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The Future of Bitcoin in Brick-and-Mortar Casinos

The Future of Bitcoin in Brick-and-Mortar Casinos

As Bitcoin is taking over the way different industries conduct their transactions, brick-and-mortar casinos are no exception. While we talked about how cryptocurrencies are unlikely to impact land-based casinos in our previous article entitled ‘Will Cryptocurrency Gambling Kill Land-Based Casinos?’, it seems that now, some casinos are looking to adopt it into their services. This comes as no surprise. As traditional casinos are slowly losing revenue to online gambling sites that offer cryptocurrency options, it makes sense to let go of old practices and go with innovation. After all, as the saying goes: “If you can’t beat ‘em, join ‘em.”

Given the appeal of Bitcoin, it comes as no surprise that consumers will start to prefer it to holding cash. The decentralized nature ensures direct and safe transactions and bypasses any need for intermediaries such as banks who could halt the process. Not to mention, the low transfer fees and faster transactions make everything easy and seamless, which is why it comes as no surprise that Bitcoin is so popular in the online gambling world.

That said, how are traditional and online casinos making an effort to implement Bitcoin in their practices? And what kind of future does Bitcoin have in brick-and-mortar casinos? Let’s take a look.

The scope of Bitcoin and casinos today

Cryptocurrencies already have a history with casinos — the online ones in particular. Known as ‘Bitcoin casino’, Coin Insider defines these as any online casino or sports betting agency that accepts Bitcoin either by preference (or alongside) fiat currency. In the U.S. and Canada, where online gambling is prohibited, such casinos have allowed them to play in online casinos that operate from different corners of the earth while being assured of their savings.

Not only has this made online casinos more popular than land-based casinos, but the mobility that online gaming provides allows players to enjoy their favorite multiplayer games — like poker or roulette — on the go. The convenience and customizability is appealing as well, especially for the new generation of players. In fact, PPPoker’s LinkedIn profile highlights how playing poker online makes it highly customizable — from creating private clubs to playing with your friends, there is a myriad of options at the players’ fingertips. Not to mention, online gaming casinos offer welcome bonuses to new players, which traditional casinos fail to provide.

Only a small number of brick-and-mortar casinos accept Bitcoin on their gambling floors, namely Merit Hotel Nicosia in Cyprus and the Princess Casino network. While there are more casinos that accept some form of Bitcoin payment, such as The Golden Gate Hotel & Casino and The D Casino Hotel in Las Vegas, they have yet to let the cryptocurrency onto the platform.

What the future of Bitcoin and gambling looks like

It’s safe to say that Bitcoin is likely to hit more gaming floors in brick-and-mortar casinos in the future. With its fast implementation in online casinos, this is definitely a must for physical casinos to keep up and remain competitive. Not to mention, this can also open the doors to online players switching over to casinos in Las Vegas to gain the full experience!

The technology to implement this is already available, and there’s no shortage of people who are going to find it a convenient and highly social opportunity— it only takes a single forward-thinking casino to truly apply it.

BTCNN , 2019-11-18 14:56:19 ,

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NewsBlock © 2019 - 2020 All rights reserved.

NewsBlock © 2019 - 2020. All rights reserved.

While Bitcoin’s price seemingly moves without rhyme or reason — collapsing by dozens of percent and embarking on face-melting rallies on a whim — the cryptocurrency market is filled to the brim with fractals.

Related Reading: Analyst: Bitcoin Price Likely to Fall to Low-$8,000s as Chart Remains Weak

A brief aside: A fractal, in the context of technical analysis and financial markets anyway, is when an asset’s price action is seen during a different time. This form of analysis isn’t that popular, but it has proven to be somewhat valuable in analyzing Bitcoin.

One recent fractal popularized by a well-known cryptocurrency trader is implying that BTC is going to return to the low-$7,000s in the coming days.

Bitcoin Fractal Implies Retracement to Low-$7,000s

A well-known crypto trader going by “Tyler Durden” on Twitter recently posted the chart below, which shows that a Bitcoin price fractal may be playing out. The fractal has four phases: horizontal consolidation marked by one fakeout, a surge above the consolidation phase, a distribution, then a strong drop to fresh lows.

If the fractal plays out in full, BTC could reach the low-$7,000s again, potentially as low as $7,100. This would represent a 20-odd percent collapse from the current price point of $8,800.

It isn’t only a fractal that is hinting Bitcoin has the potential to visit its lows. As we reported on Saturday, Bloomberg believes that if the GTI Vera Convergence Divergence Indicator flips red, a downtrend could push the cryptocurrency back to $7,300.

Related Reading: Stephen Colbert Pokes Fun at Bitcoin in Monologue: Mainstream Gone Wrong?

Can Bulls Step In?

But again, many believe it is irrational to have such bearish interpretations of the cryptocurrency’s chart at the moment. As reported by NewsBTC earlier, Popular crypto trader Mayne recently noted that the “people waiting for $6,000” are irrational. He quipped that Bitcoin retracing and consolidating after its fourth-biggest bull move in history ($7,300 to $10,500, a 42% gain) is perfectly par for the course, but noted that it’s totally possible we can go lower from $8,800.

The medium-term technicals support this.

Trader and CoinTelegraph contributor FilbFilb found that by the end of November or start of December, the 50-week and 100-week moving averages will see a “golden cross,” which he claims is far more significant” for the Bitcoin market that other technical crosses.

Also, a Bitcoin price model created using Facebook Prophet machine learning found that the leading cryptocurrency is likely to end the year at just over $12,000. What’s notable about this model is that it called the price drop to $8,000 months in advance, and forecasted a ~$7,500 price bottom for BTC.

To put a cherry on the cryptocurrency cake, Crypto Thies observed that when Bitcoin bottomed at $7,300, it bounced decisively off the 0.618 Fibonacci Retracement of the move from $3,000 to $14,000, which correlates with the two-week volume-weighted moving average. He added that summer 2019’s consolidation was marked by Bitcoin flipping major resistances into support levels, implying that a bullish reversal and subsequent continuation is likely possible in the coming weeks.

Featured Image from Shutterstock

Nick Chong , 2019-11-10 12:00:38

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