Why Poker is an Opportunity for Cardano
Lots of different factors can contribute to the success or failure of a cryptocurrency. And as was examined in the previous article ‘What Forces Will Drive the Price of the ADA?’ one of the most crucial factors is adoption. That piece acknowledged that the adoption of cryptocurrencies has been relatively slow, but also that increased adoption will in time affect the evolution of cryptocurrencies.
This is where poker represents an opportunity that isn’t discussed often enough. We often talk of adoption with respect to retail opportunities, online shopping, and the like. Online poker, however, is a rare industry that has the potential to boost crypto adoption — and possibly help Cardano to gain more influence as well.
Cryptos’ Potential in Poker
When we talk about online poker, we’re largely referring to cash-based experiences. Plenty of people do play the game more casually, via apps and websites that don’t involve real deposits and withdrawals. But the online poker industry, so to speak, revolves around cash games.
Within this industry, deposits, betting, and virtually constant exchanges of funds are at the core of the experience — even for beginners. Poker.org maintains one of the more comprehensive guides for beginning players you’ll find online, and nearly half of it is focused on betting fundamentals. They are every bit as essential to learn as the basic rules of the game, which speaks to just how big of a role cash transfers ultimately play in online poker.
Now, on top of this, consider what the average person actually values about cryptocurrency when considering it as a cash alternative. Years ago, as the digital commodities were just beginning to go mainstream, Huffpost.com listed lower fees, immediate settlement, and identify theft protection as three of the top benefits. And these happen to be exactly what some online poker players worry about when conducting regular transactions with credit cards or online payment processors. People want to play games for real cash, but sometimes struggle to trust gaming platforms with their payment information. Given the benefits just listed though, cryptocurrency can be reassuring.
It’s because of this that we have started to see some poker and other casino platforms embracing cryptocurrency. This may well represent the beginning of a trend, ultimately resulting in widespread adoption in online casinos.
Cardano’s Particular Appeal
Within the broader potential for cryptocurrency to gain a prominent place in online poker, Cardano has two factors working for it specifically. The first is its eco-friendly association. Back in May, The Independent cited the unofficial “most environmentally stable” label attached to Cardano as the primary reason for its strong 2021 performance up to that point.
This has nothing to do with poker in a direct sense. If we accept that it will take time for online poker to adopt cryptocurrencies however, and we anticipate that a growing emphasis on energy efficiency should make Cardano continually more prominent, a match seems imminent. Cardano could conceivably be gaining in popularity and influence even as poker platform operators take a closer look at cryptocurrency in the coming months and years. This would seemingly give Cardano a good chance of being included among online gaming crypto options.
The other factor working in Cardano’s favor is Deadalus. This is essentially a native Cardano wallet wherein users store ADA (the actual Cardano currency) and gain full control over its handling and transfer. Functionally it is fairly similar to other digital wallets. However, one hurdle for cryptocurrencies in poker in general is that there is almost too much variety in wallets and transfer options. Consumers may be thrown off by different options being accepted at different platforms, and so on. With mass adoption of Cardano among poker platforms however, Daedalus would offer the closest thing to a universal option. It would be easier for a lot of gamers to embrace and set up without complication.
None of these factors guarantee the suggested outcomes. They do outline feasible possibilities for Cardano, however, which is more than can be said about the average crypto adoption theory.