Cryptocurrencies have had a tremendous effect on various industries and sectors since they were conceptualized in 2008 by figures or a figure, that is yet to be known. We have seen very low lows and the highs have also left very many people gazing in awe. At the moment, it is rather difficult to predict where everything in the crypto world is headed to and all we can do us speculate.
However, one thing that we cannot deny is the fact that the number of cryptocurrency wallet holders has risen steadily and consistently over the last couple of years as bitcoin and several altcoins have been growing in popularity. More and more people want to get in on the fun for various reasons and now bitcoin can be considered to be a genuine competitor of sorts to fiat currencies – it is increasingly being used to exchange goods and services.
Despite the show of might that bitcoin has been portraying for a while now, it has failed to take off as expected in online gambling as a whole, and more specifically in online poker. This is rather disappointing as bitcoin fits the profile for the perfect currency in gambling in quite a number of ways.
A Perfect Pairing?
First, cryptocurrencies are a phenomenon that was literally designed for digital platforms and in all rights, so is online poker. As such, the fact that fast and secure transactions can be made without the need for any form of physical exchange makes bitcoin a naturally logical choice for online poker.
Furthermore, the level of anonymity associated with bitcoin and other cryptocurrencies are certainly bound to be very appealing to online poker players as it provides an extra layer of confidentiality that is not provided by traditional payment services. Another related key factor here would be the speed, safety, and security offered by blockchain technology that is the backbone of cryptocurrencies.
Also, the volatility of bitcoin is something that often appeals to gambling personalities. After all, people who buy and keep bitcoin as speculative assets are gamblers as well. So, having bitcoin integrated into online poker makes it possible for players to multiplying their winnings without doing anything but waiting for the right time.
What’s the Holdup?
The truth is, the prospects of having online poker and bitcoin integrated to work together is still as uncertain as the general outlook of the cryptocurrency itself. Casino operators still believe that not many of their players will want to get involved and this is further escalated by the fact that no one knows when bitcoin finally goes fully mainstream. Bitcoin has also been plagued by a lot of negative publicity which has made poker players have more doubt regarding using bitcoin to gamble.
The situation might get better in a year or so but if cryptocurrencies continue on their present trajectory towards global acceptance then this debate will not even need to go on.