In the past ten years, the growth of cryptocurrencies like Bitcoin has transformed how we transact and do business online. The iGaming industry has always been quick to utilize the hottest new tech trends, with the online casino boom of the 1990s serving as a great example. Cryptocurrencies and metaverse technology have entirely transformed online casinos’ operations in the past years. While there are now more crypto casinos operating than ever before, it’s still early days for the industry. What can we expect from the Bitcoin casinos of the future, and how are iGaming platforms likely to adapt and evolve?
Bitcoin Casinos Today
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In recent years, there has been a significant increase in total crypto market volume, with Bitcoin gaining over 5% in November 2022. The growing prevalence of cryptocurrencies has been mirrored by a surge of so-called Bitcoin casinos, online crypto casino platforms that enable players to make cash wagers using Bitcoins. With the growing prevalence of cryptocurrencies, there has been an explosion of crypto casinos. While relatively few crypto casinos are on the market, the industry is overgrowing. More platforms than ever facilitate payments using Bitcoin, Solana, Ethereum, and traditional fiat currencies. Currently, around 70 crypto casinos are operating within the US alone, and the number of international operators only continues to grow. Bitcoin casinos provide almost the same game content and bonuses as regular online casinos. The main difference lies in the way you’re able to place wagers. The benefits of making bets this way include faster peer-to-peer transactions, instant global payments, and minimal processing fees. Players can also use better wagering requirements with crypto casino platforms. The Bitcoin boom has been boosted by the increasing accessibility of smartphones and gaming apps, which have had an untold influence on the iGaming industry in the past ten years.
More Regulation of Crypto Casinos
Despite recent market disruption the crypto industry is back on track and set to dominate the iGaming sector, along with other emerging blockchain technologies and the Metaverse. Because Bitcoin and crypto, in general, are still relatively new on the scene, the initial free-for-all seen in the online casino sector is likely to end with the introduction of more rigid regulations. Considering that many dedicated crypto casinos remain unregulated in certain territories and jurisdictions, there’s room for unscrupulous operators, leaving players open to scams, fraud, and unfair game content. This relative lack of safety when making cash wagers online is ironic, considering the highly secure nature of Bitcoin itself.
Essentially, the level of regulation afforded to Bitcoin casinos depends on where they operate. In contrast, Bitcoin has been adopted as an official currency in El Salvador. Bitcoin iGaming is highly regulated in the UK. The matter is still up for discussion in the EU, although it’s likely that we’ll see tighter regulation of online crypto casinos worldwide in the coming years. Not only will changes to licensing and regulation improve safety and security for the players, but further control of Bitcoin-friendly casino platforms should also improve overall standards and quality.
Bitcoin Casinos vs.Classic Online Casinos: The Landscape is Changing
There’s no doubt that Bitcoin casinos are way more advanced than regular fiat currency-accepting casino sites. Still, most players are engaged with regular online casino sites. One of the reasons is the limited access to playing with Bitcoin in countries where cryptocurrencies still need to be legislated. The other reason is that regular online casinos have a better and more diverse choice of games and bonuses. Both options are available if you look through the top casino sites and select some of the best-rated online casinos based on the latest trends. Nevertheless, Bitcoin casinos are taking a huge swing in the iGaming industry, changing the gaming concept. Hopefully, with the new regulations, Bitcoin will become a globally recognized currency, and crypto casinos will be free to promote more bonuses.
What BTC Casinos are Missing Out Regarding Bonuses and Promotions
Along with further regulation, we’re likely to see a wider and more diverse range of bonuses from cryptocasinos soon. Bonuses have always been a staple of the online casino industry, with many providers offering free perks to attract new users and retain loyal players. In the same way that top online casino sites offer welcome bonuses, no deposit bonuses, and cashback rewards, the crypto casinos of the future will feature similarly lucrative freebies. It is possible due to the limitations on crypto casino bonuses; players are more prone to regular online casino sites. The main reason is the diverse and lucrative bonuses that players can obtain. No deposit bonuses are the most wanted type, which, unfortunately, Bitcoin casinos still need to include.
More Things to Look Forward to in the Future
Blockchain-based iGaming is already here and is the way of the future. Here are our forecasts for the upcoming years and what we can expect:
Metaverse casinos – The growth of the Metaverse will significantly affect iGaming. Casinos will be able to provide a completely immersive gaming experience if players have the option of creating their virtual environment. Imagine exploring a casino in virtual reality while meeting other patrons and competing with them in games. Or how about learning to control your (avatar’s) poker face while playing a game of poker? There are countless options.</li>
Decentralized iGaming – The future of the gaming business lies in decentralized iGaming. The decentralization means that a single body controls neither the games nor the money. This increases the industry’s resistance to governmental regulation and creates the potential for sharing earnings with customers. This is something that some of the top online casinos are currently doing, and we anticipate that more casinos will do the same. It will make iGaming more equitable and open for all parties, which might completely revolutionize the business.
Conclusion
Virtual currencies have had a favorable effect on the iGaming industry. Since the advent of cryptocurrency and blockchain technology, users may now easily play casino games. Players can use virtual cash at online casinos to access greater game selections and promotional deals. Hopefully, it won’t take long for other iGaming jurisdictions to follow suit and incorporate cryptocurrency, and that other markets will also adopt it and regulate it.
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