The Bitcoin Gambling Boom: 3 Reasons its on the Rise
Online gambling is bigger than ever. Since its introduction the rise in the number of sites offering casino classics has ballooned, with more online players than ever entering through their virtual doorways ready to try their luck. In terms of market value too, the online gambling scene is huge, with estimated values touted now at over almost $30bn.
In terms of bitcoin gambling however, its current size, in comparison to the online gambling market, is a fraction of the value. Hardly surprising given bitcoin’s recent emergence in the last couple of years. Standing as the world’s best-known and most widely exchanged cryptocurrency, bitcoin still has some way to go before conquering the kind of figures the online gambling world purports to hold.
That said, bitcoin gambling is on the rise. Three reasons why you’re likely to see it boom soon? Read on.
The transaction of bitcoin across the web already owes a large amount of its movement to the bitcoin gambling world. In the book, The Anatomy of a Money-like Informational Commodity, author Tim Swanson highlights that half the total transactions on the bitcoin network were made for bets on SatoshiDice.
Figures analysed in the following years showed that many small transactions continued to be made to bitcoin betting sites, taking full advantage of the flexibility of cryptocurrencies to manage multiple small transactions.
As more online gamblers cotton on to the fact that cryptocurrencies offer a better rate of exchange, coupled with the increasing amount of gaming portals that offer bitcoin transactions, bitcoin gambling will surely continue to rise.
Another thing that could spell the rise and rise of bitcoin gambling is the nature of its community itself. Following on from the concept of cryptocurrency, its users and creators set to drive innovation surrounding new technologies and gaming models much in the same way that they’ve re-invented the currency model.
Changes like those made in the bitcoin dice gaming are evidence of this leading innovation, especially in areas where traditional online casinos won’t go.
As of now bitcoin gaming is restricted in its growth following gambling laws in particular countries. The US market, for example, thanks to its strict gambling laws, won’t allow many bitcoin gaming sites to operate and seizes upon many online gambling sites deemed to be operating outside their well-defined parameters.
Bitcoin gambling sites however, are beginning to open up in these restricted markets, allowing players from the US to gamble as well as forcing world view upon cryptocurrency gambling in general.
And while the US continues to impede the many online gambling sites from operating, the scenario looks stronger still for bitcoin gambling to grow even further.