It might not initially be considered a match made in heaven, but the relationship between cryptocurrency and iGaming is almost perfect.
Several brands and operators have already exploited the many benefits that the two share, allowing players to enjoy several advantages that traditional forms of fiat finance don’t offer.
Indeed, many platforms have been created that focus solely on providing players with an opportunity to use Bitcoin and other derivatives of virtual assets because of their popularity. Our comprehensive guide to finding the best crypto casino will help those interested or looking to start their adventure and learn why so many have swapped from traditional options to these innovative sites.
Cryptocurrency is primarily used as a new form of payment for players. Individuals can add funds to their accounts in the same way they would as if they were to deposit using traditional banking methods (cards, e-wallets, etc.).
However, the use of virtual currency has also allowed industry to thrive in other areas. iGaming operators have been able to use technologies like blockchain and smart contracts to implement new security features that are modernized compared to older methods. This helps to enhance trust with players.
The technology available has also allowed for the creation of new game experiences. Players can now check titles for their fairness using the blockchain ledger. This can foster greater trust, allowing the operator to increase its reputation as a positive brand.
Through their decentralized nature, they’ve also been able to make their sites more accessible to more markets. As it remains unregulated and untied to fiat currency, it can bypass certain regulations, allowing players to enjoy casino games where they may not be able to.
Clearly, iGaming operators have enjoyed several benefits, but what about players? Indeed, many can be identified, highlighting why the two industries can be considered a match made in heaven.
Perhaps the biggest advantage, and why so many have switched to using iGaming sites that allow the use of Bitcoin and others, is the benefits they enjoy regarding transactions.
Deposits and withdrawals have become extremely safe because of the enhanced security involved. All transactions are encrypted and placed on the ledger used (blockchain or smart contract). Once they are on the ledger, they can be traced from start to finish. Additionally, due to their encryption, they are broken up, which makes it very difficult for hackers to intercept them.
However, aside from enhanced security, transactions have become quicker and cheaper compared to traditional methods. Withdrawals can occur instantly and with a smaller cost (or sometimes for free), whereas fiat currency can take multiple working days.
As noted earlier, cryptocurrency can bypass geo-restrictions because of its decentralized nature. Players can use Bitcoin to play casino games without breaking local legal laws because it is unregulated.
This opens new opportunities for players in locations where they may not have had the ability to play online before.
Using cryptocurrency doesn’t require as many details regarding personal identification as fiat methods do, thus enhancing the overall security that a player is afforded when using a bitcoin casino.
Each transaction is linked to a player’s crypto wallet, meaning they don’t have to share other identifiable features or data that can compromise them if the site is hacked. Furthermore, they can play with an added level of privacy, as digital currency provides anonymity because of its use of the blockchain ledger.
The relationship that has been formed between iGaming and cryptocurrency is a match made in heaven. The many benefits that the virtual token provides can positively impact players and operators within the online gambling market, as it presents new opportunities that fiat currency simply doesn’t allow to happen.
