Posted in Casino Reviews, Industry February 27, 2018
Rise and Fall of Bitcoin and What It Means to BitStarz in 2018
In a growing and highly competitive online casino environment, the challenge for casino operators is to stand out, and be counted. This is exactly in the mind of Direx N.V., a company based in Cyprus, with a license to operate from the Government of Curacao. In its efforts to expand its online casino line-up, the company took a bold step and look at the future – Bitcoin. For the operator of BitStarz, it seems the future of online casino payment comes in the form of cryptocurrencies particularly Bitcoin, and for most part of 2017, it seems that the the team is winning the hearts of casino players and the industry in general. But for an online casino that boasts itself as the premier Bitcoin-powered gaming hub, the fluctuating value of the cryptocurrency and other industry news are considered critical agents of change. The Bitcoin that can help boost its reputation and competitive edge are the same things that can take the brand down. And in the last few months of 2017 when the Bitcoin was on a roller-coaster ride of rising, falling and rising of value, the appeal of BitStarz followed the same course.
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How BitStarz Reaped the Rewards with Bitcoin
BitStarz Casino by Direx N.V. is one of the early adopters of the technology, and the benefits that come with the use of Bitcoin. Just recently, the online casino operator has announced that it will start accepting Bitcoin Cash or BCH. The aggressive behavior of the company to fully embrace Bitcoin is in line with its commitment to expand its reach and appeal to a diverse set of casino players. BCH has been around for a few months, but for BitStarz this is a payment option that should be considered immediately. The entry of BCH as another payment option is a welcome move, thanks to its larger block size and low transaction fees. Aside from lower fees, the use of Bitcoin can also help in expanding the reach of the casino. And as the value of Bitcoin continued its upward streak in the last few months of 2017, BitStarz managed to take advantage of the situation. With more players getting into the Bitcoin train, it manages to expand its captive market. The frenzy and attention on Bitcoin reached its peak on December 18, 2017 when the cryptocurrency briefly touched $19,511. This meant that the ‘already big’ Bitcoin bet market continues to grow as well. According to Bitcoin Strip website, in the last 2 years, more than 24.5 billion Bitcoin bets have been placed, and today, roughly 337 Bitcoin bets are placed every second. Keep in mind that these bets were placed when the Bitcoin was of lower value, somewhere south of $1,200. But thanks to the recent upswing in value exceeding $10,000, Bitcoin bets grew in amount, with BitStarz cornering a huge part of it.
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Bitcoin Slowdown, Drags BitStarz Along the Way
Since it reached a record high last December 18, Bitcoin has started to fall. Negative news and regulatory concerns brought down the reputation and value of Bitcoin and of course, BitStarz followed. As of the first week of February 2018, Bitcoin has dropped its value to $7,000 levels, and its rival cryptocurrencies tumbled in value as well. And many industry watchers agree that it’s one bubble that’s about to burst, and may drag down other dependent industries and companies, BitStarz included. So should Bitcoin players and the operator behind BitStarz worry?
Prospects of Bitcoin, BitStarz
Yes, the value of Bitcoin has dramatically dropped and breached the $8,000 level in the last few weeks. But some signs and news suggest that Bitcoin is slightly recovering, which should serve as good news to Bitcoin investors, players and BitStarz. Bitcoin touched $8,621.27 within the February 5 to 10 reporting week, which is substantial gain for the cryptocurrency. And if the industry watchers are to be believed, the BTC will again breach $9,000 this weekend, which will confound a few, but will thrill many, including BitStarz Casino. For BitStarz and other online casinos that accept Bitcoin, what happened to BTC can be considered as a rough patch, and will soon be rectified. The cryptocurrency may have been hit recently but signs and reports suggest that it’s about to get steady. And for BitStarz, it’s a welcome relief, and shall continually support its business model, as a premier hub for Bitcoin casino gaming.
To learn more about Bitcoin as an online casino payment method, their requirements on deposits and withdraws, how to best make use of them, and its pros and cons; please read our complete guides about all the other popular payment methods out there: