How Crypto Affects the iGaming Industry
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Cryptocurrency has been on the scene for more than a decade, and during that time, it has reached tremendous heights. It’s primarily used for investing, and we still haven’t seen it widely used for buying goods and services.
However, this is not the case with the iGaming industry, where it’s become a very common payment method. What’s more, the number of online casinos that accept crypto has only been growing with every passing month.
Many players cannot imagine playing their favorite casino games without using Bitcoin, Ethereum, Dogecoin, Tether, and many other coins.
Naturally, you won’t find cryptos as a deposit and withdrawal method in as many online casinos as you would find credit cards, but you’ll definitely see them used in a decent number of casinos.
In other words, there are more than enough great crypto casinos, so you can rest assured, you will be able to play most of the games you want to play with ease.
Reliability and Fairness Is Provable with Crypto
All the best online casinos are undoubtedly reliable and fair, but this is often a thing that’s hard to prove. It’s largely because there is no easy way to establish a casino’s trustworthiness when the iGaming industry is not heavily regulated in many gambling markets.
In those countries where online casinos are still not legal, players don’t have gambling sites regulated by their own trusted authorities. They have to rely on international licenses and third-party auditors.
But with the help of blockchain technology, which powers most cryptocurrencies, this problem has become a thing of the past. The fairness of games and reliability of casinos is often guaranteed with smart contracts that cannot be broken. So, if you gamble with crypto and win, you will always get your prize.
What’s more, the games themselves have to be fair as well since these contracts can make sure that they are using random number generators and other necessary software that makes the games fair. This side of crypto is still not heavily employed in the iGaming sector, but it will likely become more helpful as time passes and cryptocurrency becomes more ingrained in the iGaming industry.
Payments are Easier, Faster, and More Secure
Thanks to the use of cryptos in the iGaming world, you will get the chance to make payments with your preferred coin.
Not only do crypto casinos allow you to make both deposits and withdrawals with cryptocurrency, but they also make these transactions much safer. You see, most cryptos are decentralized. This means that they are much more secure than traditional payment methods, which are highly centralized and can easily suffer an attack by cybercriminals.
Hackers have virtually no way to breach the crypto network, so there’s no reason to worry about the safety of your online payments. The only thing you need to worry about is the place where you keep your crypto assets. However, as long as you are using a good crypto wallet and employing all the necessary steps to keep it secure, there’s nothing to fret over.
The best thing about cryptos is their convenience. Both deposits and withdrawals are quite simple, and there is hardly another payment method that can compare. For example, when you want to withdraw your crypto winnings, you only need to copy/paste your wallet’s address, confirm the transaction, and you’ll see the assets reach your wallet in no time.
As we all know, this is not always the case with traditional payment methods. When using them, you usually need to wait for days on end for the money to reach you, as it has to go through several checks, which is something the crypto network does quickly and automatically.
Are There Any Negative Sides of Cryptocurrency in iGaming?
There are many more positive ways in which cryptos affect online casinos, like the fact that the transaction fees are incredibly low and the fees in casinos are practically non-existent. There is also the fact that casinos can offer much bigger bonuses with cryptos than they can with regular fiat currencies.
But what about the other side of the coin?
Well, there are hardly any problems, which is precisely why many feel that cryptocurrency and iGaming are a match made in heaven.
Naturally, there are some smaller issues, like the inherent volatility of cryptos. Every coin’s price fluctuates a lot on a daily basis, which can present a problem for some gamblers. But, then again, for others, this can also be an opportunity.
All in all, it’s clear that crypto affects the iGaming world mostly in a positive way, which is why we are certain that there will be more and more casinos and players willing to gamble using this payment method in the months and years to come.
So, if you already have some crypto, there is hardly a reason for you not to join a casino that accepts your coin.
