By Joshua Maddox
It has been said before and it will continue to be said, but the future is online. Everything has moved online these days. You can get medical consultations online, you can buy furniture and preview it in your room online, did you know you can even do your grocery shopping online now? The future is online, the future is now. So, today we’re going to be talking about the future of casinos and also technically the future of currency.
Over the last few years online casinos have become more readily available and the variety of online casinos from different companies has also grown drastically, but why would you need so many different options? Well one reason would be the currency you choose to use. If you asked me, I’d say we would be a cashless society within the next 20 or so years, everyone just uses their cards or android pay or whatever to pay for stuff now anyway, plus with cash being a primary spreader of Covid-19 during the pandemic, it kind of makes sense to me.1)There is no evidence that cash was a big spreader of Covid-19. However, it is always a good idea to wash your hands after handling cash due to the build up of germs and bacteria on cash. W.H.O.
Now going cashless doesn’t necessarily affect your ability to use online casinos, which would have us returning to the original question of why would you need so many different options? Well, another part of becoming a cashless society would be the use of Cryptocurrencies, as many of you may already be aware, cryptocurrency has been a growing (and shrinking) part of online trading for a big part of the last decade, seeing explosive growth in the last few years as more people develop distrust for their governments, and trading services and goods for crypto has also become more common alongside that. With places like youwager sportsbook and even Tesla now accepting cryptocurrencies from BitCoin to altcoins like Ethereum in exchange for betting stakes or, you know, cars in the case of Tesla.
But why would you accept Cryptocurrency if you were a Casino or like I mentioned above, a company like Tesla? Well, if we look back to February 2021, Tesla announced they had invested a huge amount of money ($1.5BILLION to be exact) into Bitcoin. On the 8th February, the day it was announced, bitcoin had a value of somewhere in the region of $38k per whole Bitcoin, assuming Tesla had purchased their Bitcoin a considerable amount of time before their announcement, they’ll have already made a bit of a profit, however within 24 hours of their announcement, a lot of people jumped on the bandwagon and the value of Bitcoin rose to $48k, then within the next two weeks that value rose again to $58k per Bitcoin. Tesla made over $1billion from their investment into Bitcoin.
Where am I going with this? Valid question. It’s no secret that Bitcoin, along with gold before it, is a volatile asset. Yes there is money to be made here, if you buy at the right time and sell at the right time, but you can also lose out. There’s a huge risk here. So if it’s that risky, why take that risk? Simple. It’s a gamble by the house. Let’s look at it this way. You’re sitting around the online roulette table. You’re having a good time, you’ve had some luck but you’ve also had some losses, swings and roundabouts. For your wins, you put 0.1 Ethereum on black and get 0.1 Ethereum back. Sweet! That Ethereum is currently worth $412.22, but in an hour it might be worth $300. So the casino hasn’t necessarily lost out as much in the long run.
However, what if you bet 0.1 Ethereum at $412.22 on Black then Red comes up, you lose your 0.1 Ethereum, sad times. This is where the house is taking their gamble, like I said that Ethereum could be worth $300 in an hours time, but what if, on the other side of the coin, that value goes up to $550? The casino is playing their own game by accepting cryptocurrency and they’re hoping their gambles pay off. Not only that, but it’s a pretty safe assumption to me that knowing a casino accepts cryptocurrency is a huge draw to a lot of people on the internet who don’t trust banks with their cash so they hold it all in volatile assets instead.
In my opinion, Cryptocurrency is the future, whether we’re living that future now is another question, but every day it seems new and more crazy cryptocurrencies are becoming readily available on trading platforms like $Doge and $Shib, more mainstream platforms have recently added these and they’re only adding a wider variation. What are your thoughts on this subject? Are you into online Casinos or do you prefer the physical experience, same for Cryptocurrency, have you got involved yet? Made any big trades? Let us know!