The iGaming industry has evolved since its inception in the 21st century. We’re taking artificial intelligence, personalization, and blockchain technology. The advancements are as exciting as they are broad, but our focus today is cryptocurrency and its positive influence on online casinos. If you’ve spent time playing gambling games, you’ll be familiar with the payment structure. While bank transfers, banking cards, and e-wallets are more popular, cryptocurrencies are taking over. You may even be rewarded with exclusive 50 free spins at GG Bet when you pay with crypto. But what is the reason for this surging prominence? Why are cryptocurrencies becoming more preferred? Let’s explore this narrative.
The Rise of Cryptocurrencies in Casinos
The market is very broad, but specific tokens that are known for their DeFi (decentralized finance) capabilities have slowly been integrated into the casino structure for deposits and withdrawals. Some casinos even go as far as making special bonuses available to those players. The most common crypto coins you’ll find in any casino setting are:
- Bitcoin (BTC)
- Tether (USDT)
- Ethereum (ETH)
- Litecoin (LTC)
- Ripple (XRP)
- Bitcoin Cash (BCH)
- Cardano (ADA)
- Binance Coin (BNB)
- Dogecoin (DOGE)
- Tron (TRX)
Advantages of Cryptocurrency Integration
Okay, we’ve briefly gone over the crypto emergence in iGaming, and you’ve come to understand what popular tokens are preferred. Now, let’s get into the crux of this article – the benefits of gambling with cryptocurrency:
- Enhanced Security. Players are often skeptical about online gaming because of its potential risks, but cryptocurrency-integrated casinos are changing the narrative. When you gamble with the blockchain, there are several security measures you can take advantage of. They’ll make you feel secure once you begin your journey. Cryptography is an essential feature, and its primary use is in employing encryption techniques that secure your transactions and protect your data. The decentralized nature of the blockchain is another important one. It’ll eliminate the risk of a single point of failure, ensuring that malicious third parties are unable to breach the system to access your funds.
- Reduced Transaction Costs. Love them or hate them, commissions are common with internet transactions. Other payment methods are typically more expensive, unlike crypto, which uses low transaction fees, making them cost-effective. The lower you go on the list above, you’ll find gas fees that are almost insignificant compared to your transactions.
- Global Accessibility. Have you ever had to play at your favorite casino when visiting a different country? It can be frustrating when your preferred payment method becomes unavailable because of location constraints. With crypto transactions, you’ll never have to worry about this. You can use any of the coins you like; it’ll go through, easy-peasy, and with an unmatched speed, allowing you to jump into gameplay instantly.
- Transparency and Fair Gaming. Whatever worries you may have had about third parties accessing your games can be put to rest now. If random number generators (RNGs) were not convincing enough, then the immutability of the blockchain is the icing on the cake. This feature ensures transparency in gaming operations, allowing you to bask in a fair and trustworthy environment where fairness is automatically verified.
- Customer Privacy and Anonymity. Last, but by no means the least, is the guaranteed privacy you’ll enjoy from playing with this banking option. You know how you sometimes wish no one knew you’re gambling online unless you hit a big win, of course. Cryptocurrencies are the perfect remedy. You’ll never need to share personal information because the blockchain turns every transaction into a contract that can be traced by other means. Make your payments, jump into gameplay, claim your winnings, and withdraw happily without questions!
Challenges and Considerations
With its impressive features, you may wonder if there are any downsides to crypto transactions for online gaming. Nothing is 100% perfect, and crypto has its little issues; however, they are insignificant. The market is as volatile as it comes, meaning that the amount you put into your virtual account today could increase or reduce in minutes. It’s possible to mitigate this, though. Simply put in money only when you want to make a deposit and withdraw your winnings into your bank account. They immediately reflect in your crypto account.
Rolling the Dice With Crypto
Cryptocurrency payments are the way to go, as we have explained in this article. This is not to say that you have to use them. The perfect way would be to incorporate it into your gameplay, weighing your options and picking the right one for every scenario. Needless to say, we think crypto is awesome! But what do you think? This is food for thought.