The Bitcoin Price Index registered Thursday a further decline as it closed at $508.55 on CoinDesk after dropping below the $500 mark before the day ended. While this spells trouble for the Bitcoin community, a certain market niche is using this event to their advantage.
A Bitcoin price drop is usually perceived negatively, but not in the case of the Bitcoin gambling sector. Since more online bettors can buy the digital coins for a much lower amount, Bitcoin casinos and betting platforms are poised to receive more wagers in the days ahead from players who take this opportunity to increase their bankroll.
As more websites feature better offers and games nowadays, now is the perfect time for Bitcoin gamblers to aim for a winning streak and emerge as one of the latest biggest victors from betting on Bitcoin poker, dice, and other games.
One drawback that can hit the gambling community, however, is the imminent effect on those players who opt to exchange their payouts for fiat money. With a low Bitcoin price—perhaps the lowest since the market decline in May—sellers are forced to make an intelligent move and delay converting their bitcoins until the coin’s value recovers.
This scenario should not affect the entire population of Bitcoin casino enthusiasts since most of the payouts earned can be kept and wagered again for future gambling sessions. Nonetheless, bettors are still in a safe spot since Bitcoin entrepreneurs and analysts still share optimism despite the downward trend the highly favored digital currency has been going through.
Many believe that this is an essential part of the process of Bitcoin’s transition to the mainstream market and that affected industries must simply find ways to benefit from it. Such is the case for day traders, who can acquire cheap bitcoins and sell them for a higher price, which is similar to how Bitcoin gamblers are doing.
However, Bitcoin players who wish to trade their coins for real money may want to take note that margin-based trading on select exchanges post a much lower Bitcoin price as in the case of BitFinex that saw the coin’s value plunge to $451.