As a seasoned crypto investor with a deep understanding of the history of gambling and its evolution into the digital age, I’m excited about the potential of crypto casinos as a gateway to mass adoption of Web3 technologies. The convergence of cryptocurrency and gambling seems like a natural fit, given the inherent risk-taking nature of both activities.
Throughout the lengthy span of human existence, a pastime that has consistently accompanied us is gambling. The earliest proof of this activity among humans can be traced back to the Stone Age, and it has been a constant presence in all significant civilizations and societies ever since.
With advancements in technology came new methods for people to engage in gambling activities. Traditional gambling hotspots like Las Vegas and Macau continue to thrive through physical casinos and amusement, but the emergence of online casinos has significantly grown in popularity over the past few years. Notably, a substantial number of these virtual gambling platforms utilize cryptocurrency for their operations. One notable example, Stake, reported an impressive $2.6 billion in revenue in 2022.
In episode 14 of “The Agenda” podcast, hosts Jonathan DeYoung and Ray Salmond had an enlightening conversation with Zach Bruch, the founder and CEO of MyPrize – a newly-unveiled crypto casino that’s now accessible for early adopters. They delved into the intricacies of how crypto casinos function, their role within the larger crypto landscape, and the potential for these platforms to introduce vast numbers of individuals to Web3 technology in a subtle manner.
Crypto and gambling: a match made in heaven?
Bruch believes that the primary application of cryptocurrencies in 2024 will continue to be speculation, as evidenced by the current memecoin trend. This was explored in detail during episode 34 of “The Agenda” with Andreas Brekken from SideShift.ai. Memecoins have gained popularity due to the enjoyment people derive from speculating, socializing with friends, and collectively rallying behind a cause.
“Gambling has been around since the very first day of human life. People love taking risk. Crypto is the epitome of that.”
In a more conversational style, Bruch views crypto casinos as enjoyable destinations where individuals can socialize and indulge in thrilling activities such as taking risks and speculating with the allure of potentially significant rewards. At MyPrize, for instance, the minimum bets are accessible starting from just one cent.
Running an online crypto casino comes with its own set of complexities. One major hurdle is adhering to the regulatory norms of every country it serves, leading many, such as MyPrize, to maintain distinct platforms catering to American clients due to varying functionalities.
As a researcher delving into the nuances of crypto casinos, I’ve come to realize that the security challenges are significantly distinct compared to traditional casinos. Crypto casinos bear the responsibility of ensuring their code and smart contracts are impenetrable, an aspect that became painfully clear when Stake was hacked for a reported $41 million in September 2023.
Gambling as a path toward mass adoption
According to Bruch, online casinos serve as sizeable entry points into the cryptocurrency market for many individuals. He explained to The Agenda that “a large number of today’s most popular crypto applications are in fact onboarding users into the casino sector.” Furthermore, he emphasized the ease with which this process occurs due to gambling’s long-standing success in catering to consumer demands.
“You have all these traditional folks that aren’t actually active members of the crypto ecosystem or the crypto ecosystem that we know it, but are active gamers and gamblers in online casinos, and they are buying crypto to go play in these sites.”
As a crypto investor, I’m excited about the long-term goals of MyPrize. Initially, we’re developing an engaging casino platform that will attract millions of users. Once they join us, we plan to guide them towards a larger Web3 ecosystem. In simpler terms, we aim to onboard newcomers to crypto through our casino and then help them explore the broader decentralized world.
If you’re interested in learning more about Bruch’s discussion with “The Agenda” regarding the prospects of “GambleFi,” potential metaverse casinos, and other related topics, you can listen to the entire episode on CryptoMoon’s Podcasts page, Apple Podcasts, or Spotify. Don’t miss out on exploring CryptoMoon’s collection of other captivating shows as well!
The content of this article is meant to provide basic knowledge and isn’t intended to serve as legal or financial guidance. Please consult with a qualified professional for advice related to your specific situation. The perspectives presented in this text are those of the author and may not align with CryptoMoon’s views.
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2024-05-16 15:10