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On 2016-02-02 17:36:44
Bitcoin is big in the world of online casinos. It makes sense: the digital currency is fast, free, and provides you with almost complete anonymity. I fully expect bitcoin to be adopted more by more and more players, so here are some predictions on what to expect this year....
Regulation will become more strict
Just Google "bitcoin" and you're bound to hear about how bitcoin is a popular currency for money laundering, drugs etc, etc. There is no denying reality, but most of the news is exaggerated and/or made out to sound much worse then they truly are. However, Terrorism, drug trafficking, and other concerns are becoming major issues, so you can expect governments around the world are taking notice. Regulations are already in place right now. Many popular exchanges, even some casinos, already implement KYC policies. KYC require customers/players to positively confirm and verify their identities. This shouldn't be a big deal, that is of course if you have nothing to hide, even though it does go against the anonymous nature of bitcoin. This year, we expect these regulations to broaden. The Isle of Man may set a new precedent with their Designated Business Act, which will treat cryptocurrency exchanges very similarly to banks. It's likely that the US will also mandate more licensing and increased scrutiny for transactions with cryptocurrency companies.
Online Casinos & Niche Markets Growth
Bitcoin and online casinos are a perfect match, like peanut butter & jelly! It's a win win as both players and the casinos benefit from bitcoin. Players benefit by having virtually zero transaction costs, no middle-man & best of all, instant deposits & instant withdrawals!! Benefiting even greater from bitcoin however are the casinos themselves. Switching to or accepting bitcoin allows for fewer financial costs to worry about. Casino operators can expect to experience ZERO charge backs on casino deposits, saving MILLIONS! Unfortunately bitcoin is new and a little confusing, plus the player benefits are simply not yet known or appealing enough for consumers to adopt it's use. Most people love using things like credit cards and PayPal for online shopping and services. Bitcoin must become more appealing, easier to use and more well know in order to become more mainstream. This probably will not change much this year, it should however happen in the future.
Less Bitcoin Start-ups
Bitcoin was created originally to be a true decentralized online currency. However, even today, converting fiat currency to bitcoin can be a be a pain in the behind, especially if you are not tech savvy. This is exactly Coinbase, LocalBitcoins and others have been and continue to be so successful. The majority of bitcoin users have already used, trust and are happy with the main trading platforms. This makes it extremely difficult for star-ups to be successful. The main trusted, established sites have a firm grip on consumer base and it will only get tighter as time passes. However, I feel that their is more room for Peer to Peer sites to emerge and become adopted by the community (e.g. LocalBitcoins).
Little to no investment from banks
Major players in the financial industry like JP Morgan Chase and Goldman Sachs have been toying with bitcoin for the past 2 years. However, bitcoin's advantages have not outweighed its risks just yet. Banks and investment firms are hesitant to make bitcoin a significant part of their portfolio due to continually changing regulations, fraud concerns, and high price volatility.
Slow, but steady progress in 2016
It's clear that bitcoin is going places, especially in the world of online gaming. But the crypto currency's still got a way to go before it can stand toe-to-toe with mainstream payment processors. It will be interesting to see how things play out in the government and financial sectors, but our bet is that online casinos will continue to be the biggest factor in bitcoin growth this year.
Bitcoin is big in the world of online casinos. It makes sense: the digital currency is fast, free, and provides you with almost complete anonymity. I fully expect bitcoin to be adopted more by more and more players, so here are some predictions on what to expect this year....
Regulation will become more strict
Just Google "bitcoin" and you're bound to hear about how bitcoin is a popular currency for money laundering, drugs etc, etc. There is no denying reality, but most of the news is exaggerated and/or made out to sound much worse then they truly are. However, Terrorism, drug trafficking, and other concerns are becoming major issues, so you can expect governments around the world are taking notice. Regulations are already in place right now. Many popular exchanges, even some casinos, already implement KYC policies. KYC require customers/players to positively confirm and verify their identities. This shouldn't be a big deal, that is of course if you have nothing to hide, even though it does go against the anonymous nature of bitcoin. This year, we expect these regulations to broaden. The Isle of Man may set a new precedent with their Designated Business Act, which will treat cryptocurrency exchanges very similarly to banks. It's likely that the US will also mandate more licensing and increased scrutiny for transactions with cryptocurrency companies.
