The online casino industry is one of the true success stories of the internet age, and it has quickly become apparent that the digital world is the best setting for the sector. According to Mordor Intelligence, internet gambling is expected to be worth $87.75 by 2024 with an 8.77 percent compound annual growth rate. A possible catalyst to this increase could be the mass adoption of cryptocurrencies such as bitcoin in the years ahead.
Bitcoin has been making waves for some time and touting itself as an alternative to traditional currencies. In the borderless age of the internet, it seems outdated that individual countries are still using their own fiat currencies in online markets. A lot of the time, consumers are purchasing goods or services from different countries and, in doing so, are at the mercy of fluctuating exchange rates. If a country’s currency is doing badly, buying goods from overseas suddenly gets more expensive. It would make a lot of sense for the online world to have its own payment system that everyone can use.
Major online casinos use varied payment methods as one of the main ways to attract players. If a site has a wide selection of ways to deposit, there is a higher chance that a player will find a method that they are comfortable with. Payment systems such as PayPal and Skrill are on the rise, but both of these are acting as intermediaries for banks. Bitcoin is completely decentralized, which means that every transaction is peer-to-peer and recorded on the blockchain. This provides confidentiality as well as security.
The reason why bitcoin could take off in the online casino industry is that players are constantly logging on to sites based in different countries to their own. For instance, the number one choice for bitcoin casino is Bitstarz. It attracts players from all over the world because they can play with the digital currency and not have to worry about exchange rates. There are also lucrative bonuses, such as the 5BTC bonus package with 180 free spins.
Bitcoin enthusiasts believe it is only a matter of time before the cryptocurrency becomes the world’s number one form of payment. But for it to get to this level, it needs to be adopted by massive industries first. This way, the price will become more stable and there will be higher levels of trust from consumers. With the online casino industry being one of the fastest-growing sectors in the world, it could easily help bitcoin get the recognition it needs.
Online casinos that start offering bitcoin as a payment method now could stand to gain a lot in the years ahead. If the cryptocurrency does become mainstream, its price is likely to skyrocket back up to the $20,000 mark of early 2018 and beyond. Of all the digital coins on the market now, bitcoin is the best established and the one that looks like it could become the real deal in the future.
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