Both Bitcoin and gambling are gaining steam as we look towards 2021. Both are trending during one of the most uncertain yet hopeful times in human history. With economies all around the world struggling to deal with the fallout of the coronavirus pandemic, billions of people hoping for a vaccine sooner rather than later, and more and more retail and institutional investors, and casino operators taking an interest in using Bitcoin and other cryptocurrencies, a big boom could be coming for both in 2021.
That said, if you’re an astute user of Bitcoin and a big-time gambler, the trends in both sectors heading into 2021 point to a bullish outcome next year. Let’s talk about what’s really going on and what exciting things are in store for digital gold and your friendly casino.
Increasing Value and Decreasing Fees
Make no mistake about it, Bitcoin is going to be worth considerably more than $10,000 USD per coin in both the near and distant future. Some experts say a $500,000 Bitcoin is less than 10 years away. That means there could be plenty of room for a run-up in 2021. With the United States government consistently devaluing the country’s currency by printing out more and more of it, scaling technology improving in the decentralized world (which lowers fees) and more and more people searching for a way to hedge against traditional economies, things are looking up for the value of Bitcoin and down for fees (in a good way).
It makes total sense for gambling operators to capitalize on this. Investing in cryptocurrency is risky, but so is putting your capital down on video poker. Avid gamblers who know a thing or two about Bitcoin represent the target audience most likely to do both at the same time. This means gambling operators including Bitcoin, other cryptocurrencies and the blockchain at large in their business models are likely to profit handsomely. Not just from the price appreciation of digital assets, but from the lower costs that come with cutting ties with third-party payment providers and the greater efficiency that the blockchain offers to businesses.
Safer, More Private, Provably Fair Gaming
Blockchain technology removes the need for a central authority to be involved in a transaction. It means of the gambling operators doesn’t want to engage in Know Your Client procedures and doesn’t want to bother asking you your name, they can do that as long as the business licenses they have in whatever country they operate in allows that to take place. It also means that casinos can show that every roll of the dice and every turn of the cards is provably fair. They can register the outcomes of games on the blockchain (which can be manipulated) and make sure that you have a fair chance to win.
Greater Access to Gambling with Cryptocurrencies
As blockchain scalability improves, more and more gambling operators will be able to serve more and more gambling customers. As institutional investment crypto accelerates, more and more operators will feel comfortable offering a greater variety of cryptocurrencies outside of just Bitcoin and Ethereum.
Access to crypto isn’t just about the scalability a blockchain technology however. It’s also about the advancement of mobile gaming. Mobile gaming has been around for a long time now and these days everybody has a smartphone in their pocket. What hasn’t come around too quickly yet as the idea of betting with Bitcoin from your phone. Yes, it’s true that Bitcoin gambling sites do have mobile apps, but they aren’t much better suited towards a bet on a sporting event than they are the turn of a roulette wheel. The inevitable spreading of 5G networks will make a rich media and motion graphics more appealing to look at for those interested in live gambling on table games. Technology will revolutionize the gaming experience itself and that will make gamblers more likely to access their favorite games directly on mobile devices.
To say the least, with everything happening in society today and different technologies improving both the gaming experience and the transmission of capital are converging to make the Bitcoin gambling experience better and better, 2021 is set to be a banner year for Bitcoin gambling.