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How BTC Has Influenced the Gambling Industry (Part 2)

Author: Yana Kryvosheina
31 October 2019, 18:33
Votes: 1

Bitcoin is the most widely discussed topic over the past several years for sure. At the very beginning, such an increased interest was caused by the unusual nature of this invention, later the extremely high price per one BTC amazed the general public. Therefore, the cryptocurrency made an impact on all the sectors of activity, and gambling is no exception here.

How BTC Has Influenced the Gambling Industry (Part 2)

Many people regard BTC as a way to get rich quickly and steadily. And it’s not surprising. For instance, back in September 2015, its price was 230 dollars, in September 2016 – 600 and one more year later reached the level of 4,400 dollars per one BTC. However, it was not the limit. December 2017 offered the unbelievable $19,600 for one bitcoin unit.

Everything seemed perfect for cryptocurrency investors. But that’s not how it turned out. Within a month after the peak of BTC’s dollar value, its price was almost halved to $10,000. After a string of ups and downs bitcoin stopped at the level of a bit less than 9,300 dollars per 1 BTC.

Judging from such an unstable tendency of this cryptocurrency, its investors might be to some extent compared to gamblers: they never know what will happen with their money in the nearest future. In 2018 the Bitcoinist media outlet published a report, according to which almost 50% of all BTC transactions made starting from 2014 were related to gambling.

Now let us look at two more ways in which bitcoin has transformed the gambling industry.

Read more: How BTC has Changed the Gambling World (part 1)

BTC-based iGaming websites occupy a special niche

Nowadays there is no need to exchange BTC for other currencies in case someone wants to gamble on Bitcoin-based gaming websites. The first casino of this type was launched back in 2014. According to its Head of Casino Operations, bitcoin and blockchain became a perfect solution to the problem of the modern payment processing channels, regarding speed and cost. The online casino websites of this type are currently experiencing extraordinary growth and receive excellent feedback.

BTC-based iGaming websites occupy a special niche

Via providing customers with a possibility to use their own BTC reserves, thus excluding the fiat money model, bitcoin-based websites are paying tribute to the idea Satoshi Nakamoto was willing to bring to life.

Gaming regulatory bodies recognize BTC as a legal means of payment

Largest iGaming companies started accepting Bitcoin. This list includes Bovada, Betfair, Paddy Power, and many others. The main reason for this is that such major online gambling regulators as MGA (Malta Gaming Authority) passed laws that allow BTC to be used within the gaming sector.

Besides, MGA started licensing Bitcoin-based online casinos, in which customers are able to use BTC instead of pounds, dollars or euros.

According to the Minister of the Maltese government, the cryptocurrency industry is destructive by default, however, it has enormous potential.

As mentioned earlier, private banks of Germany provided their arguments regarding the digital version of the Euro.

Read more: Cryptocurrency and Blockchain in Betting: Tasks of the Technology and Ways of Its Implementation

Read more: History of Blockchain

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