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Are cryptocurrencies the future of online poker?

When Bitcoin was first introduced to the world in 2009, it was hard to imagine it might change the world of online transactions in such a major way. Since that fateful day, more than 9,000 cryptocurrencies have made their debut (Everygame Poker accepts 3 cryptos), providing people with an additional way to place bets as they play poker online.

It is 2023 now, and using cryptocurrencies is no longer a novelty but a rather common occurrence. However, the value of those digital currencies has fluctuated over the years, which raises the question of whether they can be a reliable way to place bets or not. Is it safe to use Bitcoins and similar coins to play online poker? And what does the future hold for this modern online transaction method? Let's look at the data and find out the answers to these questions.

Why Crypto Poker Platforms Are Popular

First and foremost, it is important to understand how popular cryptocurrencies really are. Then, and only then, we might be able to determine whether Bitcoin poker platforms are here to stay.

Let's take a look at the data that Morning Consult, a business intelligence company, published a few months ago and discover what cryptocurrencies are all about.

According to the report, roughly 1 in 6 US households own cryptocurrencies. Interestingly enough, most crypto owners view digital coins as an asset in the portfolio rather than a common payment method. 63% of the people who participated in the survey said they bought crypto mainly to make more money. 43% of the participants said they believed that cryptocurrencies are the future of money, which is why they invested in them.

Only 16% of the respondents said they used crypto to send money or buy things. However, the anonymity Bitcoin (the most popular cryptocurrency) and similar coins (like Ethereum and Dogecoin) provide can be rather alluring to some, and poker players who wish to protect their personal information can easily use cryptocurrencies to place bets with little worry.

How the Value of Cryptocurrencies Changed in 2022

An interesting thing happened in 2022. On the one hand, data shows that people lost some of their trust in cryptocurrencies – especially Ethereum, but also in Bitcoin – for different reasons. However, people still couldn't pass up the opportunity to purchase crypto "To buy the dip" as the value of such coins dropped for a while.

The past year has been rough for cryptocurrencies, as global inflation affected the market considerably. At the beginning of 2022, Bitcoin was valued at almost $50,000, but by June of the same year, it plummeted to $22,123.

At the same time, crypto owners said they were highly optimistic regarding the future of those currencies, and they believed the price might bounce back to around $38,000 in six months. And what do you know? They were almost right! While it seems to take much longer for the value of Bitcoin to recover, the popular cryptocurrency has been steadily rising in value. As of February 21, 2023, it was worth $24,742.

The Future of Cryptocurrencies in Poker

Even though the value of cryptocurrencies fluctuates constantly, people still have faith in them and use them regularly. Experts can't decide whether 2023 might be the year Bitcoin recovers completely, as price predictions for upcoming months range from $250,000 to $5,000.

It is safe to say that no one really knows what the future holds for cryptocurrencies. However, we can use previous experiences to try and make assumptions about the future. It is not the first time Bitcoin's value dropped dramatically, but even then, the digital coin remained a solid fixture in our lives.

Taking into account this information, in addition to the optimistic nature of crypto owners and the slow rise in Bitcoin value over the past few months, experts cautiously believe those currencies are here to stay.

Just as civilization has gone from barter, to trading in stones, to gold, to government-backed currency, we believe that crypto is the future of money.

Are You Ready to Place Your Bets?

Bitcoin online poker venues are already available to players from all around the world - like our own Everygame Poker. The future looks bright for crypto.  Try now, here at Everygame, where we have Bitcoin, Bitcoin Cash, and LiteCoin for you to choose from.  Need help - no problem - contact our 24/7 customer service for help making your first crypto deposit.