Why Bitcoin Needs Casino Gaming Adoption
Bitcoin has been hitting new record highs of late, and seems to have established a new, lucrative range of trading. It has made millionaires of many, and led many others to mental anguish over why they didn’t invest early. And yet despite all of this pure financial growth, bitcoin is still struggling to become “mainstream” in the way it was once intended.
Maybe the Reddit analysis we wrote about in an older article had it right. That analysis concluded that bitcoin was “better than sex in terms of the emotion and enthusiasm it arouses. And yet, as we noted regarding this analysis, bitcoin still doesn’t have the major following one might expect. This still adds up today: It’s a big deal, and it inspires a lot of emotional reactions and dramatic headlines, but most people still aren’t paying attention.
As has always been the case, there are a lot of things that could happen to make bitcoin more mainstream in terms of its real-world use. A large country could declare it to be legal currency compatible with government use. A massive tech company could implement a bitcoin transaction network. Or — still most likely of all, perhaps — bitcoin could simply become the go-to currency for online casinos.
Because the other scenarios just mentioned seem less than likely at this point, one might argue that bitcoin actually needs casino gaming adoption if it’s to become more relevant to more people around the world. And there are a few reasons this might be the case.
First is the simple fact that a ton of people play at online casinos. Millions of them do so in fact, all around the world (yes, even in parts where casino games are technically prohibited). Unless it suddenly becomes a usable currency on Amazon or something of that nature, there are really few industries in which bitcoin could so quickly gain so much exposure.
A Natural Fit
This has more to do with why casino companies would have interest in adopting bitcoin, but it is still an important point in the broader conversation. Essentially, bitcoin offers a perfect, natural fit as a payment method on these platforms. People who play games at casino sites tend to be after two things with regard to the handling of real money: anonymity and the assurance of security and fairness.
Bitcoin can’t completely guarantee security, because really, no payment method can. But the nature of blockchain transactions certainly provides more layers of protection than, say, plugging in credit card information at a casino site. Platforms allowing bitcoin transactions would thus be providing a desired service to customers, many of whom would jump at the opportunity to use it.
One thing many don’t realize about casino sites is that they actually offer a lot of perks to players. These can vary from one site to the next, but the “Perks for Playin’” described on Foxy Bingo do a nice job of encapsulating most of the popular options. At this particular site, players can earn free slot spins and entries into jackpot draws — but also cash-back bonuses on games. In other words, gamers occasionally simply get some money back as a reward for playing.
In the context of our discussion here, imagine of those cash-back bonuses instead came in the form of tiny fractions of bitcoin. This would accomplish two things. For the sites, it would build up user stashes of bitcoin that could be used to play more games. For bitcoin meanwhile, it would spread the word. Dozens of major casino sites doling out pieces of bonus bitcoin to potentially millions of users would be a means of indoctrinating the masses into cryptocurrency like nothing else we’ve seen.
Countering the Narrative
A recent article on Business Insider cited the “world’s largest wealth manager” arguing that bitcoin was not ready to go mainstream. Two of the reasons he noted in making this argument were that crypto is not currency, and that the very idea of “mainstream” looks like hype. He may well be right, but adoption across all major online casino platforms would certainly throw a wrench in the argument. Crypto would be in use as functional currency around the world on a daily basis, and that in and of itself would comprise some vision of “mainstream” use. This wouldn’t in itself make bitcoin a new everyday currency for the masses, but it would counter the narrative in a way that could be built on.
Once again, there are still numerous avenues bitcoin could take to becoming more relevant to the average person. Or, it might never do so and still retain value as a commodity! But for the reasons given here, it’s apparent that casino adoption could work wonders for bitcoin in a way few other opportunities would.
In the meantime, keep your eyes on Comparic for any other bitcoin-related developments we may see in the near future.