Casinos Possible Key to Higher Wallet Production
The number of daily Bitcoin transactions jumped by 94 percent from the same month last year, according to the 2015 half-year report recently published by Coinbase.
Taking credit for this significant improvement are the effective promotion of the digital currency use and the adoption of large and small-scale businesses across the world. These, however, are not the only key players behind this rally. Even the Bitcoin casino market are responsible for this spike, be it in a substantial or minimal way.
The online gambling niche built on the cryptocurrency network was once viewed to be a strong venue for the actual application of the Bitcoin technology, and it even registered almost half of the total Bitcoin transactions within a day.
With micro bets accepted on various casino games like Bitcoin dice, slots, and many others, it is not impossible to understand the role the Bitcoin casino market has in the promotion and growth of the Bitcoin ecosystem through the use of Bitcoin wallet for online gambling.
About 10 million Bitcoin wallet holders exist
Coinbase estimated that there are about five to 10 million people who own a Bitcoin wallet, regardless of the type. Nevertheless, the Bitcoin service and wallet provider records that 3.1 million of the total estimation are wallets created by Coinbase.
On another hand, the most popular source of Bitcoin wallets for web and mobile, Blockchain.info, shows in its My Wallet Number of Users chart that over 3.8 million users hold a Blockchain.info Bitcoin wallet.
Add to these figures the other available wallets for online and offline purposes and it becomes clear how immense the Bitcoin network has grown.
Although there have been instances where accounts of users who have made transactions with online gambling sites reported to have been suspended by Coinbase, many Bitcoin casino enthusiasts are still able to continue their favorite pastime by using other web wallets.
Blockchain.info is a popular choice among the players since it is light and readily available. Despite the potential of its wallets getting hacked due to a lower-level of security, such wallets are primarily used for storing small bankrolls that can be wagered on various casinos and betting sites accepting Bitcoin.
Coinbase users outside the US increase
Due to its improved services, Coinbase easily became also one of the top picks, even among users residing in other continents.
In fact, the Coinbase report highlighted the five countries that posted the highest rate in terms of using the said wallet during the first half of 2015, and they are Hong Kong, Tunisia, Philippines, Romania, and Algeria.
With the rapid increase in the number of users in these countries, it is logical that these users may also have other wallets, and this may translate to another development in the Bitcoin gambling sector.
Hong Kong is among the Bitcoin-friendly markets in Asia with the Philippines exhibiting increased interest and support for the digital currency. Likewise, these two countries are excellent sources of new and potential customers to be added to the growing community of Bitcoin casino enthusiasts worldwide.
As the market for the online gambling expands, so will be the number of Bitcoin wallets for Bitcoin casinos. Thus, it is logical to assume that Coinbase, Blockchain.info, and other wallet providers will witness significant improvements in terms of reception in countries where Bitcoin has begun to gain ground on.