With the 10th anniversary of Bitcoin being a major talking point in the crypto-hemisphere there are plenty of casino players looking back to when they first acquired their Bitcoin.
Some of you were lucky enough to be early adopters (see our news report on whales and early adopters) and bought your BTC when it is worth next to nothing while more recent investors are riding out the storm as Bitcoin comes back down to earth after a sudden surge in the second half of 2017.
However, after 10 years being the main player in the world of cryptocurrencies, is the Bitcoin era over and what does the next decade have in store for us?
The World Has Never Been Since Bitcoin’s Inception
Since Bitcoin hit the financial and digital worlds, neither have been the same since. We have seen numerous projects released far beyond the original idea of Bitcoin, which was simply quick and anonymous financial transactions. Now we have online casinos using smart contracts, so we can now gamble without having to give away any personal information.
There are government organizations using the disruptive blockchain technologies to improve efficiency and an increasing number of blockchain architectures such as Ripple offering an alternative way to transfer funds. Not to mention the many ecosystems out there designed to transfer other digital assets.
For online casino players, there is a clear advantage to gambling using cryptocurrencies versus using fiat currency. The casinos are provably fair and the idea of being able to make a bet regardless of location is one that has attracted many of us to the world of crypto gambling.
However, there is a dark side to these benefits. That is the current 2018 market declines across many of the mainstream cryptocurrencies. There is no doubt the overall cryptocurrency market will increase in value, but according to Nigel Green in a press release issued by deVere Group, Bitcoin won’t be part of this overall growth.
The Current Cryptocurrency Market Is Worth $400 Billion
At this time, the cryptocurrency market is valued at $400 billion across all digital currencies. Bitcoin currently holds a massive 53% of this, which translating Green’s statements in the Devere press release, the current dominating value of Bitcoin is deceiving.
With new technology, solutions, and features being released by the ever-increasing number of start-ups entering the crypto-community, Bitcoin is set to be pushed aside. According to Green, the next 10 years for Bitcoin will be bleak. It may not disappear, but its influence on the current market climate will decrease by making way for new
Crypto Market Set to Rise to $2 Trillion In the Next 10 Years
He also predicts that by 2030, the total value of the cryptocurrency will rise by 5,000% bring the current $400 billion to $2 trillion, but Green does not believe that Bitcoin will continue to be the talking point of the digital finance revolution.
Instead, the likes of Ethereum are likely to rise as ICOs using the Ethereum ecosystem are increasing. With so many start-ups now using Ethereum, the chances of success of one of these systems is inevitable, which also contributes to the success of Ethereum.
It will be these new start-ups coming from both the private and public sectors that will help the overall value of the cryptocurrency market rise to Green’s predicted $2 trillion valuation over the next decade.
Bitcoin Architecture Is Flawed
Some of the issues is Bitcoin at the moment are obvious. The fact that it was the first cryptocurrency or blockchain technology, it was always going to suffer from flaws. It is like most projects. At first, the concept is born, but it is very rare that the first conception is correct.
This is why we see so many upgrades in the consumer market – for example, online casinos began with desktop versions of their games. They developed Random Number Generators, then HTML5 and flash games. The coding for slot games has now completely changed. Luckily for the casino industry, it has meant an aggressive but calculated redesign of individual slots, roulette, blackjack, and other games.
On the other hand, unfortunately for Bitcoin, it blockchain architecture is set in stone. There is no changing it without breaking down the entire system and redesigning it. This is something that Litecoin have tried to do as well as other cryptocurrencies such as Bitcoin Cash.
However, the success of tokens such as Bitcoin Cash relies on the main Bitcoin architecture whereas Litecoin has designed its architecture in such a way that they can still implement changes to provide a system that will be competitive over the next 10 years.
Ethereum and Litecoin Are Still In Favor Over The Next Decade
One of Green’s comments was that over the next 10 years the face of the industry is going to change dramatically. He is right. If you look at the current list of cryptocurrencies and compare this to 10, 5, or even 2 years ago, it is almost unrecognizable. If we then consider Green’s comments and take into account the forecasted 5,000% raise he predicts, then you can imagine that we will be looking at market data charts that consist of a whole new breed of cryptocurrencies bidding for their own piece of the market share.
One thing is for sure, and that is that there is an increasing number of people adopting blockchain technologies and swapping their fiat currency for cryptocurrency. Plus, with a rising awareness of how to invest in ICOs, it seems fundraising for these start-ups is getting easier as long as their concept is something that people believe will become a success.
For online casino players looking to diversify their portfolio, Ethereum and Litecoin casinos are going to be a major part of the future. However, if you are not confident in either of these, then store your crypto in another currency and then visit an exchange where within seconds you can swap your tokens for ETH or LTC, gamble at your favorite online casino, then swap the currency back once your session is over.
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