Since the advent of online betting, Bitcoin has been the preferred cryptocurrency. Time, however, is evolving. In the first quarter of 2022, its share fell dramatically. This week alone, Bitcoin’s value dropped by 15% over 24 hours, reaching its lowest point since December 2020. And this, according to experts, is tied to the increased interest in Ethereum and Litecoin, the second-leading cryptocurrencies. Their respective market capitalizations have increased by 3.45% and 2.95%.
What to expect for crypto betting in 2022?
According to the research, it is expected that cryptos would see growth, albeit with adjustments to coin share. And the diversity of cryptocurrencies used for betting will be a major trend.
But what is an altcoin, and which one can you use for gambling when bitcoin is crashing?
What is an altcoin?
The word “altcoin” gained popularity in 2017 when hundreds of different Bitcoin alternatives appeared on the market. However, by 2022, most of the top 100 cryptocurrencies will no longer be Bitcoin alternatives. Today, the market is flooded with new applications and products, some vastly different from others. With millions of cryptocurrencies already in circulation, it’s hard to keep up with everything that’s going on in the market.
In short, altcoins are non-Bitcoin cryptocurrencies. However, some are popular, with technological improvements that set them apart from Bitcoin. And there are several reasons why players prefer altcoins over Bitcoin. Let’s find out some of them below.
Why using altcoins for online gambling is a good idea?
There are many good reasons for gamblers to use altcoins. Here are some of them:
When compared to other coins, gambling with bitcoin can be expensive. Bitcoin is the most expensive coin right now (even though recently it has crashed seriously) and can be costly to buy compared to Ripple and Litecoin. They cost less.
- Quicker transactions
Unlike Bitcoin, sending altcoins like Ethereum to online casinos for transactions is faster. In addition, some altcoins have added features that help transactions go faster.
- Wise investment
Some altcoins can be used as an investment tool because their value keeps increasing. Because of this, investors buy a lot of altcoins to increase their chances of making money.
So, which are the most popular altcoins?
The following are some of the most popular altcoins used by online gamblers in the industry, especially when Bitcoin suffers its worst times.
Top gambling altcoins
Ether (ETH) – Popular cryptocurrencies are ranked by market capitalization, and Ethereum is the second-largest after bitcoin. In addition, Ethereum transactions move quickly, mainly when depositing money to online casinos.
Dogecoin (DOGE)– Even though it was made from an internet meme, the coin has become more prevalent in recent months. And casinos love it.
Litecoin – With quicker transaction speeds and cheaper costs than Bitcoin, Litecoin is undoubtedly one of the best options for gambling, particularly after a Bitcoin meltdown.
For the final remarks, we would like to point out that while Bitcoin struggles to regain its former glory, you can save time. Select one of the various altcoins and play freely in any crypto casino, like FortuneJack, where you can find the most exciting gambling atmosphere.
Time to Invest in Crypto? SOFTSWISS 2023 iGaming Market Overview
In 2023, crypto bets expanded by more than 20%, as reported by SOFTSWISS. The leading technology company, with over 15 years of expertise in iGaming and number one in crypto-optimised software, shares its analysis of the dynamic crypto landscape.
According to industry research, the global iGaming market is projected to double by 2030 at a compound annual growth rate of 11.7%. Revenues are expected to exceed 140 billion euro, with a significant share attributed to crypto gambling.
SOFTSWISS, as the innovator in crypto iGaming software development, regularly conducts research to track the dynamics of crypto within the iGaming market. Using extrapolation, comparative and correlative analysis, experts analyse the data gathered from over 600 crypto-friendly brands powered by the company.
iGaming Market Overview
Based on SOFTSWISS data, the iGaming market had a stable expansion in 2023. In absolute terms in euro, the Total Bet Sum grew by 38.2% year-on-year. At the same time, the Total Bet Count displayed an even stronger increase, surpassing 51.2%.
