Bitcoin Vs Stablecoins: Who Will Win?
Bitcoin has always been the main choice of cryptocurrency casino players, but stablecoins have been emerging lately. When Primedice in 2013 discovered Bitcoin and made millions of dollars in its first year. A real carnival has begun in the online gambling industry. Soon after Primedice, unlicensed bitcoin casinos began to appear on the Internet, and by 2016 Bitcasino. io became the first "licensed" BTC online casino.
With the advent of cryptocurrency casinos, many existing online casino brands have started adding BTC to the list of accepted deposit methods. Thanks to Evolution Gaming, Play "n Go, iSoftbet, Pragmatic Play and other well-known casino game developers, have allowed the platform to accept crypto currency bets. BTC has become a very easy and convenient way to play casino games.
As BTC gambling has become popular, casino game developers have added XRP, ETH, TRON, BCH, LTC, DOGE and other cryptocurrencies to their interface. Having thus created a very popular niche of gambling in casinos for cryptocurrency today.
Although online casino members can use multiple cryptocurrencies to fund their accounts, bitcoin has always remained the most popular virtual currency. Some cryptocurrency casinos only accept bitcoins, while casinos offering other cryptocurrencies still call themselves BTC casinos.
Trends show that cryptocurrency players may prefer stablecoins.
One of the problems with online betting using BTC or ETH is the instability of these cryptocurrencies. The player wins the game while playing blackjack, but the value of their BTC can drop by 5%, thereby reducing the value they receive in relation to their local currency.
For some players, exchange rate fluctuations are not important, but there is another category of players for whom exchange rate fluctuations are important. As a result, the casino is losing cryptocurrency players as a direct result of these fluctuations.
BTC casinos have found a solution for players who were unhappy with the volatility of the cryptocurrency. The solution turned out to be simple - to introduce stablecoins.
Stable coins have emerged to meet the needs of people who like the concept of decentralized cryptocurrencies, but who are being shelved due to the high volatility of cryptocurrencies. In essence, it is a decentralized cryptocurrency embedded in cryptocurrency, and there is no single organization that could control them.
By linking stablecoins to tradable commodities such as fiat currency or low volatility gold, cryptocurrency price volatility will be very low. In addition, the concept also improves reliability, safety and transparency.
Tether (USDT) was the first stablecoin to enter the cryptocurrency market and was an immediate success. Cryptocurrency is not an instant success. Only over time will cryptocurrency players continue to use stablecoins as an alternative, continuing to play casino games with cryptocurrency.
Today cryptocurrency casinos offer game options for various stable currencies:
The player did not switch to fiat currency
For cryptocurrency casino players, one of the easiest solutions is to convert cryptocurrency to fiat currency. However, due to their transparency, crypto casinos have a certain appeal.
Crypto casinos use advanced "proven fair" gaming algorithms to generate random game results. Records these results in a public ledger, which is also permanent evidence of the player's session. Players can then use the software to go back and check the results of their sessions by playing video slots, blackjack, baccarat, or any other casino game that they have placed a cryptocurrency bet on.
This is the opposite of using legal casinos where the results are generated by a random number generator (RNG) under the control of a third party. The disadvantage of RNG is that players cannot check if the results of their sessions are random. Therefore, the best they can do is rely on casino licensing agencies and algorithm testing companies to validate the RNG.
USDT, USDC, PAX and Dai all use the blockchain ecosystem, so casino players with cryptocurrency can still use provably fair algorithms. As a result, instead of using fiat currency to play in casinos, various stablecoin options are used.
It is now clear why stablecoins are the new alternative to fiat money and volatile cryptocurrencies. They provide less price volatility, higher security, and more transparent transactions. The blockchain ecosystem uses the appropriate cryptocurrency to record every game, and uses provably fair preferred algorithms that allow players to verify betting results.