What do you think on the future of Cryptocurrency Gambling?

[Karri]

Currencies replaced barter economy(which is alive in small scale still). What exactly are cryptos replacing? What are they adding to the equation? Why would I change my euros to bitcoins when I can just deposit and withdraw euros? Blockchain and other buzzwords generate(d) a lot of hype but haven't resulted in any tangible benefits for anyone but those who benefit from the hype.

The only change I see coming is banks updating their archaic systems so it doesn't take a week to move your money from one bank to another, but that was already happening anyway. Some casinos have introduced cryptos but only because they might get a piece of the pie.

Something might come out of the technology yet but we are quite far from seeing what. For now, they only remain useful for speculation and perhaps money laundering. Maybe you can use them if you need to bypass laws and restrictions, but that is something that decent legislation would fix anyway.

[Cardy007]

Cryptos like Bitcoin are replacing Banks - it not only a currency its also a way to transfer funds too with out the transaction fees and lost time.

[gil.langelaan]

I mean there are a lot of casinos that accept BTC, but with the volatility we've seen so far I don't think many people would actually store their funds in Bitcoin. It was nothing but falling for the last six months.

What does seem interesting is ICO casinos issuing their own pre-mined tokens. If one of them gets enough players, it'll be huge.

[Bestbonusbitcoin]

Bitcoin and different digital currencies are the best things that ever happen to the iGaming business and its operators since the Internet turned into a commonplace. The main benefits of using cryptocurrencies are: they don't require casino licenses to operate, they are not limited to specific country, and has high transaction speed. And most of all, all cryptocurrency casinos are more cheaper to play online as compared to other casinos.

[JimRunCPA]

Crypto gambling have a lot fewer borders to join, so I guess it will have the prosperous future
But it mainly depends on the overall crypto mass adoption

[Wiytosenowa]

I think here is the future as trading is no longer so proffitable, so it is better to earn crypto than invest in it

[notoldgambler]

- d/ integration of machine learning & artificial intelligence

yep, in a not so distant future. then more complex security and privacy policy to consider

[Sherlock]

Currencies replaced barter economy(which is alive in small scale still). What exactly are cryptos replacing? What are they adding to the equation? Why would I change my euros to bitcoins when I can just deposit and withdraw euros? Blockchain and other buzzwords generate(d) a lot of hype but haven't resulted in any tangible benefits for anyone but those who benefit from the hype.

The only change I see coming is banks updating their archaic systems so it doesn't take a week to move your money from one bank to another, but that was already happening anyway. Some casinos have introduced cryptos but only because they might get a piece of the pie.

Something might come out of the technology yet but we are quite far from seeing what. For now, they only remain useful for speculation and perhaps money laundering. Maybe you can use them if you need to bypass laws and restrictions, but that is something that decent legislation would fix anyway.

If I put aside the fear of many people of high inflation (which arguably might be also a good thing):

Fiat money now is not fiat money 50 years ago or 200 years ago. Fiat money nowadays are more and more controlled, therefore bitcoin is bringing more independence where people what to spend their money and for what. This is the goal of bitcoin. You can indeed call it moneylaundering. It is important for the economy anyways. Capitalism is not a kid game. Dirty money is the fuel of economy, always were and always will be. Even gambling money are dirty in some countries, because the same bet is somewhere legal and somewhere illegal. So bookie providing the same service in one country is honest businessman and in other country is a criminal. The only difference is the law. For some people, including me, the law is not important. So those people will need something like bitcoin in future as underlying asset for their transactions.

Other cryptos have usually other goals and even if by luck some of them succeed, most of them will fail as they do until now.

[Book of Ra pPortal]

The future is looking a bit shaky for the moment. I wouldn't invest too much into it.

[sweetbet]

I think that many people will just stand on the sidelines eyeing crypto until the prices reach x100 before they decide to buy in.

[Sherlock]

That makes no sense. Price is rising because people are buying. On the top buy just the few, the biggest idiots.

[PROFRBcom]

I completely agree with you. As crytocurrencies are future of global banking due to blockchain technology, it will not be a problem for casino operators to adopt it.

FYI, it is a huge problem to adopt it for some of them, because they can lose their access to the FIAT banking system if their banks dislike crypto, fear the AML/KYC implications, etc.

So, I am asking you this question "Why do they invest in something which will finish them?"

Very simple in my mind. They want to get in on something they fear, and co-opt it before it destroys their monopoly on money (which brings with it enormous power and privilege).

Cryptocurrency reminds the boom of dotcoms, everyone spoke about it, but then everyone forgot. Same here, on a daily basis not a lot of people use Bitcoin etc for payments, only if you want to stay anonymous, other than that you can lose money with cryptocurrency.

Bitcoin is not anonymous. The record of the transaction exists forever. One connection of you to some transaction 20 down the chain and all the others can be connected back to you. This is difficult for a layman to do, but a government will catch you if they want to.

In other words, best to think of it as what it really is, an open ledger where everyone can see everything and act accordingly!

The main issue with cryptocurrency is it's reputation with the general public, most people won't go near it especially after the whole 'ponzi' bitcoin scams of late. It won't become fully mainstream until it cleans up it act and is more effectively controlled.

There are ponzi scams in USD and every other currency in the world every day and people accept them without issue or complaint, often without even a thought. FIAT only has value because we collectively believe that it does. The same can happen for crypto. I don't know if it will, but it can, despite any ponzi schemes, drug purchases, dark web, etc etc because every currency is a part of both "legal" and "illegal" transactions.

What does seem interesting is ICO casinos issuing their own pre-mined tokens. If one of them gets enough players, it'll be huge.

This is an interesting idea, I wonder what kind of liquidity is needed in order for such an idea to work insofar as making the input/output untraceable?

[Sherlock]

Why should casino raise ICO? What is the advantage? That the gamblers will be owners of the casino so they will lose to themselves? For me, it makes even less sense than BCHSV, where at least I understand that Ayre wants to use it as original bitcoin for provably fair games (but not that someone is that much interested in it).

To make a casino nowadays it is easy; problems are issues like regulations or how to get the traffic; having fragmented ownership is not helping at all, it is a big disadvantage, because then the model is standing and falling on managers. We can see how good are privately owned businesses like bet365 or bovada vs. GVC or paddy.

[Fetalio]

I fully agree and I think that in the nearest future more and more casinos will move away from the traditional methods of payment and will switch to cryptocurrency. Best argument - anonymity.

[Sherlock]

Anonymity of players is not hot topic even for BTC casinos. Recently cloudbet or sportsbet.io do deep kyc checks.

[MegaWinner]

I think the future is bright considering the high anonymity and the excellent speed of depositing and withdrawing.

[cantona07]

Having spoke to a couple of senior figures in the industry about this, the general opinion is that crypto will be introduced to more and more casinos in 2020. I personally wouldn't ever gamble my bitcoin but if others want to then fair enough.

[bloodWinter]

Crypto Gambling is definitely growing, for example check how many casino and sportsbook brands are attending ICE/LAC this year in London. With every new IGB conference amount of crypto attendees is increasing and every time there are new names with some interesting and revolutionary technology.

Also, as example check how many new online casinos from SoftSwiss platform are launching every month and nowadays most of them are unique and provide with the great user-experience for their customers, so in general popularity is growing with no doubt.

[onlinecasinoguide]

Cryptocurrency has already become very popular and strong. I believe it will have a big and bright future ahead of it.More casinos have started using them recently as a means of making payments to their affiliates and customers alike. This is also now the case because of the many restrictions that have been put in place against web wallets and online gambling in different countries and jurisdictions. It's also a much easier way to receive your payments anonymously and without any hassles being involved.

I think that most casino websites will soon be using cryptocurrency, not only because it is so anonymous, without hassles and secure, but because it is much faster than any other payment methods. Cryptocurrency is the futur, and I think not only in the casino universe but also in many other domains.
The only problem I can see is that it takes people a bit of time to get used to new methods, this is why it still goes slowly.

[Tiger]

You know Bitcoin is event by Japanese guy. But unfortunately it is not working well in Japan. Crept currency is definitely well much with igaming business. Because less service fee, clear to see and first than compare with other options.