The average bet is slightly decreasing for several reasons. One significant factor is the broader reach of online gaming, fueled by advanced technology and increased internet availability. This trend is more evident in emerging markets like LatAm and Africa, where bets are usually smaller. Additionally, the increasing number of players under 30 with budget constraints adds to the decline in the average bet size.
State of Crypto
The in-depth quarterly analysis, initiated at the beginning of 2022, reveals that fiat bets are undergoing more substantial growth compared to crypto bets. In Q4’23, the Crypto Bet Sum saw an 8.2% rise in absolute terms, while the Fiat Bet Sum surged by 16.4% compared to Q3’23. At the end of 2023, the crypto share in the Total Bets Sum (27.5%) decreased by 3.9 p.p.
The comparative analysis of the 2023 Crypto Bet Sum against the previous year shows 21.1% growth. Simultaneously, the Crypto Bet Count increased by 50.5% year-on-year. The growing number of bets indicates rising interest in crypto gaming, but the greater availability of digital currencies may lead to slightly more economical bets.
“The advantages of employing digital currencies, such as swift transactions and anonymity, are key drivers for many players. Given these dynamics, the market demands expanding iGaming projects’ opportunities for crypto players. The in-game currency conversion, for example, allows operators to engage players with cryptocurrency assets in games initially designed for fiat transactions. The projects that embrace such possibilities continue gaining more advantageous market positions,” shares Vitali Matsukevich, Chief Operating Officer at SOFTSWISS.
Crypto Bet Stabilisation
The average fiat bet remained steady at around 0.82 euro throughout the previous year. Despite fluctuations in the average crypto bet during 2023, ranging from 1.59 to 1.88 euro, the changes appear modest compared to the twofold drop observed in the average crypto bet during Q4’22, which reached 1.56 euros. This indicates a certain level of stabilisation in the average crypto bet throughout 2023.
Vitali Matsukevich, Chief Operating Officer at SOFTSWISS, comments: “The dynamics of the average crypto bet align with crypto market fluctuations. When digital currency values stabilised in H2 2022, the average crypto bet also levelled out. Another thing is that the average crypto bet is almost two times higher than the average fiat bet, which testifies that digital currencies are potentially used by players with higher incomes. Operators should consider this to increase project profitability.”
The Top Five most operated digital coins in iGaming landscape have remained stable during the last two years.
In 2023, the cryptocurrency structure looks as follows:
- Bitcoin – 73.3%
- Ethereum – 9.9%
- Litecoin – 6.6%
- Tether – 4.6%
- Dogecoin – 3.1%
In Q4 2023, Bitcoin experienced a slight decline by a 5.7 p.p. compared to Q3 2023. Conversely, Ethereum and Litecoin showed growth of 4.7 p.p. and 2.2 p.p., respectively, during the same period.
Vitali Matsukevich, Chief Operating Officer at SOFTSWISS, summarises: “The digital currencies market is rapidly expanding, with estimates showing over 50% growth in capitalisation in 2023. Despite the risks caused by the high volatility of crypto and its dependence on various factors, using it can bring extra profits for operators. The iGaming industry is promising for investments due to growth in both fiat and crypto markets, but success depends on trustworthy and experienced partners.”
SOFTSWISS is an international tech company supplying software solutions for managing iGaming projects. The expert team, which counts over 2,000 employees, is based in Malta, Poland, and Georgia. SOFTSWISS holds a number of gaming licences and provides one-stop-shop iGaming software solutions. The company has a vast product portfolio, including the Online Casino Platform, the Game Aggregator with thousands of casino games, the Affilka affiliate platform, the Sportsbook Platform and the Jackpot Aggregator. In 2013, SOFTSWISS was the first in the world to introduce a Bitcoin-optimised online casino solution.
