Cryptocurrencies continue to play a big role in online gambling, and with a new year ahead of us, the big question remains: What can we expect? According to a report by Fortune Business Insights, the blockchain gaming market is projected to grow from $154.46 billion in 2023 to $614.91 billion in 2030.
If the same momentum is maintained, 2024 will be a good year for the crypto gaming market. Regarding crypto gambling, it’s easy to see why the trend is upward.
Compared to regular online casinos, which use e-wallets and credit cards, crypto gaming sites use digital tokens for transactions, which offer anonymity, super fast speeds, and low transaction fees. Another point of comparison is that crypto games are provably fair, and players are guaranteed safety, while online casino games are at times rigged by malicious sites.
However, there are still flaws with crypto. Gaming using cryptocurrencies still has its challenges that can make players shy away from it.
As we get into 2024, here are some trends shaping your crypto gaming experience.
Adoption of Multiple Cryptocurrencies
The whole crypto conversation might have begun with Bitcoin, but today, there are over 8,000 cryptocurrencies. As Bitcoin became popular, its adoption spread across various industries, including gambling. Bitcoin online casinos started coming up on site like https://casino.help/crypto-casinos/bitcoin/, and other coins, such as Ethereum and Litecoin, slowly made their way to online casinos.
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So, what makes 2024 different? Besides the widely known tokens like BTC, ETH, and LTC, crypto sites and players will adopt other coins (big or small). Crypto coins such as Solana, Cardano, and Stellar will be part of the crypto payment options supported by online casinos.
Blockchain Games Will Be Big
The potential for blockchain technology is simply unfathomable, with virtual reality being a good example. As the hype around AI cools down, 2024 will be the year we leverage the potential of the Metaverse and virtual reality. The concept gained popularity during COVID-19 but slowly died down with time, but this might be the year.
Blockchain gaming platforms like the Metaverse and Decentraland will transform how we experience casinos. You can check out Decentral Games to have a sneak peek at what virtual reality casinos are all about. Since the platforms operate on a blockchain network, their default currency will be crypto. Blockchain games will undoubtedly take casino gaming to the next level.
Play To Earn Will Be The Norm
Did you know you can invest and make money in an online casino? For most people, their online gambling story is one of losing to the house. But, crypto casinos are changing the narrative and allowing players to be platform investors.
As you deposit funds and place bets, the casino will reward you with tokens you can stake on the platform and receive dividends at the end of the year. You can also choose to trade the tokens for other recognized cryptos like USDT, which can later be converted to fiat currency.
Possible Regulation of Crypto
One of the greatly debated topics in the crypto world is about regulation. On the one hand, crypto enthusiasts maintain that cryptocurrencies need to remain decentralized and anonymous. On the other hand, you have lawmakers pushing for crypto to be regulated to avoid illegal money transfers and if it wants to be considered legal tender.
With such a tough standpoint from the two parties, crypto regulation has been left to the mercy of individual countries. In China, Nepal, Morocco, Bolivia, and Egypt, crypto is banned. But, in El Salvador and the Central African Republic, Bitcoin is considered legal tender.
UK lawmakers had a heated discussion in parliament pushing for crypto to be regulated. In the US, the SEC is pushing for crypto companies to register with them and get regulated to avoid fraud. Such talks have been coming up lately, so I predict that in 2024, a conclusion will be reached. If crypto is regulated, more players will feel secure using it and can actually increase crypto gambling.
Bullish Market Equals More Crypto Gaming
Crypto’s biggest downside is its volatility aspect. One day, you have a crypto worth $100; the next day, it’s worth $10, thanks to market forces. This is one of the main reasons players refrain from playing at crypto sites.
However, the reverse is also true. One day, your crypto might be worth $10, and the next day, it can be worth $100. The crypto space is so unpredictable that it feels like gambling by itself. But 2024 looks promising for crypto fans, as most experts predict a bullish year ahead.
If the crypto market maintains a steady rise throughout the year, then crypto gambling will notice an increase.
