Bitcoin halving, a huge cryptocurrency event happening every four years, occurred on April 19, 2024, after long anticipation by crypto enthusiasts and long-time followers. The reason behind halving is a boost in market stability, which leads to BTC scarcity and inflation curbing. But what implications does the Bitcoin halving event have on the iGaming industry and how does it impact the broader sector? These are the questions we attempt to tackle in this guide.
Bitcoin Halving – Rare but Massive Event
If you are still not familiar with basic crypto terms, you don’t have to wonder about its significance and tribalizing effect.
The halving is the most important segment of Bitcoin's protocol, with a widespread impact on the crypto market. In other words, miners capitalize on valuable awards by conducting a time-consuming math task to unleash the right hash for a new block. The process aims to authenticate and document transactions on the blockchain while the reward for this lengthy process consists of Bitcoin.
Speaking more closely about the BTC protocol, its structure is specific and the halving event means that miners’ reward is reduced every four years after the halving. The process curbs inflation and creates scarcity in the market, reducing the speed of creating new coins in the market and preventing them from reaching the maximum cap of 21 million. This also makes Bitcoin more valuable as time passes.
The last halving events happened back in 2012, 2016, and 2020 and this year’s halving has just been completed, impacting not only the wider financial market but also the iGaming sector.
How iGaming Sector Will React
The event of Bitcoin halving naturally indicates the increase in the number of placed wagers. One of the most anticipated events is a spike in Bitcoin price which has historically shown as a trend. This means that iGaming platforms accepting BTC as a payment method could also experience positive growth with the coin’s surge.
Another expected outcome of Bitcoin halving is the increased adoption of cryptocurrencies. Online casino platforms may see potential in digital assets, so they could adopt new deposit options for users. At the same time, other platforms can also expand their current offering to include alternative crypto methods considering the popularity of Satoshi-invented currency.
Apart from adopting new crypto payment methods, the market could become more receptive to blockchain technology and the adoption of smart contracts. This could revolutionize the whole sector by making it more transparent and fairer. In addition, regulators could see the broader picture and create a new legal protocol for crypto gambling, protection of customers, and obtainment of licensing.
All in all, Bitcoin halving will have a favorable impact on the iGaming market and we can only wait to hear about new inventions and some positive figures.
Source:
“The 2024 Bitcoin Halving: What This Means for iGaming (Issue #4)”, linkedin.com, April 18, 2024.
Keithjann
14 hours ago
Oh man, the Bitcoin halving just happened, and it’s a big deal, right? Feels like everyone’s been waiting forever for it. It’s supposed to make BTC rare and help with inflation, which is pretty cool. But what’s it gonna do to the iGaming world? That’s the million-dollar question. So, every four years, this halving thing...
Oh man, the Bitcoin halving just happened, and it’s a big deal, right? Feels like everyone’s been waiting forever for it. It’s supposed to make BTC rare and help with inflation, which is pretty cool. But what’s it gonna do to the iGaming world? That’s the million-dollar question. So, every four years, this halving thing cuts down what miners earn by solving those crazy math problems to add new blocks to the blockchain. It’s all about keeping Bitcoin scarce and upping its value over time. The last few times this went down, in 2012, 2016, and 2020, it shook up the whole financial scene, not just crypto. Now, for us in the iGaming biz, it could mean a whole lot of good stuff. Like, if Bitcoin’s price jumps, which it usually does after a halving, we might bet more cause our coins are worth more. And casinos might start taking more types of crypto, which is great for variety, right? Plus, this could be the push we need to get more blockchain and smart contracts into gaming, making everything fairer and more open. Who knows, maybe the bigwigs will even come up with better rules for crypto gambling to keep us all safe. Anyway, it’s gonna be interesting to see what new tricks come out of this. Here’s hoping for some sweet wins and cool new games to play with our Bitcoins! Keithsr
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djmorter3
2 days ago
Bitcoin halving, a pivotal event in cryptocurrency, promises increased adoption and value. iGaming platforms accepting BTC may see surges in activity and embrace new payment methods, potentially revolutionizing the sector with blockchain technology. Exciting times ahead!
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Gotge
5 days ago
This is really interesting; we'll see what comes out of it, considering the great potential.
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kilabee
16 days ago
As I noticed, some casinos stoped transactions via BTC due to halving and still do not accept this cryptocurrency. But I have and Idea for far future). It would be great for casinos with KYC accepting crypto. If someone invents cryptocurrency especially for gambling and starting saling it at regulated exchanges like binance...
As I noticed, some casinos stoped transactions via BTC due to halving and still do not accept this cryptocurrency. But I have and Idea for far future). It would be great for casinos with KYC accepting crypto. If someone invents cryptocurrency especially for gambling and starting saling it at regulated exchanges like binance with its fast and simple KYC, casinos should see senders details including all neccessary data, so first transaction of this currency will automatically process KYC from casino end)
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Cinderella
16 days ago
I know how Bitcoin halving is important and what iGaming market can expect!
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