Does bitcoin's reputation suffer from its own popularity among online casinos? Despite the confusion and discontent of bitcoin enthusiasts, the gambling industry is almost one of the main driving forces behind the growth of bitcoin infrastructure.
When the bitcoin cryptocurrency appeared, true enthusiasts, investors or speculators who wanted to make a profit became its users and supporters. Later, many large banks and insurance giants became interested in blockchain technology, and this became a source of pride for enthusiasts because such interest proves that cryptocurrency has a great future.
However, over time, not only banks became interested in cryptocurrencies. Whether you are a supporter or an opponent of online gambling, it would be foolish to deny the fact that this industry is making a lot of money. Currently, the growth of Bitcoin - casinos is enormous, and the volume of games is growing three to four times with every goth. And in addition to attracting new users, casinos are actually converting players into bitcoin users. This motivates people to accept Bitcoin.
In addition, since this industry is very profitable, it is natural that these revenues are diverted to other industries: mining, exchanges, bitcoin sites, media, etc. Thus, the share of money from bitcoin gambling is partially used to promote the idea of cryptocurrency.
The most obvious flaw in this reality is the reputation of the cryptocurrency. Everyone remembers the days when BTC was used to buy illegal goods and services on Silk Road. This has led many people and organizations to think that bitcoin is something dangerous and not useful. If Bitcoin gambling overtakes traditional online casinos in popularity, there is a chance that Bitcoin will be blamed for all the evils of gambling.
Aside from the reputation impact, the obvious downside is that almost every casino operator is not a bitcoin supporter. Thus, profits made in BTC are very likely to be exchanged for fiat currencies immediately.
Regardless of our personal attitude to gambling, it is impossible to completely deny the influence of bitcoin casinos on the development of cryptocurrency, including its popularization.
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