What is Bitcoin and why has it made such an impact on the online gambling industry?
In 2012, Bitcoin casinos started hitting the big time. The first really successful casino that used Bitcoins was “Satoshi Dice,” a simple site that offered gamblers access to a few different dice rolling games. The surprising success of this site, and its reliance on Bitcoin currency, quickly set a precedent for the industry.
Since then, similar casinos have popped up, including ones such as “Dragon’s Tale,” a game that combined role-playing concepts with gambling in a bold new way. This game and site were highly popular and successful.
Since then, Bitcoin casinos have become incredibly popular, to the point where a lot of bad games are being rushed out to capitalize on it. People with little interest in innovation have been creating “Dragon’s Tale” knockoffs or worse. While there’s still room for change, the situation could get worse before it gets better.
Over-saturated markets like this are often on the verge of popping: just think of the video game crash of the early 80s as a perfect example. Too many options, poor quality control, and a glut of bad games doomed the industry to a major crash. At a certain point, consumers lose faith in an industry and will simply abandon it.
Whatever the fate of the Bitcoin gambling scene (which, as of now, is still pulling in record-making profits), the currency itself isn’t likely to be seriously affected. Right now, a variety of other industries are interested in utilizing Bitcoins. Many online stores now offer Bitcoin options, while many “Bitcoin traders” and “Bitcoin generators” are working hard to increase the viability of the currency.
This success has inspired others. For example, digital currencies, such as Huntercoin or Spells of Genesis, are entering the gaming industry to compete directly with Bitcoin. Although they haven’t yet reached the popularity of their main competitor, they are making in-roads to success.
In fact, digital currency trading is currently a major business, with people converting cash into Huntercoins, trading to Bitcoins when the prices decrease, and selling when they increase.
While digital currency remains primarily focused in the world of online gambling, the potential growth here could be unlimited. As more of the world continues to master online interaction and other currencies, such as the British Pound, continue to fall in value, it wouldn’t be surprising if Bitcoin and other currencies become major powerhouses.