Crypto Gambling has been around for years now, and the industry is only growing. It’s growing so vastly, the effects of bettors looking to Bitcoin, altcoins and blockchains to place their wagers is undeniable.
Bitcoin.com estimates that between 2014 and 2017, more than $4.5 billion in Bitcoin was wagered by gamblers. With traditional gambling licenses being handed out state-state across America today, gambling will continue to become a bigger part of Western society. That can only mean that the idea of betting in Bitcoin will continue to grow as time goes on.
Why Gambling is One of Bitcoin’s Top Use Cases
It’s cheaper to gamble in Bitcoin and other cryptocurrencies as opposed to traditional fiat currency. Using a decentralized peer-to-peer payment network like Bitcoin to take bets means no paying fees to Visa, Mastercard, Paypal, Skrill, Neteller or any other third-party payment provider. It also means not having to play by the rules. Heck, there are no rules when it comes to accepting cryptocurrencies as payment, or paying it out for a winning bet. The Bitcoin casinos themselves get to make the rules.
In theory this should benefit casinos even more than it benefits bettors, but players can thank the free market society they live in for the competitive odds and promotions they get. Many Bitcoin casinos and sportsbooks offer odds and promotions that trump traditional gambling sites by a mile. They pass down their savings on fees to the players because there’s more and more competition for Bitcoin wagers as cryptos continue to gain legitimacy across the world.
Another huge reason that Bitcoin gambling is thriving is because Bitcoin itself is a huge gamble. Investors definitely have a strong desire for a high risk, high reward proposition. Bitcoin and gambling literally have the same target audience. Many astute investors, including billionaires like Ted Leonsis, Mark Cuban and Warren Buffett have referred to investing in cryptocurrency as gambling many times before.
Can Gambling Lower Bitcoin’s Volatility?
Investors who view both gambling and cryptocurrency as one and the same need to consider that a heightened interest in legalizing gambling across North America and the growing number of Bitcoin gambling sites opening for business on the open market today might actually be lowering Bitcoin’s price volatility.
As more and more people get used to betting with cryptocurrencies and using digital assets for a myriad of other purposes, this is exactly what should happen. Bitcoin is now nearly 12 years old, and the next decade should see the top cryptocurrencies in the world either prove their real world use cases or flop completely. Bitcoin purists will continue to contend that the originator that birthed the blockchain industry will never die, and that it will in fact continue to be adopted throughout society.
As the entire asset class of digital currencies matures, it only makes sense that volatility in the price of these digital assets will go down. How ironic!
Bitcoin’s Future is No Longer a Big Gamble
With sportsbooks like Bodog, Bovada, 5Dimes, Betcoin, 1XBit and others earning more and more profit by taking cryptocurrency-friendly wagers, it’s safe to say that Bitcoin itself is no longer as big a gamble as it used to be. Sure there will still be major price swings and lots of news reports denouncing digital currencies and the faces and technologies that run them, but the reality is, the rights of the individual are at the heart of every social movement in the present day world we live in.
Think about it. Governments are cracking down on corporations that buy and sell the data of its users for billions of dollars every year. Women’s rights, accessibility, race and gender issues all maintain the voice of the individual at heart, and as individuals, every person on the planet cares about having control over their value. That includes both their self-worth and their net worth.
So as the Bitcoin gambling industry continues to expand, more and more people will take advantage of the benefits. That includes not just getting better odds, but betting on sites that don’t have a house edge at all and allow users to bet against each other straight up.
Needless to say, the future is bright for Bitcoin’s price, and the gambler’s desire to win.