Virtual currencies, also known as cryptocurrencies, were once a phenomenon, but today they are now a tool that is gradually being recognized and used in today’s world in the most diverse situations. They are used for international payments for various purposes, but also for investments, and considering that no additional fee is applied to virtual currencies, they enable fast and simpler transactions. Precisely for this reason, they have gained huge popularity and acceptance in the iGaming industry. Or as lovers of both would say, crypto in iGaming is “A match made in the digital world”.
In honor of the perfect combination of cryptocurrencies and iGaming, we bring you an article that focuses on the basics, importance, integration, and benefits that cryptocurrencies have forever changed the iGaming industry.
The Significance of Crypto and iGaming as Two Separate Concepts
Despite the fact that the common person does not comprehend what virtual currencies are, he is interested in them and will eventually find a means to access them, most likely through gaming. In order to better understand and analyze the impact of cryptocurrencies on the iGaming industry, it is important to understand both terms separately.
Cryptocurrencies
Cryptocurrencies are digital currencies that function on the basis of cryptographic algorithms and they have all the characteristics of real monetary currencies, with the difference that they exist only in electronic form and are not backed by the state. Crypto is independent of central authorities, and the most valuable characteristic is that transfers are made quickly and easily without additional costs, regardless of the size of the transaction. Some of the most famous cryptocurrencies include Bitcoin, Ethereum, Litecoin, Peercoin, etc.
Behind cryptocurrencies is the blockchain, that is, the technology used for data security in all transactions made in the digital world. The technology is so powerful that it is almost impossible to fake a transaction or misuse the personal data of any one of the participants.
iGaming Industry
iGaming or online gaming is a form of entertainment in which players have the opportunity to bet on a match or event through the Internet. It is very important to understand that iGaming is not necessarily limited to sports betting, although it is certainly the most popular form, iGaming can also refer to betting on the winner of the Oscars, Grammy Awards, or practically any other event.
However, that’s not all, iGaming includes everything from slots to poker tournaments, and options are numerous. In recent years, it has gained great popularity, because, with the spread of the Internet and the availability of various consoles, it is now much easier to play your favorite casino games especially since it does not require a fancy outfit or leaving the house.
Integration of Cryptocurrencies in iGaming
For an industry like iGaming, the emergence and acceptance of cryptocurrencies has been a game changer, and the list of reasons goes on and on. Let’s start with the fact that the entire process of playing, depositing, and withdrawing is much faster and more profitable because traditional payments are time-consuming, the transfer of the transaction takes an eternity, and the fees are dizzyingly high.
This is not the case with cryptocurrencies, and all of this is made easier by the fact that there are no borders, and players may play, make, and receive payments without being concerned about local or regional rules. But let’s go through each point individually.
Advantage of Crypto-iGaming Connection
Global Accessibility – With cryptocurrencies, geographical barriers lose any meaning, allowing players from all over the world to participate in the same games and fight for the same prizes. This brings us to some of the best bitcoin gambling sites that enjoy popularity from players all over the world.
Anonymity – Paying with cryptocurrency allows gamers to stay anonymous, safeguarding their privacy, unlike standard payment methods, which demand every single piece of information and jeopardize player’s personal life
Low Transaction Fees and Quick Transactions – As previously said, crypto attracts a lot of attention due to the minimal commissions regardless of the quantity of money in the game, but also thanks to the quick transaction processes.
Security ensured in Crypto iGaming – crypto has brought a new dose of security to iGaming, given that technologies like blockchain ensure fair play and transparency, which is especially important as it allows players to play on verified sites. Furthermore, blockchain decreases the chance of fraud to a bare minimum, making all data and transactions absolutely safe.
Real-Life Uses of Crypto in iGaming
The use of cryptocurrencies in iGaming is extensive, ranging from online casinos that only accept cryptocurrencies, with instant maturity of deposits and earnings, to decentralized virtual worlds based on blockchain technology. The fact that cryptocurrencies are a big deal in the iGaming industry is also confirmed by the extensive list of the best crypto casinos, and the best of all is that these casinos are verified and guarantee payouts and winnings. However, the most significant application of crypto is Enjin Coin, a cryptocurrency built specifically for the iGaming sector.
Future Trends of Crypto-iGaming
The future of iGaming is undoubtedly one of the most fascinating to watch unfold, and it is likely that when combined with cryptocurrency, it will be much more so. As technology advances and casinos accept it, it is a natural sequence for the use of crypto-currencies to find greater application in the world of iGaming.
By applying blockchain technology, the entire experience will be safer and therefore will attract a larger audience. Crypto is also linked to NFT, and its incorporation will add a new layer to competitiveness in iGaming games.
Finally, the union of cryptocurrencies and iGaming definitely justifies the label “match made in the digital world,” because it draws the best from both sectors and combines them into a winning combination for both players and investors. Simply find another example where there are no boundaries, everything is transparent and safe, while also being fast and profitable, and everything will become evident. There is no such example, and the combination of iGaming and cryptocurrency will undoubtedly remain a favored coupling among online gaming enthusiasts worldwide for a long time.
