Lately, we’ve been seeing more and more online casinos introducing bitcoins as one of their banking methods. In fact, there are quite a few sites out there these days that focus only on bitcoins and don’t even offer other traditional methods like credit cards or e-wallets.
Bitcoin gambling has been on the rise due to a number of factors. Some of them have to do with the anonymity of the users and the possibility to keep their gaming habits private. Others are related to the general popularity bitcoin has been experiencing, with more people wanting to get involved with this original cryptocurrency.
However, some believe that popularity of bitcoin might be its downfall as well. A couple of years ago, it seemed to be a perfect alternative to fiat currencies, in the gambling market and numerous other markets. But, with its value skyrocketing, is bitcoin still accessible to us, mere mortals?
Bitcoin & Gambling
The online gambling industry was one of the first to start widely accepting bitcoins as a legitimate alternative to traditional currencies. After the initial period of doubt, players started to realize they could put their faith in this cryptocurrency and not dread what could happen to it overnight. Clearly, it was there to stay.
We could go as far as to say that it was the gambling industry that gave bitcoin the initial and much needed push to get it started on the path to success. Once it was accepted by one of the largest industries in the virtual world, there was no other way for bitcoin to go but up.
Too Much too Soon?
There is hardly any doubt that those who enjoyed playing in bitcoins also liked, to some extent at least, the volatility of this cryptocurrency. Yes, there was some risk involved, but your gambling bankroll could double in value by the time you had had a good night sleep.
That said, what we’ve been seeing over the past year could be a bit too much too soon. The incredible surge in value has helped create quite a few bitcoin millionaires. In fact, this unexpected jump has made many insiders worried, as they suspect bitcoin is experiencing a bubble that’s bound to burst soon.
For an average player, this could be a bit more than they are willing to deal with. If the bubble theory is true and it happens to burst, it will happen suddenly, without too much warning, and the bitcoin value could experience an unprecedented nosedive.
Time Will Tell
For the time being, many online casinos still offer bitcoins as one of the deposit and withdrawal methods, and quite a few of them let players maintain their accounts in bitcoins. However, should such time come where the bitcoin value is seriously threatened, it could create panic among players and operators alike.
Should this come to pass, it wouldn’t necessarily mean the end of cryptocurrency gambling, as there are many other cryptos players can choose as an alternative. However, the whole idea of bitcoin gambling could be seriously jeopardized.
Top 3 Bitcoin Casinos
Interested in trying out Bitcoin casinos? Here are our top 3 list of the best and most secure Bitcoin casinos.
This is a pure Bitcoin casino that only lets you deposit and withdraw through bitcoin. They also offer total anonymous play, which is great. Take a look at our Bitcasino.io review for more information.
2. Loki Casino
At Loki Casino you can play with both fiat money and bitcoin. A great thing about this online casinos is that they offer Provably Fair Games. Check out Loki Casino.
BitStarz take the third spot. You can play with both fiat money and bitcoin. Their games are also provably fair and they offer 20 free spins upon registration so that you can try out their casino for free. Go to BitStarz for more info.