Crypto Casinos: Pioneering the Mass Adoption of Cryptocurrency
Summary:
The Agenda podcast hosts interviewed MyPrize's CEO, Zach Bruch, to discuss the rise of crypto casinos. According to Bruch, despite existing challenges such as country-specific regulations and security risks, crypto casinos are anticipated to play a significant role in expanding the crypto ecosystem. The popularity of these platforms is largely attributed to the human love for speculation and risk-taking. Crypto casinos could potentially serve as a gateway for individuals into the world of cryptocurrencies and ultimately, Web3.
Gambling has been an integral part of human activity and society, tracing its origins to the Paleolithic period. With the evolution of technology, the methods of gambling have also altered. Though physical places like Las Vegas and Macau continue to dominate the scene with their real-world casinos, the rise of online ones, powered by cryptocurrencies, cannot be overlooked. 2022 saw Stake, the largest of these, amass gross income up to $2.6 billion.
In the 14th episode of the Agenda podcast, hosts Jonathan DeYoung and Ray Salmond interacted with Zach Bruch, CEO and founder of MyPrize, a fresh entrant crypto casino. The talk revolved around the functioning of crypto casinos, their role in the larger crypto-world, and the possibility of these silently introducing millions to Web3.
Bruch observes speculative activity as the principal use of crypto in 2024, reflected in the craze for memecoins, a topic discussed thoroughly in episode 34 with Andreas Brekken from SideShift.ai. According to Bruch, the popularity of memecoins stems from people's fondness of speculation, often done in groups.
He sees crypto casinos as platforms where friends can meet and indulge in speculative, risky behavior, while also having fun. MyPrize allows minimum bets of merely $0.01. Operating a crypto casino online, however, is a complicated affair, considering that each operational country has its regulations to adhere to. Security aspects, too, require attention to prevent potential hacks, such as the one Stake experienced in September 2023, costing an estimated $41 million.
Bruch suggests that running a crypto casino mirrors the operation of a crypto exchange, addressing concerns related to user accounts, AML, KYC, fraud, chargeback risk, asset security, etc. He asserts crypto casinos as an important entry point into the crypto world for most, given their gamblers often end up becoming involved in the broader crypto ecosystem.
The objective of MyPrize is to keep users involved with crypto via the casino but eventually nourish them into becoming a part of Web3. For an in-depth discussion with Bruch, including the possibilities of "GambleFi", or casinos in the metaverse, tune into the complete episode available on Cointelegraph’s Podcast page, Apple Podcasts, or Spotify. Remember to also explore Cointelegraph's other shows and content!
This piece simply provides general information and shouldn't be viewed as legal or investment counsel. The author’s views, opinions, or thoughts expressed here are solely their responsibility and may not necessarily showcase or reflect those of Cointelegraph.
Published At
5/16/2024 3:05:00 PM
Disclaimer: Algoine does not endorse any content or product on this page. Readers should conduct their own research before taking any actions related to the asset, company, or any information in this article and assume full responsibility for their decisions. This article should not be considered as investment advice. Our news is prepared with AI support.
Do you suspect this content may be misleading, incomplete, or inappropriate in any way, requiring modification or removal?
We appreciate your report.