2020 was not the best year when it comes to cryptocurrency. While there have been a few ups in the past week, the majority of the crypto market has seen a major decline this year. While no one knows for certain, some analysts believe cryptocurrency values might fall considerably further before seeing a lasting rebound.
Meanwhile, public interest in cryptocurrency remains high: it’s a hot issue not only among investors but also in popular culture, courtesy to everyone from long-time investors like Elon Musk to that random person you know from social media. Even online casinos like 5gringos online casino have started to adopt the use of crypto on their platforms.
However, the sector is still in its infancy and is continually changing. That’s a significant reason why every new bitcoin high is often followed by a large slump. So, what happens in the remainder of 2022 and beyond? It’s tough to anticipate where things will go in the long run, but in the next months, experts will be watching factors like legislation and institutional acceptance of cryptocurrency payments to get a better feel of the industry.
Wider use in online gambling
Cryptocurrency is changing the gambling industry by allowing players to gamble anonymously and providing casinos with a new revenue source. Casino players gain in several ways from the digital financial revolution.
For starters, it allows users to gamble anonymously, which is useful for those who want to keep their gambling habits private. It is a digital asset intended to function as a medium of exchange that uses strong encryption to safeguard financial transactions, regulate the creation of new units, and validate asset transfers. Cryptocurrency is decentralized and not controlled by any government or financial institution.
Second, bitcoin provides casinos with a new source of money. Traditionally, casinos have relied on two revenue streams: gaming and non-gaming (e.g., hotel, dining, and retail). With the emergence of cryptocurrency, casinos now have a new income stream: transaction fees.
One disadvantage of employing cryptocurrency in casinos is that they might be difficult to track. If a player wins a jackpot, it may be hard to establish whether the winnings were paid out in bitcoin or converted back to fiat currency.
What will become of NFTs now?
Non-fungible tokens, or NFTs, have been circulating since 2014, but it won’t be until 2021 that this revolutionary technology enters the mainstream. NFTs represent digital ownership of a diverse spectrum of irreplicable intangible things, attracting the interest of celebrities and major corporations ranging from American Express to Gucci. According to DappRadar, a decentralized app store, total NFT sales will reach $25 billion in 2021, up from $94.9 million the previous year.
However, there is still dispute regarding whether NFTs are here to stay or just a passing trend. For the first time in a year, NFT sales went below $1 billion in June. Experts are divided, with some yelling “bubble” and others claiming it’s the technology underlying NFTs — smart contracts based on blockchain technology — that provide actual value.
Is cryptocurrency the next big thing in online gambling?
Some argue that bitcoin represents the future of online gambling, while others argue that it has no future in online casinos. For the majority of us, this merely means that the future of bitcoin and online gaming is questionable. Some countries have taken efforts to outright prohibit the usage of all cryptocurrencies, while others have moved to legitimize it, and still, others have been sluggish to even recognize its existence. At the end of the day, the only certainty is that cryptocurrency’s future in online gambling is a gamble.
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