The crypto community now awaits the next big event in Bitcoin history, as the third Bitcoin halving may happen any time this month.
Bitcoin is once again clouded with uncertainties and hype as the next Bitcoin halving is fast approaching. Among various industries that will be affected by this major event is iGaming. After all, the upcoming Bitcoin halving can break or make the future of the crypto gaming sector.
What is Bitcoin Halving 2020?
- Bitcoin halving is the mandatory process that cuts in half the rewards given to Bitcoin miners for processing BTC transactions.
- Bitcoin halving occurs every 210,000 blocks mined or roughly every four years.
- Bitcoin halving 2020 is expected to happen on May 12 this year, and is only the third in Bitcoin history.
- Bitcoin halving is essential in the finite model of Bitcoin, which will release only 21 million BTC.
- Bitcoin halving 2020 will set the block reward to 6.25 BTC for the next four years.
Effects of Bitcoin Halving 2020
Historical data suggest that Bitcoin price normally experiences a surge after a Bitcoin halving. After the first halving in November 2012, the price increased from $10 to about $1,150. The same phenomenon occurred in the second halving in July 2016. But this time, the price had a massive surge, boosting the price from roughly $650 to almost $20,000 by December 2017.
With the third halving just around the corner and Bitcoin trading at about $9,200 at the time of writing, the price may break past the $10,000 mark once again in the weeks or months following the said major event.
And with a price surge comes the potential benefits various Bitcoin industries, including iGaming, will receive.
Expectations in iGaming Amid Bitcoin Halving 2020
A massive price surge will highlight renewed interest in Bitcoin, which eventually may influence the iGaming industry to give more value to crypto gaming. This may result to a boom in the number of Bitcoin casinos on the market.
As Bitcoin gets more attention, more online casino operators would not want to miss the opportunity to tap the crypto gaming market. Existing operators that cater to only fiat-money players would consider accepting Bitcoin, while new brands in iGaming would launch as crypto-friendly casino and sports betting sites, for instance. Gaming dApps, for instance, may also get the boost they need to launch and get a strong following and support from the community.
In addition to Bitcoin gaming possibly getting the spotlight, there may also be a slight change with how Bitcoin-accepting casinos and betting sites present Bitcoin as a gaming currency. To date, many Bitcoin casinos accept deposits and shows balance in BTC, meaning players will see 0.001 BTC when making transactions or when checking their bankroll. Format-wise, operators may soon opt to present BTC balance in the mBTC denomination instead. This way, players will see 1 mBTC instead of 0.001 BTC. Presenting it this way does allow for easier comprehension and less technicalities.
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It should be noted, however, that there are no certainties with how Bitcoin halving 2020 will turn out. There is also that possibility that it will not have any significant effect on Bitcoin price. The points raised in this article are predictions made by the author.
If you’re interested in getting an updated 2020 list of all Bitcoin casino reviews for this market, check out the casino review section.