Digital casino gaming and cryptocurrency share many similarities; they’re pioneering industries that are constantly striving to find the next groundbreaking innovation. Nobody can accuse either industry of trying to take shortcuts or accuse them of aiming for simple, quick fixes.
Depending on who you ask, cryptocurrency casinos are the next significant landmark in casino gaming. While AI might be the tech industry’s dominant force at the moment, blockchain companies and cryptocurrency are slowly bubbling away in the background, bringing their own key innovations and partnering with some of the most prominent names in finance and global services.
Today, we will see if using Bitcoin is the best way to play casino games, point out some of the innovations and convenience people cite as their reasons for moving away from traditional providers, and discuss some potential downsides that could hinder them from moving forward.
The Power Of The Blockchain
Blockchain and cryptocurrency have made such dents in traditional finance, and the reason is convenience and security. All cryptocurrency transactions are lodged on the blockchain, and due to the cryptography engrained in the ledger, this means they can’t be altered and are arguably more secure than many of the traditional finance payments people use online.
Crucially, there’s no need for a bank to oversee the payment; you connect your crypto wallet to the provider, and you can start playing Bitcoin casino games once you deposit your BTC – you don’t have to worry about verifying your details at a crypto casino, not in the same way you have to do with a traditional provider. The peer-to-peer nature of crypto wallets also helps you bypass any fees via crypto-powered gambling platforms, as opposed to traditional ones, although there are few payment systems where you might get hit with a fee.
What’s The Likelihood Of A Crypto Casino Boom?
While it can be challenging to gauge the general appetite of the wider global casino gaming community, one thing that doesn’t hinder crypto casino gaming is the underlying price action in the cryptocurrency market.
The price of Bitcoin greatly revived in the first half of 2024. While this has been attributed to several different factors, more interest means more people seeking out practical use cases—and cryptocurrency casinos are one of the main bridges that could showcase to casual investors and traders that their crypto can actually be used in the same way traditional currency can.
Ultimately, more than one factor drives a cryptocurrency casino boom, but the most integral is the underlying price of the asset reaching new highs. This helps keep it in the news, attract traditional investors and finance, and encourage people to seek out more details about how it works and how they can use it in a practical setting they’re more accustomed to—such as a casino.
Could Crypto Casinos Overtake Traditional Platforms?
While it is implausible that this will happen in the short term, cryptocurrency casinos’ long-term plans could eventually see them eat up some serious ground on their dominant, traditional counterparts.
During the last bull run, crypto gaming projects like SAND witnessed a meteoric rise. They positioned themselves brilliantly in the market and benefited from Facebook’s virtual-reality-based pivot toward Meta.
Although Sandbox highlighted the potential for wider gaming projects that can implement blockchain and NFTs into their wider model, it’s still a niche area of the business. Despite Bitcoin’s growth and increased visibility, gamers haven’t flocked to blockchain-based problems.
Many analysts believe this won’t be a problem for cryptocurrency casinos as they are offering a highly sought-after product. Blockchain games aim for a specific niche in the market, whereas casino gaming is fast becoming the most popular type of gaming on the internet. So, while it’s improbable in the short term, in the long run, it could be a lot more feasible.
Final Thoughts
There are a lot of traditional casino gamers who will take a lot of convincing to switch from their tried and tested platforms over to blockchain, but this doesn’t mean that they can’t become the next big iGaming innovation – it’s just a big obstacle they’ll have to overcome.
Casino companies are constantly chipping away at fresh ideas, whether it’s new slot game themes, virtual reality casinos, or implementing AI to assist live dealers. The next big gaming innovation is driven by demand, just like it is in most industries, and this will be the foundation of any exponential rise in the number of crypto casinos that emerge over the next year or two.
Cryptocurrency casinos are gaining more traction, and more are appearing in the market. Depending on how high the price of Bitcoin goes in the next 12 to 18 months, these companies could have a breakthrough. So, while crypto could easily become the next big iGaming innovation, a lot will hinge on the broader market between now and the end of 2025.
Market Maestro: With an uncanny ability to predict the ups and downs of the crypto market, Jordan is our go-to for all things investment. Just don’t ask him for lottery numbers; he says it’s a different kind of prediction magic.