Bitcoin seems to have stopped its explosive growth (at least for now), having peaked at nearly $60,000 in February. The coin is currently fluctuating between $45-50K, which are still impressive values.
Regardless of Bitcoin’s current value, however, one thing is certain: Bitcoin casinos have never been so popular.
A Quick Look At The History Of Bitcoin Casinos
Bitcoin casinos are not new: they have been part of the crypto-sphere from the dawn of blockchain technology, with brands such as BitStarz going as far back as 2014. However, for most of their history these casinos have been restricted to a niche audience.
With time, blockchain technology innovations attracted gamblers looking for more transparency, original games, and fast and safe transactions. Due to the unclear legal status of Bitcoin and other cryptos in many countries, they have also been sought by players in territories where online gambling with traditional money is illegal or heavily restricted.
Mainstream adoption has not yet been reached, but it’s now looking inevitable… as long as Bitcoin remains valuable.
According to SoftSwiss, a renowned game aggregator, crypto casino traffic – the overwhelming majority of which is Bitcoin-based – has tripled in 2020. In light of this news, Andrey Starovoitov, SoftSwiss’ COO, believes we will see “more gaming studios supporting cryptocurrencies in their games”.
How Bitcoin’s Historic Rise May Change Online Gambling Forever
Bitcoin is no longer exotic. Its historic price levels have allowed the coin to enter our common vocabulary, and even crypto-wary people are willing to ride Bitcoin’s wave.
For instance, a ‘regular’ casino player coming across a 1 BTC welcome bonus is more likely to try Bitcoin gambling for the first time now that the coin is trending, and the offer’s value is considerably more appealing.
What’s more, when tech gurus such as Elon Musk back the coin, there are also more investment opportunities for Bitcoin-based businesses, including those focussed on Bitcoin gambling.
Similarly, the use of blockchain technology to power core aspects of a casino – from randomization to payments – becomes less of a taboo. Soon, we may see traditional casinos offering provably fair games and uncomplicated, direct game-to-wallet payments.
Bitcoin Casinos Have Never Looked Better
If it’s certain that a rising interest in all things Bitcoin has propelled the growth of Bitcoin casinos, it wouldn’t have happened without a serious improvement in quality from the casinos themselves.
The first crypto casinos were often subpar products when compared to household betting brands like Bet365 or 888 Casino. Their websites loaded slowly and looked rough, sports betting was often forgotten, and very few casino games were offered.
While some of the quirks of crypto casinos remain today – including streamlined, original games with little to no ‘fluff’ – players can now encounter well-rounded Bitcoin gambling sites.
With anything from elaborate slot machines to live-streamed blackjack games that replicate a ‘real’ casino experience, and even eSports betting, playing at a Bitcoin casino nowadays is no different from playing at a more traditional online casino… but with more convenient payment options and the added thrill of Bitcoin price fluctuations.
Caroline is doing her graduation in IT from the University of South California but keens to work as a freelance blogger. She loves to write on the latest information about IoT, technology, and business. She has innovative ideas and shares her experience with her readers.