Evgeniy Babitsyn from Bets.io Comments on the Future of BTC
In January 2024, the SEC approved 11 Bitcoin ETFs, marking a significant announcement for Bitcoin and the wider crypto-market. This approval demonstrates the growing integration of traditional finance with decentralized finance. The announcement has sparked mixed reactions, with crypto experts questioning what this means for the future of tradable crypto assets. On the back of the announcement, the news that BlackRock will now be the biggest holder of Bitcoin has made the issue more complex.
Evgeniy Babitsyn, CMO of Bets.io, is an expert crypto commentator who has been closely monitoring these latest developments.
“There are pros and cons to the BTC ETF. On the one hand, it gives retail investors another avenue of access to the crypto market, allowing them to invest through a traditional finance instrument. This is important because investors not well-versed in crypto investing can find it difficult to access and invest in crypto assets,” he said. “However, the bigger point here is that BTC’s incorporation into an ETF goes against the founding principles of cryptocurrency. Its evolution is a consequence of advanced technology removing the ‘middleman’ in transactions, empowering individuals to make transactions free of bureaucratic institutions.”
When it comes to the regulation of crypto assets, Evgeniy does admit that there is a role for regulators to play. However, he advises it should not go against the fundamentals of cryptocurrencies. “While there is a role for regulation to play, having an ETF in play goes against what BTC initially set out to achieve as an alternative to traditional financial systems.”
Increased institutional involvement in crypto trading can also distort the market, posing significant questions for the future. “News is now emerging that the world’s largest asset manager, BlackRock, is on track to becoming the biggest holder of BTC because of the ETF,” Evgeniy said. “Coupled with this, the ongoing developments from state entities to regulate crypto assets, the question now is whether the institutional embrace of BTC marks the beginning of the end for the coin, at least in its original form.”
Bets.io is a renowned brand within the world of crypto iGaming. It was launched in 2021 and has been rapidly expanding ever since. In 2022, the brand was acclaimed as The Rising Star Operator of the Year by SiGMA Europe for its ambition, results, and potential in the online entertainment industry. As such, it has been keenly watching the developments of crypto assets unfold.
Looking to the future, Evgeniy sees big announcements on the horizon. “For now, we know that 2024 will be a monumental year for the future of BTC, cryptocurrencies, and Web3.”
How Bitcoin made its way into mainstream service industries
Bitcoin, a decentralized digital currency, has garnered significant attention and adoption in recent years. Its emergence has challenged traditional financial systems and paved the way for alternative forms of currency. Mainstream service industries, encompassing a wide range of sectors such as e-commerce, travel, hospitality, and finance, have witnessed the transformative impact of Bitcoin.
This article explores how Bitcoin made its way into these service industries, revolutionizing the way transactions are conducted. From its humble beginnings to its current status, Bitcoin has navigated challenges, gained acceptance, and provided numerous advantages, leading to its integration into the mainstream service sector.
Early Adoption and Initial Challenges
Bitcoin was introduced in 2009 by an anonymous person or group known as Satoshi Nakamoto. During its initial years, Bitcoin attracted a niche community of tech enthusiasts, libertarians, and those seeking an alternative financial system. These early adopters recognized the potential of the cryptocurrency and its underlying blockchain technology to disrupt traditional payment systems.
As Bitcoin gained attention, it faced significant skepticism and resistance from established service industries. Many industry players questioned its legitimacy, associating it with illicit activities due to its decentralized nature. Moreover, the volatility of Bitcoin’s price posed challenges for businesses that desired stability in their financial transactions. Concerns regarding regulatory compliance, security, and scalability further impeded its acceptance.
Over time, the Bitcoin ecosystem has evolved to address these early challenges. Innovations such as payment processors and merchant services emerged to facilitate Bitcoin transactions and provide stability by instantly converting Bitcoin into local currencies. Regulatory frameworks have also begun to take shape, enhancing consumer protection and promoting transparency. Additionally, advancements in blockchain technology have improved security and scalability, addressing some of the initial concerns surrounding Bitcoin’s integration into service industries.
Growing Acceptance in Service Industries
Bitcoin’s journey from a niche digital currency to widespread acceptance in service industries has been marked by notable milestones and increasing recognition of its value proposition.
Service industries across various sectors have started embracing Bitcoin as a viable payment option. E-commerce platforms, for instance, have integrated Bitcoin payment gateways, allowing customers to purchase goods and services using the cryptocurrency. Travel and hospitality businesses have followed suit, enabling travelers to book flights, accommodations, and other services using Bitcoin.
Another notable example of this acceptance is the integration of Bitcoin into online casinos.
Online casinos have increasingly embraced Bitcoin as a payment method, providing players with an alternative to traditional fiat currencies. Bitcoin’s advantages align closely with the needs and preferences of online casino enthusiasts. Firstly, Bitcoin enables faster and more secure transactions, allowing players to deposit and withdraw funds quickly without the delays often associated with traditional banking methods.
Moreover, Bitcoin offers enhanced privacy and anonymity, which are highly valued by online casino players who prefer to keep their gambling activities discreet. With Bitcoin, players could now play BlackJack online without divulging personal banking information, fostering a sense of security.
Food and beverage establishments have also begun accepting Bitcoin as a form of payment, providing customers with more choices and flexibility in transactions. Furthermore, financial services have recognized the potential of Bitcoin, with some institutions offering Bitcoin custody services and even incorporating cryptocurrency investment options.
Future Prospects and Potential Challenges
The future of Bitcoin in service industries holds both exciting prospects and potential challenges that need to be addressed for continued growth and mainstream adoption.
Bitcoin’s trajectory points towards increased mainstream adoption in service industries. As more businesses recognize the benefits of accepting Bitcoin, we can expect a broader range of industries to integrate cryptocurrency payments into their operations. This would contribute to the overall normalization and acceptance of Bitcoin as a legitimate form of currency.
As an example, Bitcoin’s future in online casinos appears promising, with an increasing number of platforms embracing cryptocurrency transactions. As more online casinos recognize the benefits of Bitcoin, it is likely to become a standard payment method across the industry. This increased adoption will allow players to find their best bitcoin betting site much more easily, as well as enjoy greater flexibility and convenience in funding their accounts and withdrawing winnings.
The evolving regulatory landscape poses both opportunities and challenges for Bitcoin. Regulatory frameworks are being developed to provide consumer protection, prevent money laundering, and ensure compliance with existing financial regulations. Striking a balance between innovation and compliance will be crucial to foster a supportive regulatory environment for Bitcoin in service industries.
The rise of Bitcoin and other cryptocurrencies has the potential to disrupt traditional banking systems. As more individuals and businesses embrace decentralized digital currencies, the need for traditional banking services could diminish. This shift may require financial institutions to adapt their business models and explore partnerships or collaborations with the emerging cryptocurrency ecosystem.
Technological advancements are essential to address scalability concerns related to Bitcoin’s transaction throughput and network congestion. Solutions such as the Lightning Network, layer-two protocols, and improved consensus algorithms are being developed to enhance scalability and transaction efficiency. Overcoming these technological challenges is vital for Bitcoin to meet the growing demand of service industries and maintain its relevance in an increasingly digital world.
Bitcoin’s journey into mainstream service industries has been marked by significant milestones and widespread acceptance. From its early days of skepticism and challenges, Bitcoin has overcome hurdles and gained recognition for its benefits in various sectors. The integration of Bitcoin into e-commerce, travel, hospitality, and financial services showcases its potential to revolutionize traditional payment systems.
Looking ahead, continued development and innovation will be key to sustaining Bitcoin’s growth and addressing regulatory, scalability, and technological challenges. As Bitcoin becomes increasingly ingrained in service industries, its impact on global finance and the future of decentralized currencies is poised to reshape the way we transact and interact with the financial ecosystem.
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