By now, we know that cryptocurrencies like Bitcoin have firmly established themselves as products of the digital age. Over the last few years, Bitcoin has been the cause of a number of debacles. In fact, some casino experts have predicted that it is going to be the next big thing. And rightly so!
This is extremely significant in the rise in value. But what is the driving force behind this growth? Check out the key factors that contributed to the increase in Bitcoin’s prices and how this is affecting the online casino world.
Stats and Figures
Just before 2020 ended, there was already a lot of talk about Bitcoin’s staggering rise in prices. Back in 2017, it hit the $20,000 mark, but since then, its value has soared higher and higher. By November 2020, it succeeded in surpassing the $20,000 mark is now worth over $57,000. Let’s face it, it’s only onwards and upwards from here. In fact, experts have already projected the number to increase to $100,000 by the end of 2021.
So, the question is, why is everybody still jumping on the Bitcoin bandwagon despite quite high? We’ll be delving into more detail in the upcoming sections, but here are the main takeaways:
- High-Profile figures such as Elon Musk have expressed their support for Bitcoin.
- Rising inflation and stimulus continues to push people to safe-haven assets.
- Increased adoption from payment applications like VISA will has given people more access to this cryptocurrency.
Reasons that Contribute to Bitcoin’s Growth
"Cryptocurrencies like Bitcoin have firmly established themselves as products of the digital age."
As you can see, there are many reasons as to why Bitcoin has indeed succeeded in becoming the next big thing. For starters, Elon Musk seems very keen on promoting its usage within Tesla. In the company’s annual report, it is stated that Musk purchased $1.5 billion in Bitcoin. Although companies like Tesla already generate huge revenues every year, it seems like Musk knows what he’s doing to keep the company going. At the time of writing, Tesla is valued at $900 billion. From the way things are looking, it’s onwards and upwards from here as Musk plans to make Bitcoin as payment in the very near future.
Similarly, BNY Mellon is also following Musk’s footsteps. Although its origins are traced back to the 18th century, the company has taken the leap and is now interested in what the Bitcoin world has to offer. In fact, it plans to help its asset-management customers use Bitcoin and regard it like any other security.
On top of that, VISA has recently announced that the company is now accepting Bitcoin payments on their networks to give business and customers more options when buying things and in this case, when playing online casino games. Needless to say, this is an extremely significant move that shows there is an acceptance towards digital currencies by the mainstream financial industry.
Working in Synergy: Online Casinos and Bitcoin
We will now move on to discuss how this surge in prices is affecting the casino world. Most casino experts agree that the relationship between cryptocurrencies and online casinos is a match made in heaven. Since the mobile market has made the online gambling industry more accessible than ever before, it goes without saying that this attracted more users to several casino platforms.
In this respect, major cryptocurrencies like Bitcoin played an important role in generating more player conversions. More importantly, Bitcoin has also opened more doors to prizes and other rewards that aren’t necessary offered through standard forms of traditional currencies.
That said, one also needs to question whether the price difference will now affect online casino deposits and withdrawals in some way or another. And on that note, here are some pros and cons!
The Advantages of using Bitcoin
Anonymity: This is hands down one of the best features of blockchain technology. Given that your identity is anonymous, you, your personal banking details are kept private when you carry out transactions. Additionally, you cannot be traced with the funds you pay.
Safety and Security: When compared to credit card payments, Bitcoin ones are more secure. As we stated previously, since these are carried out directly between the user and the casino, it lessens the risk of any potential illicit activity.
Fewer Fees: Nobody likes high fees, we get it. Lucky for you, Bitcoins are deposit straight you’re your account wallet to the casino. So, in this case, no transaction fees are issued due to the fact that the casino doesn’t need the assistance of a third party to finalize payments in this scenario.
The Disadvantages of using Bitcoin
The Value: As you already know, Bitcoin is highly volatile right now. Here’s the thing – sometimes, the value is higher when you deposit and lower when you withdraw. So, although people are still interested in using Bitcoin, you need to consider that these high values can create complications in your casino strategy.
Additional Steps Needed : Whilst some online casino players already use Bitcoin as their main method of payment, others find it difficult especially when they’re at the early stages of acquiring Bitcoin. Perhaps this proves to be a bit of challenge to some people.