Bitcoin Fails To Take Over in Casinos

Elouise Spencer - 03 December 2018

On December 17, 2017, Bitcoin was valued at an astronomical $19,783.21 per digital coin. Today, the cryptocurrency’s value is less than half of that. This might be one of the major reasons that online casinos did not push ahead with adopting it as a major trade currency. Though, there were certainly benefits to the currency in the online casino and gambling world.

In general, however, the world did not warm up to the idea as perhaps many had hoped. Talk seemed to suggest that companies, and even countries, were gearing up to focus more on Bitcoin, but this never seemed to occur. Soon after, it seemed like all the hype had died away, and no one was talking about it at all. Some online casinos still offer it as an accepted currency, but even in the digital casino world, Bitcoin seems to have hit a brick wall. The question is; why?

Bitcoin Benefits

If looking closely, there are many reasons that Bitcoin offers online casinos an advantage. The first is that it is an anonymous transaction. There is no need for any personal details to be shared when using cryptocurrency. This is a benefit to many who prefer to remain under the radar when playing.

Another excellent advantage is that it makes use of blockchain technology. Called by some as military grade online security, this is a major benefit to those who are concerned about safety in the online world. Though, of course, blockchain safety is heavily reliant on the security of the casino itself. Either way, blockchain is not a bad thing when digital transactions are involved. Transparency is also a major plus of cryptocurrency transactions, ensuring that digital entities are operating above board at all times. Interestingly enough, blockchain has caught on in a big way, and is being used in everything from the medical sector to some of the world’s biggest financial institutions. As a by-product, it has become even bigger than the cryptocurrency itself.

Why Is It Not Catching On?

So with all these benefits, why does it not seem like Bitcoin online casinos are catching on? The simple answer to this question is that cryptocurrencies themselves are not catching on. After the major hype that seemed global for a few months, the bubble of interest and investment eventually popped.

Some are still optimistic that cryptocurrencies still have a future, but this seems less and less likely with each passing month. If the currencies do not catch on, there is hardly a reason for online casinos to adopt them. How the landscape will look in a few months is still up for debate, but trends suggest few will still be talking about this digital currency anomaly.

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