How is Online Betting Reinforcing Cryptocurrency?

With BitCoin nearing $50.000 at the moment of writing this article, it is certain that crypto is here to stay. But, the main reason why digital currency is rising so much is due to wider acceptance. With online shops and even online betting reinforcing cryptocurrency, more people are willing to use it like regular money.

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There are three points that influence both the quality of any cryptocurrency:

  1. Stability
  2. Utility
  3. Acceptance

Simply, if people don’t know how much it is worth, it won’t be worth a lot. And, if it’s not accepted and can’t be used as a regular currency it will never reach a reasonable price.

Because of these aspects, we can see that larger cryptocurrency options like BitCoin still don’t react like fiat currency when it comes to the market, but rather as a commodity. This will change as the number of places that accept the method of payment increases.

Online casinos were one of the first places to allow betting and gambling with crypto simply because they have little to lose. Currently, there are a number of casinos listed on platforms like SmashingTip that offer to buy in and pull out with Bitcoin and even other cryptos.

Wider Acceptance – Better Stability

Because we use money as a tender for all other goods and services we rarely ponder about how the value of money is determined. Most realize that there are supply and demand that govern inflation and deflation, but that is only one aspect of what makes a good currency.

For instance, the value of the US Dollar is not only determined by how many bills exit the printing press. An even larger factor is the number of dollars other countries hold in their vaults to ensure international trade and financing.

Similar is with crypto, as more people know and use the method of payment it becomes more widespread and has greater stability. And, once everyone is using it the status will be the same as for other currencies.

You won’t be saying that one Dogecoin is worth $0.05, but rather that one Dollar is worth 20 Dogecoin.

Hedging Your Bets

Gambling with crypto is not only a solid use of the digital currency for entertainment but also a good way to hedge your bets when it comes to fluctuations. You always win or lose the same amount, but how much that will be worth tomorrow is also important.

For instance, if you have won a total of 5 Bitcoins by the end of January 2021, you would gain more than $100.000 by mid-February just on the currency exchange. Similarly, the price can always drop which would make you lose less if you weren’t so lucky.

This makes both casinos and players more eager to play with such currency, as they are betting both in the actual game and in the meta-game of life and currency exchanges at the same time.

Smaller Crypto Rising

While most people are familiar with BitCoin and LiteCoin, not as many have heard about the recently rising Dogecoin before it started exploding on Reddit and Twitter. This crypto, which is a meme in its essence, has a lot of advantages that might make it even superior to the large ICO.

Also, it shows a trend for both a wider acceptance of crypto in general and a push towards smaller and more adaptable options where you don’t need a cost of a new luxury sedan to buy a single coin.

This is also the case in online casinos where a lot of people prefer to play slots where they can play a lot of games for a dime each than to pay hundreds of dollars per hand, and that includes those who might have that kind of money in their entertainment budget.

Generally, most people would like more to have fifty $1 bills than half of a $100 bill.

Diamond Hands Rocket to the Moon

Those who try to investigate new types of crypto, especially when it comes to Dogecoin, might see the expression ‘’Diamond hands rocket to the moon’’, often abbreviated as 💎👐🚀🌒.

This expression is used for those who believe in certain stocks, such as Gamestop, and certain crypto such as Doge to rise up in price dramatically. It means that they will not lose faith and sell.

Such behavior further reinforces the value of the currency (or stock) and will probably contribute to the stability and spread of the method of payment in the future.

Although there are some that will draw a parallel between holding and gambling, this is not really the same case. Unlike an online casino where there is little, you can do to reduce the randomness of the system, here the more ‘’players’’ join the better odds they have of winning.

Interesting related article: “What is a wager?