Bitcoin's (BITCOMP) recent performance has not been stellar. The cryptocurrency experienced its third monthly loss after a significant price drop in August 2019. In fact, the price of Bitcoin has been falling- by 7.59% in January and 6.27% in July. It’s a far cry from the highs Bitcoin reached back at the end of 2017 when you had to spend nearly $20,000 to get hold of just one Bitcoin.
The market’s not been the same since then, due to different governments around the world deciding to crack a whip and banning cryptocurrencies. With investors still being wary, the market hasn’t seen a significant jump since then.
It’s surely not a good sign for crypto lovers around the globe. Among other industries, the collapse of Bitcoin has impacted the gambling industry. How are lovers of free slots online around the world reacting to the fall of Bitcoin?
Let's find out!
Global gamblers are going for other coins
With Bitcoin going down the charts, gamblers seem to have adopted other cryptocurrencies to counter the dip in prices of Bitcoin. For instance, the crypto coin Tether has grown substantially in use around the globe, accounting largely for adult and online gambling transactions.
The share of Bitcoin in terms of payment volume has dropped from 80% to 60%. Tether, on the other hand, had grown to account for 30% of all transactions. The discouraging performance of Bitcoin has made many gamblers stop using the coins, which is resulting in the rise of other altcoins and stablecoins.
The rise of Bitcoin casinos and apps despite poor crypto performance
You may think that the collapse of Bitcoin would lead to a fall in the number of Bitcoin casinos and bets. But on the contrary, the amount of money and bets wagered in Bitcoin have gone up since 2014. Consider these facts:
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Gamblers have wagered $4.15 billion in Bitcoins since 2014
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People are making 337 bets per second using Bitcoins
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3 BTC is wagered every minute
Various reasons have promoted the adoption of Bitcoin gambling even in the face of its poor performance. For beginners, Bitcoin lets you gamble anonymously without the intervention of government or third-parties.
The casinos also offer unlimited free transactions and zero transaction fees for the convenience of the gamblers. Therefore, even if Bitcoin is not performing as per expectations, the actual use and wagers have been growing steadily over the years.
Changing Bitcoin Gambling Regulations
The fall of Bitcoin's performance has led the authorities to become more concerned about Bitcoin casinos and gambling. Until now, only countries like Belgium, Greece, Netherlands, and Poland had ventured into regulating online crypto gambling. However, more countries have brought Bitcoin gambling under the radar following its collapse.
For instance, Japan recently passed the Financial Instruments and Payment Services Act. Both laws affect how crypto casinos operate in the country and bring new nuances for gamblers.
In the USA, hot gambling destinations like Las Vegas have attracted regulatory attention for the use of Bitcoins for gambling. But many states have already started to legalize online gambling, and we hope the scene will be favorable for the gamblers in the future.
The Steady Growth of Bitcoin Gambling Continues
In spite of the collapse, Bitcoin is still one of the most used crypto coins in gambling. The crypto king has faced similar negative performances in the past but has always recovered to attain its former glory. So we can expect a bright future for gamblers using Bitcoins.
On the plus side, if you are looking to bet on an online casino with Bitcoins, now is the best time!
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