2022 will not go down in history as a great year for the crypto markets.
Bitcoin, valued at around $50,000 in late 2021, dropped almost as low as $15,000 in June and as of October is still below $18,000. Ethereum and altcoins have had similar fortunes. However, while investors have been understandably cautious amid the free-falling prices, it’s not been all bad news for crypto.
In particular, the use cases for crypto and blockchain technology in the gambling industry has grown, and in more ways than you might think. Yes, more individuals are choosing to gamble using bitcoin, but that is only the tip of the iceberg when we consider broader ways blockchain is being used to transform the iGaming market.
Crypto betting hitting the mainstream
Blockchain technology does not always seem relatable to the man or woman in the street. However, crypto gambling is an option that thousands of individual gamblers are choosing. The days of crypto casinos being an obscure market niche are long gone. A growing number of big name brands are now adding Bitcoin to the choice of payment methods. This is particularly the case in the Australian market, where players flock to sites like Playamo that specialize in crypto gambling.
Why Australia? Well, the regulatory framework there is quite different to the UK, and is closer to the stance taken by the more conservative states in the US. Online casinos are not permitted in Australia, and while the authorities cannot prevent Australians from visiting offshore ones, they do all they can to discourage the practice. Some Australian banks are on board and will not process payments to gambling sites, so crypto is the ideal solution.
The anonymity factor has always been an attraction of Bitcoin gambling. But this has nothing to do with gambling in secret, something that is certainly not to be encouraged. It’s more a case of security and convenience.
With a conventional casino, you register your details, filling out forms, sending scans of your passport, bank statement and goodness knows what else then sometimes waiting a week for them to be verified. It’s time consuming, it’s inconvenient and it’s boring.
With blockchain, you have a digital identity associated with a unique URL. That’s it, that is all you need and you can start spinning the reels or playing the card games. Your data is secure, and so is your money, as any winnings can go straight to your digital account.
Casino DAOs – the next step
The next step is for casinos to be built entirely on a decentralised blockchain infrastructure, known as a DAO. This is not science fiction, DAO casinos already exist, although they are in their infancy right now. The games, indeed the entire casino platform, can operate on a series of smart contracts.
It makes for a casino structure that is provably fair, entirely automated and vastly safer and more efficient than what we have right now. There are exciting times ahead in the crypto world, regardless of how Bitcoin fares on the money markets.