Bitcoin Fluctuations and the Gambling Industry

Bitcoin has risen to prominence over the past few years, and is increasingly being accepted as a means of payment for online goods and services, including by the gambling industry. Amongst the innovative cryptocurrency’s many benefits is the fact that any Bitcoin transactions made over the internet are usually quick and free, whilst providing an element of anonymity by requiring the customer to furnish no sensitive financial information.
As Bitcoin establishes itself more and more as a legitimate means for carrying out online transactions, it has also been earning its users a healthy profit as those holding the digital currency have seen its value continue to escalate since 2013. That was the year when its value soared from just $15 in January to more than $1,000 in November, and a few years later one Bitcoin is now currently worth $2,257.
Nevertheless, Bitcoin suffered a roughly 30% correction last weekend, and is currently trading at $2,791, or 80% of its recent high of $2,791. The currency’s volatility can therefore be seen as a double-edged sword, with players holding Bitcoin having recently seen their investments shrink at a frightening rate. Nevertheless, the experts seem to agree that Bitcoin is still likely to keep rising for the foreseeable future, and as Gatecoin CEO Aurelien Menant explains:
“There is a lot of fresh liquidity flowing into Bitcoin, thanks to a surge in interest among investors in Asia. I would not be surprised to see the Bitcoin price doubling again to around $6,000 by the end of the year.”
As its value rises, however, online gambling sites are having an impossible job trying to determine the cost of each wager, while those players taking to these sites may be risking more money gambling than they may have anticipated. Gambling sites have tried to counteract such movements by lowering their bet and slot spin prices, but ultimately any savvy gambler should be monitoring the value of their assets before taking to these sites in the first place.