The future of Bitcoin seemed bright at first glance, at its peak being worth $1, 000 per unit, but now it’s only worth just around $350. What happened to it? Well, you can blame that immense fluctuation on the coin’s volatile nature, it having a great number of supporters and an also great number of people who oppose the idea of a virtual currency (is successfully used in btc casinoer – https://norskcasino-online.org/bitcoin-casino). But first, in order to better understand the future of Bitcoin we must know what it is.
What exactly is Bitcoin?
As I told you before, Bitcoin is a digital currency. It gained some attention because it was used on Silk Road, an online page where you could buy drugs. In essence, the Bitcoin currency eliminates the need for a middle man (banks). The future of Bitcoin seemed great at a time. With it you wouldn’t have to pay credit card fees, currency exchange fees, money transfer fees and other costs such as the use of lawyers in transactions. Basically you can compare it to what email did for mail.
Is the future of Bitcoin really that bleak?
This question is really hard to answer but I understand why people are getting worried because of its sudden drop in the past months. We are not economics experts and here is how we view this situation. If you look all around the world every currency is backed by a state and there is a very complex science behind where money goes and comes from, inflation and other stuff. Bitcoin was just created, it was an idea that people put their faith in it and that’s where it’s value derives. Imagine it like this, just think for a moment that nobody cared about gold, then it wouldn’t be too valuable right? That’s why the future of Bitcoin is uncertain, it’s still in its infancy, some people believe in it and some don’t. And what will happen if it will become the official currency of the internet? We are pretty sure that some people will prefer switching to Bitcoin than to pay bank fees.
Problems regarding transfers
Recently, some people have been reporting that they lost their Bitcoins, probably as a result of a failed transaction. Now, this loss doesn’t affect the owner, but it affects the whole market of Bitcoin. Here’s how it works. When you lose your money, it goes to somebody else, another person, but more importantly, the money you’ve lost are still in, what they call it as, the blockchain. Just like the cycle of water in nature, money has its own cycle and nothing goes to waste. On the Bitcoin side however, things are a little different. When a Bitcoin is lost to the owner, it’s lost to the blockchain forever, much as if gold were to dissolve into thin air the moment it slipped out of your hand. Whilst the loss of some units would increase the value of others, there are three reasons why this doesn’t work for this digital currency, making the future of Bitcoin somewhat bleak. First, the reason for the increase in value is that, whatever the total value of the investment was, it now has a smaller divisor, and the Bitcoin blockchain has no value of its own, making the divisor irrelevant. The second reason is that nobody has any idea how much of the blockchain has already been lost. Lastly, the third reason is a technical one that further erodes confidence in the viability of it as a currency. Making people believe that the future of Bitcoin is underneath the proverbial «car seat» with all the other failed technologies and attempts.
What is the future of Bitcoin gambling?
Gambling is currently dominating Bitcoin transactions and new opportunities are opening up for affiliates. Only recently long-term casino affiliates started to market Bitcoin casinos and, just to make the distinction clear, Bitcoin affiliates are not also gambling affiliates. Being the Bitcoin market payment is done in said currency, there will always be people that prefer the old fashioned dollars or euros, but in the end nobody will say no to money. The strategies used by Bitcoin casinos to draw players are the same, everybody works on SEO, PPC, media buy, forums and such, but there is one big difference. Bitcoin can be more than a payment method; it has evolved to be an ecosystem. Within this you can find experts, startups, mega wallets and exchanges and much more. The future of Bitcoin in gambling seems to be prosperous. Bitcoin casinos are regulated the same way as traditional online casinos. Players also look for reviews and comments concerning each brand and will always seek the best bonus to play with. It’s also more common for players to make small deposits of 0. 02 BTC in a brand and immediately try to withdraw. This way both players and affiliates can trust a brand, since Bitcoin transactions are immediate. Scammers and bad brands who do not pay out are getting closed on a daily basis. Because the market is young there is potential out there. There are a great number of small niches to go into like dice, lottery, poker, etc. And there are lots of other markets to work on, many brands to work with and many other crypto currencies to use. Here we should make a correction that bitcoin is not the only currency used in online casinos. There is, for example, also ethereum casino.
There are people who like Bitcoin and people who hate it. It’s true that the value of this currency is based on the faith of its supporters but that doesn’t mean it can’t be an official currency. The online gambling community has already taken a liking to this digital coin and people seem to love the fact that you don’t have to pay taxes and that the transactions are immediate. But there is one big problem, it needs to be unanimously recognized in order to be an official currency, and at this stage the future of Bitcoin seems as uncertain as ever.