Opinion: The rise of the cryptocurrency

Bitcoin is far from being a global phenomenon, but it has already made significant achievements that were almost unimaginable five years back when the first cryptocurrency was introduced.

The market may not yet be worthy of a mainstream status, let alone capable to replace the system all sectors of society currently work on. Despite this, it continues to gain ground across the world, and it enjoys high level of support and potential mostly in the US and Europe.

The rise of the Bitcoin market in these regions should not come as a surprise since these are where the majority of investors, entrepreneurs, and users of this digital currency hail from. In fact, the companies that have opened their doors to Bitcoin—namely, Overstock, Microsoft, and PayPal to name a few—primarily cater to the American and European consumers.

Real-world benefits

Add to the increasing demand for Bitcoin integration the successful fusion of cryptocurrency and online gambling. Bitcoin gambling has become a new niche in the egaming industry, and it continues to show tremendous potential to breakout into a larger picture.

Moreover, Bitcoin gambling is a key player in the thriving market in the said regions, which continue to exhibit strong reception for it. Using this market as an example, Bitcoin immensely benefits both operators and players, and these advantages mainly revolve around anonymous betting, fast to instant withdrawals, and provably fair games—characteristics that real-money only gambling lacks.

With Bitcoin gambling and other factors joining forces, the growth of the market on a global scale will become inevitable. This is highly possible since the attention, interest, and curiosity in cryptocurrencies build up by the day, and this translates to the increasing number of traders engaged in transactions.

Similarly, the low value of Bitcoin makes it easier for other people to adopt the cryptocurrency and explore the wonders in store for them. Buying Bitcoin today, for instance, should not be an issue, especially with the variety of ways it can be purchased via online exchanges, services providers, ATMs, and others.

As we know, in today’s market (November 2015), there are more than 1,000 online operations in the ecosystem; about 60% are bitcoin casinos, the rest are poker rooms and sports betting agencies. Together with them there are additional dice rooms, bingo, binary options and others.

Challenges delay adoption

Penetrating the mainstream market, however, is not an easy task. Growth is constantly hampered by the controversies linked to the cryptocurrency. If not related to issues of hacking and extortion, the reasons include scams and other incidents like the online drug marketplace Silk Road.

The negative projection of Bitcoin in the media also affects the rate at which the digital currency is accepted, understood, and welcomed not just by tech savvy people but even by layman consumers.

Moreover, Bitcoin’s volatile price has an impact on its market growth. Fluctuating values hint of instability, which is often used by people as an indication of the likelihood of success in the years to come.

Promising opportunities await

Bitcoin’s success, however, is not an impossible feat. With the promising developments taking effect in today’s market, it is safe to say that interesting progress awaits the ecosystem beginning next year.

Other than its strong use for global remittances, Bitcoin has found its way to various industries both online and brick-and-mortar. This is one factor that has driven the move for specific credit and debit cards that process the digital currency allowing customers to cashout directly from their bitcoin wallets in a local currency.

In the gambling market we saw large growth during 2015 and more operators will be joining the game early 2016. The player’s demands these days are to have a one stop brand, with FIAT and bitcoin deposit methods, plus good content and high value games.

Casino players are aware of the advantages while using Bitcoin for cashing in and out and are more likely to use it, especially in specific markets.

Likewise, several banks and financial institutions have explored the technological advancements the blockchain technology brings to the table. As more sectors and industries realise the power of Bitcoin and its technology, it is only a matter of years until the market takes its final flight into the mainstream.

At present, its steady growth in the US and Europe is proof enough that several markets and stakeholders will benefit from Bitcoin, and this may be reason enough to establish a legal, regulatory framework that will best support and further revolutionise the capabilities and innovations achievable.