How Bitcoin Halving Impacts iGaming Industry

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April 29th, 2024
Back How Bitcoin Halving Impacts iGaming Industry

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.

“long anticipation”

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