Although Bitcoin has been around for over a decade now, the phenomenon that is cryptocurrency is still relatively new. Its introduction into the mainstream economy has been gradual, but we are now seeing a higher number of practical applications for digital currencies around the world. One such example is in casinos, where playing with Bitcoin is becoming common practice. Many online casinos allow users the option to trade with either fiat or cryptocurrencies, a decision that has had a huge positive impact growth-wise.
The Rise of Bitcoin Casinos
As the value of Bitcoin (and indeed, other digital currencies) grows, more and more traditional online casinos want in on the action. This means that an ever-expanding number of gaming developers are accommodating crypto coin holders, and encouraging users to make withdrawals and deposits with Bitcoin. Players are more likely to be given the option to use crypto coins or have the chance to win prizes or bonuses via digital currencies. Crypto gaming expert, Kane Pepi, reported that many of the leading Bitcoin gambling sites also offer near-instantaneous payouts, which makes them much faster than non-crypto casinos.
For an online casino to compete with its peers these days, providing options for Bitcoin holders is essential. Progression in the global crypto industry in the past few years has made it near impossible for casino developers to ignore the simple fact that cryptocurrency is not going anywhere and that it is in their best interest to embrace the new normal!
The Current State of Bitcoin
There have undoubtedly been some challenges to the global crypto economy in recent years, but Bitcoin has managed to weather the storm and even experienced a surge since the beginning of 2024. This is no small feat when one considers the difficult financial conditions faced by much of the world in the present day. However, promising developments such as the upcoming Bitcoin halving event, and the go-ahead from the US Securities and Exchange Commission for Bitcoin Spot Exchange Traded Funds (ETFs) have resulted in increased interest and investment in Bitcoin and other cryptocurrencies.
Although Bitcoin is not the only popular cryptocurrency (there are other giants in the field, such as Ethereum and Tether), it has the best longevity and is often considered the most robust. In comparison to its peers, it has a certain resilience and reputation that cannot be topped.
What Happens When the Price of Bitcoin Dips?
Due to the nature of all cryptocurrencies, there will be times when the price of Bitcoin wanes, in line with global economic trends. In instances where the price of Bitcoin is on a downward trajectory, crypto casinos can come in very handy. Statistics have shown that when Bitcoin price is down, activity at crypto casinos is up. One of the reasons for this is that crypto holders will be keen to win back some of their lost profit through playing casino games. In fact, these players may be more active than when the Bitcoin price is high, as they would not want to part ways with any of their assets.