The world has noticed the attractiveness of cryptocurrencies such as bitcoin in the last decade or so. Its built-in confidentiality, service efficiency, and overall comfort make it an appealing payment service solution for online gaming as well. However, for some reason, the bitcoin poker market has been slow in adopting it and still chooses to pay using plastic. But why is this the case, and what does the future hold? Let us see what we can find out!
The Multi-Million Dollar Pizza
We have all heard the tale about the person who ordered a pizza and paid for it with Bitcoin in 2010, even though he did not think it was worth holding owing to its low value. A single coin was valued at about $0.01 at the time. Bitcoin reached the $1000 mark just three years later, effectively making it the priciest pizza order in human history.
Although Bitcoin’s fate is still uncertain (it is currently trading at well over $10,000), one thing is certain: the person who paid for pizza with it on that fateful day will never forget it. They would have been multi-millionaires by now if they had kept the cryptocurrencies.
Crypto Gambling’s Rise to Prominence
People have been hunting for ways to get their firsthand additional cryptocurrencies ever since they became popular (mainly due to the pizza story), even if it means risking their entire collection. This is when crypto casinos started to become more popular because paying in this way has a lot of benefits.
One of the key contributors to the trend is anonymity. Even though gambling is no longer as taboo as it once was, it is nevertheless frowned upon in some cultures, and in other situations, it may even be illegal. Cryptocurrencies are ideal in this sense because each transaction is just between the sender and the recipient; no third parties can track or snoop on it. Another reason someone can regard anonymity so highly is because of the government’s probing eyes — in this scenario, safeguarding one’s public image takes precedence.
Bitcoin’s ever-increasing worth can be difficult to ignore. Professional gamblers use a poker calculator and other tools to increase their winning rates and acquire an advantage (to the extent allowed by the casino). Because most cryptocurrencies tend to appreciate, it is understandable why this would be a component of their attractiveness. Keep in mind that there is a limited quantity of Bitcoins available; no more will be created.
Low fees linked with crypto transfers are, of course, the cherry on top. When an online casino deducts a processing fee from a player’s winnings, the player’s returns are reduced. After all, it is a numbers game; therefore, the only surefire way for the ability to triumph over chance is to use a large sample size. Every factor that reduces a player’s profitability indicates that he or she will have to work harder to achieve the same results. Considering all of this, it is easy to see why low-cost, high-speed crypto transactions outperform all other payment methods.
The Challenges that Lie Ahead
Despite its obvious benefits, the world of poker has yet to fully embrace the concept of cryptocurrencies. Keep in mind that it has not been around for very long, and traditionalists are still wary of it. There are barriers to overcome before it can become the favored poker and casino payment option.
To begin with, keep in mind that cryptocurrencies are digital assets. As a result, there is a perception that it is vulnerable to hackers and other cyber-attacks. Even though it is built on the most secure blockchain technology available, there are other ways for hackers to get past the safeguards. If you opt to store your valuable cryptocurrencies in an online wallet, for example, you are placing them at risk in the event of a security breach (and it has happened before). stylishster Even though there is nearly little possibility of them being stolen if you use a hardware wallet, most people are not knowledgeable enough about the subject to be prepared to risk their money.
Then there is the issue of being continually bombarded with new types of cryptos that are always flooding the market. Every new kid on the block is now attempting to become the next massive thing by developing a new crypto coin in the vein of Bitcoin. While trying is wonderful, the problem arises when more competition is created for everyone. So, instead of cooperating, everyone is at odds with one another, vying for their piece of the crypto pie.
For whatever reason, poker sites do not yet accept crypto payouts as a generally recognized method of payment. While there are a few significant exceptions to the norm, if you wanted to find one in 2020, you would have to start with a targeted Google search. And that is not good for the entire industry.
Tying it all Together
If cryptocurrencies are to become the standard method of payment in poker, these problems must be overcome in some way. Then and only then can we expect to see them among PayPal, credit card transfers, and old-fashioned wire transfers.
On the plus side, Bitcoin and other cryptocurrencies are not only becoming more popular, but also increasing in value. As they become more successful, more people will become aware of them, and any remaining trust difficulties will progressively melt away. The concept of a decentralized currency is something that the entire world desires, and as cryptos become accepted as a form of payment not only for gaming but for a wide range of online stores around the world, change is on the way.
Crypto casinos are the current trend, which you should try if you are searching for a pleasant way to pass the time and possibly strike it rich at the casino. They are quicker and better than traditional online casinos, and they offer much more enticing prizes and incentives simply because you are experimenting with the future of wealth.