Bitcoin is only at the base of its maturity. Already proving that it is the fastest way of transacting online, it now calls for a wider acceptance. It is interesting, therefore, why Bitcoin constitutes to only 0.8-percent share of the online gaming industry despite its successful state. There is clearly enough room for improvement and success for the Bitcoin casino market.
Fiat money and other conventional modes of payment that have been around for decades are what the majority of the online players are accustomed to. Bitcoin, on the other hand, is a relatively young digital currency, making it less trustworthy for people who are doubtful and are embedded in tradition.
What Bitcoin can do is highlight the characteristics that set it apart from traditional currencies on the online gambling market. It need not be complicated nor perfect; effective is what it should be.
The orthodox way
Methods from a business perspective can be applied toward the growth of Bitcoin casinos in the niche.
Trust is the biggest factor in this industry. Without it, the foundation of the digital currency will be unstable. Credibility is not to be ignored when hard earned currency is on the line, after all.
Approaching this method from a straightforward angle will not suffice. Numerous online casinos may offer lucrative Bitcoin casino bonus deals for first-time players. These are very attractive for newcomers, but they can also be found too good to be true.
Keeping consistency is a possible way out. If premiums are available for bettors to look forward to every time they play, then it establishes the fact that they are valued. Consistency complements services, and substantial customer service encourages players. Certainly, this will result in bettors to regularly wager and play Bitcoin games.
Spread the word
Before print, mobile, and television advertisements existed, word of mouth is what businesses relied on for exposure. Decades after, this method is still one of the most effective promotional methods. How can this be used for Bitcoin gambling?
With the Internet, the message can reach millions of people with just a click. People trust recommendations from someone they know; therefore, bettors can easily recommend Bitcoin casinos to fellow online gamblers.
As more people become aware of the cryptocurrency innovations and Bitcoin myths, the online casino market can be expected to create a stronger presence in the thriving iGaming industry.
From weakness to strength
The new kind of online gambling with Bitcoin and its being new to the business is already a challenge in itself, but it can also be its edge over the others. Newly introduced services may benefit from avoiding the same mistakes previously launched online casinos faced. A fresh start gives the chance to do it right the first time.
Volatility is seen as another weak point thrown at Bitcoin. The truth behind it is one can take advantage of it. Knowledgeable risk takers out there are aware that Bitcoin volatility is a profitable option. The Chinese market, for instance, where Bitcoin trading has been booming for the past few years, knows this, which explains why it has the largest trading shares to date.
Overall, the power of Bitcoin’s influence is there. Uncovering it, however, is the only way to make a difference in its mainstream adoption and in the innovation of today’s payment system. Along with its success in entering mainstream market, the clamor to experience the benefits of Bitcoin gambling can be further maximized by bringing Bitcoin to casino floors.
One of the ways this cryptocurrency can successfully enter the mainstream market is through mass awareness via the iGaming sector. The 2015 Belarus Gambling Congress with Bitcoin is a perfect venue for the community to explore the impact Bitcoin has on this market.