Do you know how the cryptocurrency industry influences your favourite online gambling games? This virtual form, which was introduced in 2009, is a game changer for the gambling industry. It allows you to deposit and withdraw money faster and securely without incurring any costs.
As cryptos advance on their path, the are also transforming iGaming. This article will provide you with all the information about this new phenomenon, which is revolutionizing casino games.
Crypto-based online casinos are on the Rise
As the crypto revolution doesn’t seem to be stopping anytime soon, more online operators like Joe Fortune Bitcoin Casino Many people are beginning to see its benefits and potential. It is for this reason that many iGaming platforms choose Bitcoin exclusively as their accepted form of payment, or introduce other digital currency such as Ethereum, Litecoin Tron, Ripple and others.
These casinos are popular for several reasons:
- Anonymity. Bitcoin payments don’t require players to divulge any private or personal details, making it a great way for gamers who value their privacy. As crypto gambling sites don’t save the sensitive financial information of their players this also adds an extra layer of security.
- Faster transactions & lower fees. The fact that cryptocurrencies are instantaneous and charge relatively low fees is what attracted casino customers to begin with.
- Bitcoin transactions are not geographically limited because cryptocurrency is sent across jurisdictional boundaries. Bitcoin transactions are not geographically restricted because they can be sent across jurisdictional borders. It is a great option for those living far away, or in countries with iGaming restrictions.
- Provably Fair Games. Provably fair games are offered by online casinos that use cryptography. This means that players can check whether the results generated after each bet were random using server seed hashes. The fact is, these platforms allow players to have peace of mind that the algorithms will produce fair outcomes.
While these features make crypto-based gaming sites attractive, their novelty means that the selection of games is limited and, in many cases, still doesn’t offer top titles such as live dealer roulette or slots jackpot.
There are many sites that offer a wide range of options for crypto gambling.
Blockchain-Based Gaming Platforms
Blockchain technology has also entered iGaming. This innovation is used by several platforms to create games that are based on distributed ledgers. These games offer a more enhanced gaming experience, with features like immutable transactions and increased transparency.
The main advantages of this product are:
- Transparency. Transparency.
- Ownership & tradeability. Blockchain-based platforms like popular Ethereum The casinos give their players access to in-game items (avatars and weapons) that can be exchanged, traded or sold privately.
- Fraud reduced. As all of the members’ interaction data and proof are stored on publicly distributed ledgers, it makes it impossible to edit them after a bet has been placed or money deposited in an account, reducing cases of fraudulent activities almost completely.
iGaming’s blockchain technology has enabled many previously impossible feats to be accomplished. The next five years will see a huge leap in technology, thanks to the use of AI, machine learning and computer processing power.
The adoption of tokenization and initial coin offerings (ICOs) by iGaming
ICOs and tokenization have become extremely popular in many industries. As part of the new ecosystem, iGaming firms have begun to recognize its potential and aresuing their own tokens.
Nowadays, it’s not uncommon to come across a new online casino created with an Initial Coin Offering (ICO). These sites create their own coins and require that all transactions be made exclusively in these cryptos. Operators can benefit from such casinos as they are able to monetize the platform easily through coin sales, and also increase customer loyalty with buybacks.
The main advantage, from a player’s point of view, is that these tokens are liquid and aren’t tied to any third-party service or payment processor. It means that one can easily convert the coins they have into other cryptos, such as Bitcoin, Ethereum etc. or cash them out on their bank account.
For gaming platforms, it means access to a global pool of investors – an advantage that could potentially lead to more funds and yields for projects instead of relying on venture capitalists or angel investors. Most successful ICOs raise millions within minutes.
You can also read our conclusion.
The crypto market has had a major impact on the iGaming sector, from the emergence crypto-based online casino to the integration of cryptocurrencies into the traditional iGaming systems. Developing blockchain-based gaming platforms and adopting tokenization and ICOs for fundraising have also shaped the industry’s landscape.
Although regulatory challenges still exist, it is clear that the influence of crypto markets will continue to grow and innovate the iGaming market.
