In the era of technological evolution, changes come thick and fast. Whilst some of them are embraced immediately, others are shunned by the majority and the initial burst is minimal, before the true growth begins.
It’s something we’ve seen in recent years with the rise of social media, where the mainstream outlets where amongst those who rebuffed the new competitor at first, and we’ve seen it again with the growth of online streaming platforms providing rivalry to the established TV companies.
In finance, we’ve started to see the meteoric rise of cryptocurrencies. Like social media and online streaming, the initial reaction was one of bemusement. Many simply couldn’t understand how or why it worked. Amidst those doubts, cryptocurrencies have become bigger and bigger.
Recently, the value of Bitcoin, the most well known cryptocurrency, rose above the $10000 dollar mark for the first time. Whilst some still believe a decline is inevitable, many others are starting to get on board and one of the most established areas to create a love affair with the digital gold has been online gambling sites.
Gambling Sites and Cryptocurrencies
With the aforementioned technological rise, gambling companies are amongst those who have benefitted as online gambling and apps have risen in popularity, putting betting at the hands of millions of users.
Like cryptocurrencies, they too can be looked down upon by many but it’s been taken in their stride as they strengthen their relationship with sports, particularly Premier League football- where nine of the 20 shirt sponsors this season are gambling companies.
In a post from Betway, casino companies have started to explore using cryptocurrencies like Bitcoin as a method of payment. Better Betting has even unveiled a cryptocurrency of their own and, whilst it’s not know how successful that will be, it’s clear that the rise of cryptocurrencies is only just beginning.
Utilisation on betting platforms is hardly surprising either, as companies have enjoyed great success in recent years branching out their offerings. Now, users can bet on thousands of games and competitions around the world, so there truly is something for everyone.
Unthinkable Rise
With the rise that Bitcoin and other cryptocurrencies have enjoyed this year, it’s clear they’re here to stay. Over the coming months and years, more and more companies are likely to accept cryptocurrencies as payment and the way we know banking could change significantly. It is, of course, daunting but that’s the same for every major technological development the human race has experienced over the past few decades. Those who are already getting involved with cryptocurrencies are simply hedging their bets, which is exactly what the gambling sites are doing too.
sources – flickr
There is still a long way to go though, as gambling sites are only just starting to explore the usage of cryptocurrencies. It will still be a while until we become truly immersed with cryptocurrencies and gambling but it does at least provide an insight into the future of two of the most rapidly growing businesses out there on the market.
Whilst Bitcoin wasn’t the first cryptocurrency, it is the first to properly catch on and is now recognised by the United States treasury as the first decentralised virtual currency. That understanding has helped Bitcoin develop, as it sponsored the College Bowl in 2014 and was accepted by its first UK bank, Barclays, in 2015.
What’s next?
With a rise that’s been unpredictable, it’s difficult to fathom exactly what lies ahead of Bitcoin and other cryptocurrencies. It’s clear we will hear more and more about it on the news, whilst the amount of businesses working with it is also likely to steadily grow.
It may be the gambling companies that help make cryptocurrencies part of the norm now though. Having established themselves as major players on the sporting stage, a partnership with cryptocurrencies will not be ignored and many more people are likely to take notice.
The more people get involved with Bitcoin, the more it’s going to continue to grow. Whilst many argue the bubble will burst, others believe that it’s yet to hit it’s peak and the growth will continue to reach unprecedented levels.
With Bitcoin being worth around $1,000 at the start of the year and now being worth ten times that amount, there’s certainly plenty of scope for further developments.
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