It’s fair to say that the demise of Bitcoin has been greatly exaggerated. Detractors like to point to the instability of this currency and suggest that every rise and every peak is a preface of disaster.
In actual fact, Bitcoin has been relatively stable in 2020 and while it did take an initial hit in the first quarter (one that was felt by many other commodities and currencies due to the Coronavirus pandemic) it has since remained solid and stable.
In fact, Bitcoin’s value chart in 2020 doesn’t look that dissimilar from major currencies like the GBP. That’s good news for the cryptocurrency industry and it’s even better news for casinos that offer bitcoin as their top payment currency. These casinos are having a bumper year in 2020 thanks to the stability of this currency and rapidly changing customer habits caused by the lockdown.
2020’s Impact on the Gambling Industry
The Coronavirus pandemic has caused catastrophic damage to the global economy. It has taken thousands of lives, left millions of people in emotional devastation, and changed the world completely.
Countless jobs have been lost and many industries have been brought to their knees, but a number of companies in the gambling industry have avoided this.
On the one hand, the online gambling industry has been hit just as hard, if not harder. In the last couple of years, with the rise of accessible aggregate software and a demand for sports betting services, the vast majority of online casinos added sports books to their website.
It made perfect sense at the time. The sections allow the gambling sites to expand and to improve their profits in one fell swoop. The problem is, once the Coronavirus hit, all major sporting events were suspended and while it only happened for a couple of months, that was more than enough to cause years of damage to these companies.
But if that’s the case, how have Bitcoin casinos escaped?
Why Has 2020 Been a Good Year for Bitcoin Casinos?
Many sports betting services are offered by turn-key systems. Provided a company is licensed and operates a secure website, it can purchase a license to operate one of these sports books. It’s a straightforward process, and that’s why so many sites have jumped onboard.
However, traditionally, these services have not been accepting of Bitcoin gambling sites, and as a result, many of these sites have been forced to use more obscure platforms or create their own, something that the majority have been reluctant to do.
As a result, they operated as casinos only, which means they didn’t feel the impact of the global shutdown. In fact, as this shutdown meant more people were spending time in their homes and desperately seeking a form of entertainment, these Bitcoin casinos were overrun.
Sites like Bitstarz suddenly found themselves with a greater number of players, considerably higher profits, and no Bitcoin instability to worry about.
No one is going to suggest that COVID-19 is a good thing. That would be reckless, stupid, and false. But it’s fair to suggest that it hasn’t damaged all companies in the same way and some, like many Bitcoin casinos, have been able to flourish despite the chaos.
What This Means for Bitcoin Casinos
Bitcoin casinos are becoming increasingly common and this payment method is now being accepted by a greater number of white label providers, which means it’s being offered to more sports books and casinos.
That can only be a good thing for fans of this currency. It means that the gambling landscape of 2022 will look decidedly different to the one we saw in 2019, with Bitcoin becoming as popular (if not more so) than the likes of Skrill, Neteller, and PayPal.
Once that happens, and more gambling companies are processing Bitcoins on a daily basis, we should see this currency continue its meteoric rise.
After all, if more sites accept Bitcoin, then more customers will use it, and when that happens, the number of Bitcoins being processed on a daily basis will increase significantly, taking us closer to seeing the day when this cryptocurrency becomes as common, as powerful, and as widespread as the US Dollar, the Euro, or the Great British Pound.
It seems crazy to suggest that the online gambling industry could precipitate the success of this global currency, but such things are not without precedent. After all, the adult film industry is often cited as being responsible for the rise of advanced digital video formats, as well as webcam streaming and even the internet itself, while Skrill and Neteller probably wouldn’t exist today if not for its early adoption of online gambling sites.
2020 has been a crazy year and one that will probably be remembered for generations, but while most of those memories will be bad, it seems that Bitcoin casinos, and Bitcoin in general, will use this year as a launchpad.