Since 2014, cryptocurrency casinos have been growing steadily. Today, there are several crypto casinos that players can try, and each of them offers greater security and anonymity compared to many of their traditional counterparts.
But, as always in the world of cryptocurrencies, there is a problem. Cryptocurrencies have many features that people expect: check this out wild coins casino review to learn about some of them, but one of the features that not many people trusted was the ability to change the cryptocurrency market.
So can they really do it? And if they can, is that a good or bad thing?
The volatility of cryptocurrencies
Before discussing the impact that crypto casinos have on the market, it is important to note how volatile cryptocurrency could be.
Every day, there is a high potential for major up and down moves to occur. One moment, BTC could be around $65,000, and the next it has plummeted to $20,000.
No one can really say where a specific currency is headed, nor the reasons why it is moving in the first place. Of course, there are cases where the reasons are clear.
Take the price of BTC right now. He reason why BTC fell so far was the result of one of the most disastrous price drops in cryptocurrency history: the price of the stablecoin, LUNA, fell below the dollar to $0.00008.
This drop sent a shockwave through the crypto community, resulting in frantic selling and withdrawals that sent prices tumbling across the board.
This is a specific case, but every day the price of cryptocurrencies fluctuates, affected by everything from supply to demand, from availability to unavailability, from competitors to investors, social media, public opinion, trends and who knows what else?
Volatility and casinos
Taking this volatility into account, it is not out of the question to say that crypto casinos, which together are worth around $4.6 billion, have something to do with this fluctuation. For one, many casinos require certain currencies (such as BTC, ETH, or DOGE) to play, and these interactions will induce market movement if they are significant enough.
Its impact can also be more unique and significant. Take Rollbit as an example. Between July and September of this year, this crypto casino was responsible for the RLB coin, its native token, soaring by more than 400%. In August, RLB ended up outperforming almost all other digital altcoins, at one point surging over 103% in a single week.
Naturally, if an altcoin starts to skyrocket unexpectedly, the market will swing in its direction; As mentioned above, social media, trends, and public opinion all have an important role to play in cryptocurrency volatility.
When RLB increased in size, many other coins will have reacted, and this creates a domino effect in the industry that is difficult to stop.
What does this mean?
It's harder to answer whether that's a good or bad thing. Think about it, people had worthwhile assets. less because a casino was operating Well.
If cryptocurrencies want to be the new, modern form of digital finance, then this will have to be something to consider: You don't want your dollar to be worth less because Wynn Resorts had a strong month.
On the other hand, it demonstrates the power of the people. Cryptocurrency users decided that RLB should skyrocket, and this is an indication of what a decentralized monetary system could look like. It is individuals who decide what assets should be worth.
He The strongest currencies will always survive.and assets that are not strong enough will hit the streets: cryptocurrency is a risk, but it is a transparent risk, and its fate is decided by the users.
