them without even using their online casino account balances. From the short-term perspective, it seems that Bitcoin’s ascension will continue, meaning values and player account balances will increase. The long-term point of view is too cloudy to consider.

There is no denying the positive effect Bitcoin is having on the online gambling market, and as we’ve reported before, Bitcoin could easily surpass the use of prepaid debit cards in the gambling industry. Cryptocurrency blockchain technology has furthered technological advancements to create Provably Fair Technology, a foolproof method for verifying game fairness. Transparent online casinos operating on transparent currencies—this sounds like a recipe for success. Add in the upward trajectory of Bitcoin’s market value and you have yourself a profitable situation.

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