Why Investors Should Keep an Eye on Bitcoin in Online Gaming
There’s a lot for investors to keep track of with regard to bitcoin these days. The cryptocurrency has made substantial gains thus far in 2021; there are all kinds of predictions swirling about concerning where it might go from here; and lately, there’s been speculation about bear activity, and whether a sell-off from major investors could lead to something of a correction.
With all of this going on, it is easy for active and prospective investors alike to get caught up in the moment, and neglect some of the more indirect factors relating to bitcoin’s performance. However, it is still a good idea for anyone speculating in this market to keep an eye on some of these factors — including potential new ventures or opportunity for bitcoin that could ultimately affect its value.
One such venture we believe investors should be watching fairly closely as the year rolls on is bitcoin’s progress in the online gaming industry — and specifically the casino category. Bitcoin has already made some small moves into this space, but there are clear reasons to expect greater progress in time.
General Bitcoin Benefits
The benefits of bitcoin are becoming more widely understood with each passing year. And at this point it will be easy for many to understand how nicely they address some common concerns about online casino gaming. Essentially, bitcoin as a currency is valued for user control, a lack of transaction fees, and speedy transactions — as well as inherent security and privacy.
Given that many who consider playing games at real-money online casinos worry specifically about security, privacy, speed, and extra fees, the fit is natural. An online casino facilitating bitcoin transactions is addressing potential gamers’ most likely concerns.
Innovation in Online Casinos
Today’s online casinos thrive on innovation. In recent years, this has been most visible in the progress made with digital slot machine games, which have transformed from dull imitations of casino experiences into vibrant video games full of engaging graphics. Now, the same process is underway in a related category of games known as “Slingo.” These games combine bingo and slot elements, and a collection of the available titles on Gala Spins shows that they’re on their way to becoming the new online slots. Already, these titles (including the likes of “Slingo Lightning” and “Monopoly Slingo”) demonstrate the same capacity for range and intrigue that catapulted slots to new heights.
These innovations define modern casino gaming online. But in a subtler way, leading platforms in this industry have also proven an ability to innovate where payment is concerned. Just as games have changed and modernized, the sites they’re hosted on have gradually expanded their range of acceptable deposit methods — with most now allowing for a range of credit card providers and third-party electronic processors. Given this progress, and the general focus on innovation in this space, it’s only natural to look toward a transition to crypto-based gaming next.
The other factor that has to be considered with regard to bitcoin’s potential use in online casino gaming is the ease of cross-border transactions. As of now, borders are something of a curious issue in the online gaming world. Some gaming platforms are legal and accessible in one part of the world, but not in others, which is already leading gamers to seek workaround options. A few years ago, PC Gamer even put up a piece delving into the possibility of using a VPN to expand gaming options.
To be clear, we aren’t suggesting any gamers should try anything that is explicitly prohibited. However, it is still an undeniable truth that bitcoin has the potential to make cross-border gaming a little bit more accessible. Simply put, when gaming with cryptocurrency there is no need to involve a bank, credit card company, or currency exchange. And in some cases, crypto-based casino transactions may even be allowed by a given government or authority where playing with regular money may not be. This alone makes for significant potential for bitcoin in the online gaming arena.
None of this means that we’re anticipating any massive impact on bitcoin’s overall value due to gaming developments. With so much focus on the big picture in cryptocurrency these days, it’s easy to overlook more specific developments. Considering the factors discussed here, it’s clear that online gaming represents a rare opportunity for a lucrative international industry to adopt bitcoin in a significant way. That, for investors, is at least worth keeping a close eye on.
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