The successful entry of Bitcoin as an alternative currency in today’s digital market has created a series of developments, starting with establishing a different system in purchasing goods and services online. This new and revolutionary way of trading introduced an anonymous, secure, and faster means of financial transaction, which made the contemporary life even better.
Thus, the use of alternative cryptocurrencies such as Bitcoin grew into something bigger, generating other cryptocurrencies. Altcoins like Litecoin, Namecoin, Dogecoin, Ripple, NXT, Darkcoin, Feathercoin, and Peercoin are now getting more well-known. Additionally, more and more alternative currencies are being introduced constantly on the market, including the GameCredits cryptocurrency.
Altcoins in Online Gambling
One of the industries that took advantage of the rise of alternative currencies is online gambling. From online casinos to sports betting, and even lottery, gamers from all over the world can use cryptocurrencies, mainly Bitcoin, to play in several cyber platforms. The increasing support of users then caused other altcoins in existence to be accepted in other online betting sites. This trend is expected to mature in the next years to come as further developments in the Bitcoin gambling industry are being made.
The Future of Altcoins
Generally, the future of cryptocurrency can be tricky. There are assumptions made, but what it truly holds in the next years to come is still unclear. Its volatile nature and possible new government regulations are two factors that can change how it is currently perceived and used.
Further acceptance is needed. If more reputable online retailers were to open their doors for Bitcoin and alternative cryptocurrencies, trust among consumers can be better established. This would even result in the creation of a jurisdiction, for which sensible regulations can be made around Bitcoin trading, which could then make altcoins reach mainstream recognition worldwide.
The Future of Altcoins in Online Gambling
Cryptocurrencies in online gambling, on the other hand, is a different story. Many people love to gamble online. They want to gamble fast, conveniently and anonymously. This is why the use of bitcoins for this purpose achieved further popularity. In fact, other betting means like Dogecoin gambling and Litecoin gambling also took off as more casinos and sportsbooks accept these altcions.
Tim Swanson, author of The Anatomy of a Money-like Informational Commodity, stated in his book that half the transactions on the Bitcoin system were for placing bets on SatoshiDice, which is one of the earliest Bitcoin betting sites. SatoshiDice was launched in 2012.
So much has happened since then. In 2015, altcoin gambling, which already bears a promising start, is much more anticipated to reach a broader scope. The continuous innovation in this particular industry is what makes it less vulnerable to changes economically, socially, and politically. Given this, next year holds nothing but an extended opportunity to show the world why the rise of altcoins in today’s era is justified.
It is a great start for cryptocurrency gambling, after all, and so is for every Bitcoin gambling enthusiast across the globe.
Bitcoin Gambling Guide wishes everyone a Happy New Year!