Posted in Casino Reviews, Industry February 27, 2018
Rise and Fall of Bitcoin and What It Means to BitStarz in 2018
In the highly competitive environment of online casinos, it is essential for operators to stand out and differentiate themselves. Cyprus-based company, Direx N.V., with a license to operate from the Government of Curacao, is one such casino operator. In its efforts to expand its online casino line-up, the company took a bold step and looked to the future – Bitcoin. For the operator of BitStarz, the future of online casino payment comes in the form of cryptocurrencies, particularly Bitcoin. For most of 2017, it seemed that the team was winning the hearts of casino players and the industry in general. However, the fluctuating value of the cryptocurrency and other industry news have become critical agents of change. The same Bitcoin that can help boost BitStarz’s reputation and competitive edge are the same factors that can take the brand down. In the last few months of 2017 when Bitcoin’s value was on a roller-coaster ride of rising and falling, so too was the appeal of BitStarz.
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How BitStarz has Benefited from 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. Recently, the online casino operator announced that it would start accepting Bitcoin Cash or BCH. The company’s aggressive behavior 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 lower transaction fees and a larger block size, making it an attractive payment option. The use of Bitcoin can expand the reach of the casino, and as the value of Bitcoin continued its upward streak and with more players getting into the Bitcoin train, it managed to expand its customer base. According to the Bitcoin Strip website, in the last two years, more than 24.5 billion Bitcoin bets have been placed, and approximately 337 Bitcoin bets are placed every second, which has increased due to the recent upswing in value. During this period, BitStarz managed to corner a huge part of this growing market.
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Bitcoin Slowdown Affects BitStarz
Since December 18, when it reached a record high, the value of Bitcoin has started to fall, and negative news and regulatory concerns have brought down the reputation and value of Bitcoin. As of the first week of February 2018, Bitcoin has dropped to $7,000 levels, and its rival cryptocurrencies have also tumbled in value. Industry experts believe that Bitcoin is one bubble that is about to burst, which may drag down other dependent industries and companies, including BitStarz. So, should Bitcoin players and the operator behind BitStarz worry?
Prospects of Bitcoin and BitStarz
Although the value of Bitcoin has dramatically dropped and breached the $8,000 level in the last few weeks, some signs and news suggest that Bitcoin is slightly recovering. This 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 a substantial gain for the cryptocurrency. Industry watchers suggest that 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 stabilise. For BitStarz, this is welcome relief as it can continue to support its business model and position itself as the premier hub for Bitcoin casino gaming.
To learn more about Bitcoin as an online casino payment method, its requirements on deposits and withdrawals, how to best make use of them, and its pros and cons, read our complete guides about all other popular payment methods out there:
