Will Bitcoin Become the Ultimate Currency for Cross-Border iGaming?
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Will Bitcoin Become the Ultimate Currency for Cross-Border iGaming?
While all the talk in the Bitcoin space may be about institutional adoption and national reserves, there’s still a need for it to become mainstream among everyday people. While the Bitcoin market has been booming for the last year, Google search results show that there has been little interest from retail this time around.
It may require a massive online industry like iGaming to help Bitcoin spread to the masses and win more people over. It does present an excellent solution for online casinos, as it allows for cross-border gaming without the need to accommodate for different fiat currencies.
Bitcoin’s Unique Role in Global iGaming
The online gambling industry is a global sector, with operators desperate to compete in as many markets as possible – legislation permitting. For this reason, it would make more sense for these sites to operate with a single currency that’s recognized around the world.
Bitcoin is arguably the greatest chance we have of a global currency, one that isn’t confined by borders or banking restrictions. It enables anyone to transfer funds from anywhere at any time, bypassing traditional obstacles such as high conversion fees and currency volatility.
The use of Bitcoin could be particularly appealing to up-and-coming markets in Africa, Southeast Asia, and Latin America, as many of the countries in these regions have weak currencies or inaccessible banking systems. Therefore, iGaming operators who accept Bitcoin could flourish in these markets.
Bitcoin as a Bridge to Underserved Markets
There are a lot of emerging markets in the iGaming industry that operators would love to get into as they could be lucrative in the years ahead. For example, Latin America is relatively underserved, but operators are starting to move into these countries as regulations loosen.
There has been a major surge in adoption of cryptocurrencies in countries like Argentina, Brazil, and Venezuela, as residents have turned to Bitcoin and others as a hedge against inflation and weak local currencies. Crypto casinos could easily market themselves in the region and would most likely attract a lot of users.
This represents a great opportunity for new operators who use prebuilt platforms such as turnkey software for gambling. The technology comes with the ability to accept crypto payments already built in, meaning that it’s easy to set up a crypto casino in no time and start trying to attract Latin American players. With options like these out there, we should thus see a rise in the number of independent entrepreneurs looking to get ahead in this new technological heyday.
Stablecoins Could be the Best Solution
While there has always been talk of Bitcoin becoming a global currency, there may already be a better solution for everyday payments at places such as iGaming sites. Crypto enthusiasts may still hold Bitcoin as a store of wealth in their crypto wallets, but when it comes to day-to-day transactions, stablecoins may soon become the norm.
Options such as Tether mean that crypto users can still keep their funds on-chain, but they can always swap to something that doesn’t face as much price volatility as Bitcoin. This would enable operators to ensure that all buy-ins and payouts are fair. After cashing out, users could then change their USDT back into Bitcoin.
Bitcoin has a chance at becoming the number one currency for iGaming, as it offers various benefits such as cross-border payments. However, for everyday transactions, it may be preferable for users to swap their BTC into a stablecoin such as USDT.
This post Will Bitcoin Become the Ultimate Currency for Cross-Border iGaming? first appeared on BitcoinWorld and is written by Keshav Aggarwal
