Bitcoin Finds Strong Market in Online Gambling and Casinos

Jul 30, 2014
Bitcoin Gambling

Bitcoin Gambling

It has always been reported that more than half of the Bitcoin use worldwide are attributed to the transactions made in Bitcoin casinos and gambling platforms online. While this is evidently a success story for the Bitcoin gambling industry, it raises certain perceptions from enthusiasts and speculators alike that pinpoint the possibilities for the digital currency to be reliant on the gambling sector, if not to be completely made for it.

This year has not been too favorable of Bitcoin. It went through a series of tough instances that challenged its potential in the mainstream market and the determination of its supporters to keep the cryptocurrency on its toes.

There was the Mt. Gox implosion during the first quarter of 2014, and it was shortly followed by the fluctuating Bitcoin price, which even fell below the $400 price mark. Some countries have also initiated their regulatory procedures for Bitcoin and other virtual currencies, and the world-renowned digital payments processor NETELLER recently banned it from their services.

With a scandal and other unfortunate events hampering the development of Bitcoin in the global market, many hope that its strength in the online gaming industry will spearhead its drive for more Bitcoin adoption.

In fact, the innovations in Bitcoin storage, payment methods, and acquisition largely benefit the gaming sector. The more secure Bitcoin wallets help the players protect their funds while the new various services for Bitcoin payments also simplify the entire process. Moreover, the emergence of the Bitcoin ATMs further opened the digital currency to a broader market through the quick and hassle-free way of buying and selling bitcoins.

These services contribute to the overall appeal of the Bitcoin gambling platforms that continue to improve their services and to introduce attractive, entertaining, and rewarding Bitcoin casino games. Likewise, more websites running on the virtual currency are constantly popping out, only proving that Bitcoin is, indeed, soaring in the online gambling sector, and not just to provide the community with Bitcoin games.

These are the very reasons that led some Bitcoin enthusiasts into fearing that Bitcoin’s success in the industry may gradually force it to become more gambling-oriented in the future. Nonetheless, the spark provided by Bitcoin bettors still proves to be beneficial to the current goal of Bitcoin, which is to penetrate the mainstream market amid regulations and price instability.