For a long time, the only supporters of Bitcoin were early adopters, anarcho-capitalists, and computer enthusiasts. Even the Wall Street Journal, a forerunner of ‘analog era’ finance, is catching up to the fact. The Wall Street Journal opined that Bitcoin “matters” more than most people believe in late January. They further claimed that digital currencies would ‘disrupt’ the global banking industry.
This finding is not exactly ‘breaking news’ for Bitcoin’s early users, but it signifies a seismic shift in the traditional financial media’s worldview. Until recently, their primary focus was on Bitcoin’s price and volatility. They’re now singing a different song,’ emphasizing that the current Bitcoin exchange rate is ‘unimportant’ in light of the technology’s long-term ramifications.
Bitcoin and cryptocurrency technology can disrupt and revolutionize a wide range of industries. One of the most significant effects might be felt in the online gambling industry. Indeed, Bitcoin and online gambling have already developed a mutually beneficial relationship that will only strengthen as digital currency gains popularity among the general population. Established NY online casinos for real money are still an enticement to players in the global gaming industry because its expansion in other forms of gambling payment channel has not slowed.
An increasing number of new gaming firms online are designed from the ground up to be ‘Bitcoin-centric.’ In terms of exploiting Bitcoin and cryptocurrencies, this new wave of Internet gambling businesses is currently light years ahead of their more established counterparts.
Although few large gaming firms have adopted Bitcoin, it has quickly become a popular payment method for players. Though the precise amount is difficult to calculate, most Bitcoin experts believe that casino, poker, sports betting, and other gambling-related activities currently account for a sizable portion of daily bitcoin transaction traffic. That may seem excessive, but the point is that Bitcoin is already a valuable money transfer method for gamers.
Over a year ago, Bitcoin’s daily transaction volume topped Western Union’s (the leading money transfer method of the status quo’ online gaming business) and is now aiming for PayPal. With the caveat that Bitcoin transaction data is, by definition, an estimate, the cryptocurrency is already executing over 100,000 transactions per day with a total value of more than $250 million.
There are a few more caveats worth addressing. The ‘over 50%’ figure was given without explanation; thus, it’s unclear whether it refers to transaction number or transaction value. Because many Bitcoin gambling sites treat each bet as a unique ‘transaction,’ the former would fare far less well than the latter. Even if there is a reference to the transaction amount, it may not be as substantial as it appears at first glance.
Regardless of definitional quarrels or the actual percentage of Bitcoin gambling transactions, the ‘writing is on the wall.’ Payment processing has been a source of frustration for online gambling businesses for many years. Bitcoin and its underlying technology may be the “killer app” they’ve been looking for.