Can Bitcoin Be Replaced in Cryptocurrency iGaming?
Bitcoin’s success as the first cryptocurrency used for online gaming is evident in the growth the Bitcoin gambling market has achieved over the years.
Although the highly anticipated breakout in the mainstream market is yet to materialize, Bitcoin gambling continues to catch the attention of the iGaming industry structured on fiat currencies.
In fact, its increasing presence has already been exhibited in several conferences, expos, and conventions that already explore the potential and current status of Bitcoin in such industry.
Moreover, more Bitcoin casinos and other gambling websites are launched in the market, which only reflects the need for this niche to expand and cater to the demands of the Bitcoin gambling sector for provably fair and fresh Bitcoin games.
With a strong Bitcoin performance in iGaming, it becomes a question whether or not this digital currency will survive the test of time and be the king of cryptocurrency gambling.
Bitcoin as a digital currency made to be wagered
It is no secret that Bitcoin is not fully accepted worldwide, and that it continues to face constant challenges from the skeptics. The Bitcoin price remains volatile, registering extreme highs and lows in market movements that either encourage or dissuade users from supporting Bitcoin.
If Bitcoin fails in mainstream use, however, it has a strong base in iGaming, and this way of thinking leads many to believe that Bitcoin is most welcomed in the online gaming industry.
Thus, leaving its throne as the cryptocurrency that rules in this sector is perceived as less likely to take place.
In addition, the majority of online casinos that accept Bitcoin and other digital currencies treat the former as the primary token to power up the games. Although there are cryptocurrency gambling sites that also accept altcoins besides Bitcoin, what is evident is the real-money online casinos that recognize the demand for this market only integrate Bitcoin payments.
Altcoins hungry for the spotlight
Their monikers—alternative cryptocurrencies or altcoins—already hint that Bitcoin still tops the hierarchy of digital currencies. This is reason enough for cryptocurrency gamblers to see only a few online casinos running exclusively on certain altcoins.
This is not to say, however, that there is absolutely no future for altcoin gambling. After all, Litecoin and Dogecoin, as well as Dash, are the alternative cryptocurrencies that have enough following in the iGaming sector. Unfortunately, they do not enjoy the same reception when it comes to this trade.
Even HYPER, another digital currency whose primary function is to be used as a token in online games, faces tough competition, especially when Leet, an innovative gaming website focused on eSports, requires Bitcoin deposits and pay the winning players and teams with Bitcoin.
Now, can an altcoin reach the same level of success as that of Bitcoin in iGaming? This is not far from possible. If the question, however, pertains to Bitcoin being replaced in the same field, the answer would be quite a pessimistic one.