Having come a long way since inception over a dozen years ago, bitcoin and other cryptocurrencies are skyrocketing to yet another all-time highs in 2021, and it seems there’s nothing to stop the expansion.
As you read this, new crypto-casinos appear and new cryptocurrencies are being accepted. But not everything is as rosy as it seems at first glance. There are quite a few obstacles to overcome before you can pay with crypto freely from anywhere in the world – though you might mistakenly think you can do it already – so both crypto and casinos must evolve.
Will that happen? Let’s speculate a little on the future of crypto in gambling, starting from easy predictions and moving on to more arguable ones.
More Casino Will Accept Crypto
You don’t have to be a prophet to theorize that as both fields evolve, casinos will embrace crypto more and more, adding more cryptocurrencies as a payment option. As of now, you might only know a single top Bitcoin casino or a few ones at best; in five years, though, literally every casino will accept at least a dozen cryptocurrencies.
Crypto Will Become Less Volatile
Another piece of good news for gamblers is that the whole crypto market will become less volatile, which is a natural quality of any growing market. If you take a look at the bitcoin graph – or a total crypto market cap graph – you will notice that the early cycles witnessed at the volatility of thousands of percent (for example, during July 2011 – November 2011, bitcoin fell from $32 to $2), which was not the case in the two recent cycles and will very unlikely be the case in the cycles to come.
Governments Will Fight Crypto as Severe as Never Before
While crypto enthusiasts still believe that crypto will give birth to a new global financial system, there’s a party that would be happy to disagree: governments. Would they allow cryptocurrencies to thrive, or would they rather follow the path of Nigeria, Bolivia, Ecuador, Algeria, Nepal, South Korea, Qatar, and other countries that banned crypto outright, both owning and trading? The time will answer this, but chances are that more governments will try to divert people from crypto as they realize they are allowing people to become rich without gaining anything from it (taxes are obviously not enough).
What does this have to do with gambling? Well, if crypto were to be banned, then, of course, all licensed casinos would have to abandon it not to lose their legal status. And even though it seems far-fetched in 2021, who knows what might happen at the stage when even your grandma has a crypto wallet.
Bitcoin Will Lose Its Key Role in Favor of Advanced Cryptocurrencies
A sharp decline in BTC dominance is yet another unimaginable scenario…unless you can accept the reality for what it is. Bitcoin laser-eyes army aside, BTC is one of the worst cryptos out there, and the only thing that keeps it afloat is its network effect. Other than that, Bitcoin is:
- Slow: BTC processes only 7 transactions per second, which is a drop in the ocean of the capabilities of classic payment methods, such as VISA or MasterCard.
- With exorbitant fees: a single BTC transaction would cost you $10 at best; when the network is clogged, though, get ready to pay up to $50 to deliver your money. That’s just not sustainable and not viable for small payments.
- Not private: BTC transactions can be traced unless you’ve used a mixer, which is not welcomed by anyone as they signify a shady activity.
If these arguments are not convincing, then what else do you need to doubt the future of the first cryptocurrency? However, even if bitcoin were to be dethroned, that wouldn’t be the end of the world for online casinos because they don’t care which crypto to accept as long as it has a significant user base.
A realistic prediction, though, would be that either BTC will increase its block size to scale – which is still possible yet not discussed much inside the community – or it will have to step aside to give way to scalable, cheap, and lightning-fast cryptos.