It’s perhaps obvious to say that the start of 2022 has been quite volatile when it comes to cryptocurrencies. Some analysts viewed what was witnessed during 2021 as the perfect foundation in place to lead to an explosion in popularity and to set new records. Of course, 2021 was a record-breaking year itself, with Bitcoin hitting a new high of over $69,000 and Ethereum setting its own record by reaching $4,470. Overall, Bitcoin ended 2021 some 46% up, bringing an impressive return for those who had the foresight to invest and good timing in the market. Crypto integration-
It seems timing in the market is key though – Bitcoin is down 28% since the start of 2022 as of writing, with many now of the belief the markets are going through a major correction period.
The results of 2021 left startups and venture capitalists eager to see similar successes in 2022. The previous year saw cryptocurrencies extend into various industries whilst more traditional e-wallets like PayPal also began accepting bitcoin. Whether it was sports in the form of NFTs, video games or igaming, it was seen by many as a particularly lucrative business opportunity and one that people were keen to pursue. However, recent movements in the market may lessen enthusiasm as we enter 2022 with Bitcoin worth half of its all-time high. Online Cricket Betting ID integration-
Why was 2021 such a success for crypto or Crypto integration?
The growth of cryptos during 2021 may have taken some by surprise, but for others, this was always a given. The reason that crypto saw such success in 2021 can be answered in one word – mainstream. It was the year when Bitcoin saw mainstream businesses invest, the year when you could buy a Tesla using the coin, and the year when PayPal enter the world of crypto. It was also the year that saw more and more online casinos dealing in Bitcoin, allowing players to both deposit and withdraw with the crypto. As soon as these Cricket ID players became involved, Bitcoin was seen as a viable currency by those who had previously resisted.
There had been a time, quite recently in fact, where Bitcoin was seen as a fad. It was misunderstood by many who believed that it could never last and that there was no practical use for it. Despite the fact that millionaires were being made, there were people who just failed, or refused, to see the value. Bringing Bitcoin into the mainstream, with an abundance of practical applications, changed all of that.
Focusing on levels of investment and not the prices of individual coins, 2021 was a record-breaking year when it comes to how much venture capitalists invested in crypto-based projects. The total amount invested was an impressive $26 billion. This was, in no small part, made up from a $10 billion investment in Bullish Global, a new crypto exchange.
What investors have seen is the fact that the practical application of crypto gives it much more appeal. Certainly, the likes of online casinos are things that everyday people use on a daily basis. The fact that these now allow the use of crypto means that future growth in Bitcoin is only logical. It is not just Bitcoin and online casinos that are driving investment though: the creation of NFTs (non-fungible tokens) have opened up a whole host of new opportunities as athletes across a range of sports have jumped at endorsement opportunities – the most recent example being Serena Williams joining the board of Sorare.
How iGaming has already embraced crypto or Crypto integration
Online casinos offer a whole range of games. There are an abundance of slots along with other classics such as online poker and blackjack. Regardless of the games that players are seeking, online casino operators understand exactly what their players want. They are looking for payment methods that are efficient, secure, and even anonymous. This saw operators making the move towards crypto, knowing that it provided the perfect solution for their players’.
2021 saw Bitcoin casinos becoming an attractive niche to operate in. What they could offer was a payment method on par with what specialised banks are able to offer their customers. One of the major consequences of iGaming embracing crypto was the fact that there was suddenly a growth in fast withdrawal casinos. Suddenly players could get their hands on their winnings in an instant, rather than waiting hours or even days.
Despite the recent volatile markets, when it comes to the actual implementation of crypto casinos, the benefits have not changed – and whilst some coins have been falling in price, the outlook has not been gloomy for all. As we have touched on, casinos have turned to Bitcoin because it meets the needs of players. There are numerous benefits that can be found when using Bitcoin as a payment method at an online casino. Some of these include:
Safety and security
Online casinos handle an astonishing number of transactions every single day. Huge volumes of money pass hands and players are always keen to ensure that their funds are safe. With Bitcoin, winnings are as safe as they can possibly be. Players are able to deposit and withdraw without the need to share card details and they can be sure that the blockchain keeps their winnings safer than any bank ever could.
We have already touched on this point, but it is worth revisiting. Not so long ago, players could win big and get excited about withdrawing their winnings. The excitement would subside when they saw it could take 5-7 days for funds to hit their accounts. With Bitcoin, winnings are with you in an instant.
One thing that casino players detest even more than slow withdrawals is being stung with fees for the privilege. When players opt to use Bitcoin as their preferred payment method, they find that the fees are minimal. This means that they get to keep more of what they win!