In the mid-90s, the first online gambling site was introduced, making the industry relatively young. And ever since then, this market has been rapidly expanding.
This growth is largely due to its willingness to adopt new technology. There are still many industries that are reluctant to accept these changes due to concerns that they will affect their business in the long run. Online gambling, however, does not follow this rule. To keep up with the market’s ever-changing demands, online casinos, and gambling sites continually adopt new trends. In this article, we will examine one of those trends, crypto payments in iGaming.
Gambling Online and Cryptocurrencies
Blockchain technology has become increasingly popular in the online gambling industry over the past few years. Casinos adopted Bitcoin as the first blockchain-based currency in May 2012, paving the way for this change. Several other digital currencies followed soon after. CasinoCoin, a cryptocurrency specifically designed for the online gaming industry, has recently emerged.
Casinos that accept cryptocurrency allow their customers to deposit and withdraw funds in digital currencies. With more and more people enjoying the benefits of these casinos, the industry has been completely revolutionized.
The Benefits of Cryptocurrency for Casinos and Players
In the paragraphs below, we have highlighted some of the many benefits that crypto offers both casinos and players.
Experience a New Kind of iGaming
Security measures and privacy policies continue to evolve and grow as the online gambling industry grows. Crypto transactions provide a greater sense of security and safety to online gamblers. Traditional payment methods do not offer the level of anonymity provided by digital currencies. As a result of this anonymity, hackers have a harder time accessing player accounts, thus protecting customer funds.
As crypto transactions become more secure and anonymous, online gambling firms may be more inclined to encourage responsible gaming. To prevent overspending, casinos can use blockchain’s transparent, unchangeable records. In addition to reducing the number of disputes between players and operators, this strategy protects vulnerable players from gambling addictions.
A crypto transaction is also much more cost-effective than a traditional payment method. Consequently, companies can offer more bonuses and promotions while maintaining a higher level of security and privacy for their players. There are often welcome bonuses to use on Indian casinos and other online casinos worldwide, which only get better and more generous with the use of crypto. To put it simply, crypto allows online casinos to take things to the next level and make iGaming even more enjoyable for players.
A Higher Level of Security
Gamblers fear that their banking information is at risk of being stolen by fraudsters when gambling online. The benefits of blockchain technology are likely to be known to anyone who has a basic understanding of how cryptocurrency works. Essentially, a blockchain is a database of information that records the provenance of a digital asset in a way that is impossible to change. In essence, it is a digital ledger that records all transactions involving value and provides an open database of it.
It is therefore extremely secure to use this technology. Cryptocurrency transactions are easy to track because each one includes a unique identifier. Due to the encryption of digital currencies, it is impossible to manipulate these transactions. With blockchain technology, payments are safer than with traditional currencies. In addition, it reduces the likelihood that internet users will make unauthorized transactions.
Maintaining Anonymity
Blockchain technology also ensures users’ complete anonymity while playing. Bitcoin wallets are encrypted, so players do not have to worry about their personal information being accessed. In this way, they can concentrate solely on their games.
Also, playing online games won’t negatively affect players’ credit scores or ability to borrow money. Bank statements won’t show cryptocurrency. A bank might examine these statements when you apply for a loan to better understand your spending habits. Any gambling activity will make them more likely to deny the loan.
Expanding the Player Base
Using cryptocurrency and blockchain technology to power iGaming platforms makes them more secure and independent.
As a result, gamers have been attracted since they can transfer funds anonymously and securely. Traditional payment methods are slower and less reliable than cryptocurrency transactions. In addition, crypto provides unique features like lower fees, increased privacy, and pseudonymous identities. Thus, the iGaming industry has expanded due to more players playing at online casinos and engaging in gambling activities.
The users of cryptocurrency transactions can also benefit from special bonuses and discounts when they deposit.
Many websites support cryptocurrency payments with no fees, as well as bonuses such as free spins or reload bonuses. It has allowed consumers to maximize crypto transactions, helping online gaming flourish.
Increased Speed
Gamblers face a lot of hurdles when it comes to receiving their winnings when they gamble online. They are especially vulnerable to this when they receive payouts from international companies. Many players prefer brick-and-mortar stores over online casinos due to the long processing time of SWIFT payments.
The use of cryptocurrencies such as Bitcoin, Ethereum, or Litecoin prevents users from waiting long periods for their winnings to be processed. Players receive their cryptocurrency winnings instantly in their digital wallets, allowing them to enjoy them quickly.
A Cost-Effective Solution
Due to their decentralized nature, cryptocurrencies have no governing body that verifies transactions. Traditional currency transactions always involve additional fees and costs imposed by banks. There are additional costs both for the player and for the casino. By using cryptocurrency for gambling, these fees are either eliminated or reduced significantly. Furthermore, this cryptocurrency can also be converted into fiat currency without having to visit a bank.
A Few Final Thoughts
There is still considerable debate over the use of cryptocurrency. Some believe it is too volatile for the average investor, while others think it is the future. Could cryptocurrency integration in online gambling work? That would seem to be the case.
By offering this payment option, casinos will attract new customers and offer their existing clients additional benefits. Furthermore, this digital currency seems to solve a lot of problems for the online gambling industry. The use of cryptocurrency can be quicker, safer, and more cost-effective for both players and online casinos.