Bitcoin has been on quite a journey since the early 2010s. For years, it was on the periphery of both casino gaming and traditional investing. While savvy investors and those with a keen eye for cryptography understood just how revolutionary Bitcoin was and how much potential it had, for years, it couldn’t truly cross into the mainstream.
Between the early 2010s and the mid part of the decade, conventional finance and traditional companies were not too eager to get involved in the world of crypto. It was largely unknown, removed the need for a bank or third-party involvement, and was an entirely digital form of finance. In many ways, it ticked many of the boxes that traditional financial sectors were keen to avoid.
However, denying the innovation and constantly downplaying the ingenuity of BTC and the blockchain merely delayed the inevitable, and as soon as more investors cottoned on to the enormous potential of Bitcoin and other cryptocurrencies, it wasn’t long before they became a rapidly growing area of the casino gaming industry.
What’s Behind The Growth Of Crypto Casinos?
Cryptocurrency casinos were among the first industries to explore the new route of blockchain gaming. Gambling crypto at Cafe Casino is the modern form we see, where a multitude of different conventional and contemporary games use the blockchain to allow customers to deposit and withdraw their funds.
You can now use many different altcoins and stablecoins to bet with crypto. In the early days of crypto gambling, though, they mostly dealt in BTC for myriad reasons. It was the figurehead asset, had the largest market cap, and was considered the most promising of all the cryptocurrencies that emerged in the early 2010s.
Even after multiple bull runs, Bitcoin dominance remains a strong indicator of market appetite; the only difference being that the price has increased so dramatically that other altcoins are now viable assets across the cryptocurrency casino sector.
The transparency of blockchain is another key selling point. Any withdrawals or deposits to a crypto casino are immediately lodged on the blockchain and cannot be altered or amended. In the case of any issues with a payment, there is a unique block hash, meaning the payment can be located instantly, unlike with some traditional payment methods, where you find yourself going back and forth between your payment provider and the casino.
In addition, the growth of crypto influencers has provided fresh avenues of marketing that accommodate a newer, contemporary, and international market—and while there are other smaller factors to consider, these are the key factors determining the current strength of the market.
Mass Adoption On The Cards?
Now that Bitcoin ETFs are a viable route for conventional investors to enter the crypto market, and the price has reached an all-time high above $125,000, the signs are looking good for digital assets to be mass-adopted in the next decade or two.
While it hasn’t quite reached the validity or stature of conventional investments and other established markets like stocks, forex, and commodities, the sheer volume of retail investors now investing in cryptocurrency assets is a testament to its potential.
Ultimately, these adoptions rarely take place overnight. In the traditional financial system, which has been in place for over 250 years in some countries, it will take a few decades for such a systemic change to occur, and while it might happen in some countries quicker than others, we are still a long way off BTC becoming legal tender in prominent economies.
Again, though, the signs look good, especially with US adoption spiralling the market to dizzying new heights. This validity helps to push it into conventional areas of finance all over the world, with other prominent countries like Australia, Singapore, and the United Kingdom all allowing blockchain and cryptocurrencies to flourish within their financial systems.
Could BTC Take Over Casino Gaming?
At the moment, it feels as though we are a long way off from this becoming an eventuality. Sure, there will be growing demand for cryptocurrency assets, and they will continue to capture a larger market share in the casino gaming market, but the idea that BTC could replace conventional assets is just not feasible —not in the short term, anyway.
Entirely digital forms of payment will inevitably become the dominant form throughout the world of finance. However, at the moment, despite their innovations, there are still plenty of elements regarding conventional payment options that suit the largest demographic.
Over time, conventional payment options will have to make way for digital payments. As demographics shift, a larger percentage of casino gamers are aware of digital-only options, a trend that, in the long run, could spearhead a completely new-looking casino gaming industry over the next decade or two. So long as the demand keeps up and there’s not a significant shift away from cryptocurrency and blockchain over the next few years.
