In 2017, Bitcoin went from an obscure piece of technology used by enthusiasts to a household name in just a few short months. It rose from a value of about $900 per Bitcoin to almost $20,000 in a single calendar year, an increase of 2,222%. It took Amazon’s stock price a whole decade to appreciate by that same percentage, rising from around $120 in 2010 to more than $2,700 in 2020.
As a result of this boom, the name Bitcoin was discussed by almost every media outlet, from newspapers to television. You couldn’t go anywhere in late 2017 without seeing or hearing the cryptocurrency mentioned.
Often, this was pundits making wild predictions about the future value of Bitcoin, with some quoting figures as high as $100,000 per token. Many others talked about how traditional currencies like the dollar and euro would soon be replaced by digital currencies.
The Revolution is Postponed
The crash in early 2018 soon put a dampener on a lot of these conversations, but many remained (and still remain) optimistic about the prospects of Bitcoin and other cryptocurrencies.
Although not at the rapid pace predicted by some, retailers have begun accepting these tokens in addition to traditional cash and card transactions. In the United States, it’s now possible to buy your morning coffee from Starbucks using Bitcoin, Ethereum, and other cryptocurrencies. Brands like Microsoft have also been accepting them for some products for several years.
On the whole, though, retailers and consumers have mostly ignored Bitcoin as a tool for making daily transactions. The majority of people that do hold some of it in a wallet tend to do so as an investment, with more than 40% of all Bitcoin has not been transacted with for more than two years, showing most people prefer to HODL than spend.
Acceptance of Bitcoin by Online Casino Brands
The same trends can be seen in the iGaming industry. The vast majority of online casinos and sports betting brands still do not directly accept Bitcoin or other cryptocurrencies. One of the main reasons for this is the fact that “Know Your Customer” (KYC) checks that are required by law can be more difficult to do with the anonymity that cryptocurrencies have.
Additionally, processing Bitcoin transactions typically cost more and there are greater risks from currency fluctuations which can dissuade online casino owners.
For Bitcoin enthusiasts, there is a way that they can use their tokens to make deposits. Since almost all sites, including Casino Winner online casino, accept Visa and Mastercard as payment methods, players can use services like the Coinbase Card which lets you use Bitcoin almost everywhere.
At present, it doesn’t seem likely that online casinos and other operators in the iGaming industry will be moving to adopt Bitcoin in any meaningful way soon. It’s expensive, a higher risk, and enthusiasts that do want to use it can find alternative payment methods that still let them spend their tokens.
There needs to be a big incentive for the iGaming companies for this to change, and it’s difficult to see what this might be.
Author Bio: Jim Bevin is a passionate writer, guest blogger, and a social media enthusiast. The primary focus is writing high-quality articles after in-depth research and make sure it is a readers delight. Information is key and he abides by the rule of writing articles that will appeal to a broader audience. He has published various articles on authoritative magazines like TripOnTech, Social Media Explorer, ThriveGlobal etc.