Online Casinos & Niche Markets Growth
Bitcoin and online casinos are a perfect match, like peanut butter & jelly! It's a win win as both players and the casinos benefit from bitcoin. Players benefit by having virtually zero transaction costs, no middle-man & best of all, instant deposits & instant withdrawals!! Benefiting even greater from bitcoin however are the casinos themselves. Switching to or accepting bitcoin allows for fewer financial costs to worry about. Casino operators can expect to experience ZERO charge backs on casino deposits, saving MILLIONS! Unfortunately bitcoin is new and a little confusing, plus the player benefits are simply not yet known or appealing enough for consumers to adopt it's use. Most people love using things like credit cards and PayPal for online shopping and services. Bitcoin must become more appealing, easier to use and more well know in order to become more mainstream. This probably will not change much this year, it should however happen in the future.
Less Bitcoin Start-ups
Bitcoin was created originally to be a true decentralized online currency. However, even today, converting fiat currency to bitcoin can be a be a pain in the behind, especially if you are not tech savvy. This is exactly Coinbase, LocalBitcoins and others have been and continue to be so successful. The majority of bitcoin users have already used, trust and are happy with the main trading platforms. This makes it extremely difficult for star-ups to be successful. The main trusted, established sites have a firm grip on consumer base and it will only get tighter as time passes. However, I feel that their is more room for Peer to Peer sites to emerge and become adopted by the community (e.g. LocalBitcoins).
Little to no investment from banks
Major players in the financial industry like JP Morgan Chase and Goldman Sachs have been toying with bitcoin for the past 2 years. However, bitcoin's advantages have not outweighed its risks just yet. Banks and investment firms are hesitant to make bitcoin a significant part of their portfolio due to continually changing regulations, fraud concerns, and high price volatility.
Slow, but steady progress in 2016
It's clear that bitcoin is going places, especially in the world of online gaming. But the crypto currency's still got a way to go before it can stand toe-to-toe with mainstream payment processors. It will be interesting to see how things play out in the government and financial sectors, but our bet is that online casinos will continue to be the biggest factor in bitcoin growth this year.
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On 2016-02-15 10:02:54
Thanks for the article, very interesting
Thanks for the article, very interesting
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On 2016-02-18 06:32:22
nice article. But For today, as i seen the market moves I recommend to start selling. Market trends is down and hope that it will reverse soon.
nice article. But For today, as i seen the market moves I recommend to start selling. Market trends is down and hope that it will reverse soon.
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On 2016-02-18 11:42:38
It doesn't look bad today, we have seen a rise from 375 to 425 usd in a few days, why you think that is better to sell now?
It doesn't look bad today, we have seen a rise from 375 to 425 usd in a few days, why you think that is better to sell now?
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On 2016-02-29 13:24:01
I'm looking forward to a spectacular growth, will that happen?
I'm looking forward to a spectacular growth, will that happen?
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On 2016-03-01 00:05:44
Hope that this prediction works
but by the way, great article.
Hope that this prediction works
but by the way, great article.
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On 2016-04-06 02:26:18
Keep your Bitcoin until the next round in the US. Time will tell you made it right
Keep your Bitcoin until the next round in the US. Time will tell you made it right
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On 2016-04-13 19:37:27
As far as stability goes, I have more confidence in Bitcoin than the USD at this point. the basic premise of digital currency could be so big and so revolutionary, but the general public has a hard time accepting the concept and it is complex and can be difficult to understand for newbies. I have faith in the growth of Bitcoin
As far as stability goes, I have more confidence in Bitcoin than the USD at this point. the basic premise of digital currency could be so big and so revolutionary, but the general public has a hard time accepting the concept and it is complex and can be difficult to understand for newbies. I have faith in the growth of Bitcoin
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On 2016-06-03 03:11:12
Great article! In my humble opinion, I feel as if once all the halving is done, BTC will hit a brick wall. There is simply not enough of it to fund the entire world. The prices will rocket to 4 digits, but eventually fall off till no one uses bitcoin anymore.
Great article! In my humble opinion, I feel as if once all the halving is done, BTC will hit a brick wall. There is simply not enough of it to fund the entire world. The prices will rocket to 4 digits, but eventually fall off till no one uses bitcoin anymore.
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On 2016-06-09 01:31:36
I don't think regulations will make a difference there so many legal ways around it. Also why would we want the banks involved ? Bitcoin was created because of the banks monopoly.
I don't think regulations will make a difference there so many legal ways around it. Also why would we want the banks involved ? Bitcoin was created because of the banks monopoly.
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On 2016-06-09 06:41:57
banks seem monopoly on problems they rise or fall?
banks seem monopoly on problems they rise or fall?
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On 2016-07-08 11:16:57
bitcoin would reach $1000 in 2016, I am sure i raises because of complexity to mine bitcoin and shortage of bitcoins on the market. In 2017 it would reach $3000 definitely.
bitcoin would reach $1000 in 2016, I am sure i raises because of complexity to mine bitcoin and shortage of bitcoins on the market. In 2017 it would reach $3000 definitely.