Cryptocurrency news | Mar 15, 2021
Gambling with Bitcoin
By RTR Dennis
If you had asked me in the 90's about the future of casino gambling then I probably would have said that internet casinos and even internet gambling as a whole is a fad, a short lived bubble that will soon pop! Never have I been so wrong.
In 2019 the total global online gambling market size was valued at USD 53.7 billion and it has been growing exponentially for the last 5 years and is currently expected to grow at 11% annually, that's a whole lot of growth and I can't see it slowing down any time soon.
With the introduction of cryptocurrency into the financial system we are again beginning a period of great change. Again the divisive issue of change in the name of progress is being talked about and reported in the news. As I write this Bitcoin has just passed the $50,000 mark, this was almost impossible to predict a decade ago and has really brought the future of bitcoin into question. "Will it replace all FIAT currencies?" "Will it work alongside FIAT currencies in the future or is it still a very fragile bubble that could pop at any moment?" In the short term at least, Bitcoin, and other cryptocurrencies, are here to stay.
Casinos are quickly adapting to this change with many already established casinos adopting blockchain technology and using separate wallets to accept cryptocurrencies such as Bitcoin, Bitcoin Cash and Ethereum. But there are others too who aren't simply adopting cryptocurrency but are establishing a whole new breed of Casino specifically designed to run on gambling coins such as Crypto Casino which is designed to utilise the FunFair coin, $FUN. With $FUN every single wager is trackable and verifiable with every complaint or challenge being settled within the blockchain itself.
In the past, players would have had to exchange FIAT currency for Bitcoin at a seperate bitcoin exchange or a potentially risky "peer to peer" exchange before being able to gamble online at their chosen casino. That is no longer the case, with the introduction of new ledger technology there are often many payment options available so there is no longer a need to buy bitcoin at a seperate website first. This also means that you only have to put your trust into a single site and this greatly reduces risks for players and casinos alike.
It is not just casinos that are affected by this blockchain revolution. Many sports betting sites have also adopted cryptocurrency betting as well, so as I write this there is no part of gambling you can't access with cryptocurrency. Whether you like to gamble at a card game such as Poker or Blackjack or you prefer to bet on sporting events such as horse racing or football there are cryptocurrency alternatives available. Even if you are only interested in slot machines you will be able to find somewhere to gamble.
Over $4.5 Billion worth of Bitcoin has been wagered online since 2014 and the gaming revenue generated by Cryptocurrency is increasing exponential year on year. When Satoshi Nakamoto first pondered the idea of a decentralised cryptocurrency I wonder if he had any idea how far reaching this idea would be.
Cryptocurrencies market share of gambling is increasing every single day and shows no signs of stopping so if you haven't tried gambling using a cryptocurrency your time is running out. The future is here, time to get involved or get out of the way.