In this digital age, a lot of new and innovative industries are quickly emerging. Some of them are merging in interesting ways. For example, how do cryptocurrency and iGaming intersect? Both are new industries that have quickly amassed those involved a good paycheck, both couldn’t be possible without advancements in technology and the internet.
And yet the two are feeding off each other in interesting ways. Take a look at our blog that outlines how iGaming and cryptocurrency are influencing each other.
Proving fairness with crypto
Despite its place in investing for over a decade, industries are still slow to use cryptocurrency as a means of trading goods and services. However, the exception is the iGaming industry.
It isn’t uncommon for an online casino to accept Bitcoin or other cryptocurrencies as a common means of payment, and there are more and more accepting Bitcoin as a currency every passing month. They might not be as widely accepted as credit and debit cards, but they are common enough that the crypto industry has taken notice.
Crypto has helped online casinos prove fairness in their games, which is a hard thing to prove over the internet. In countries where online casinos are not legal, players are visiting other countries’ casinos and having to rely on foreign authorities to regulate them.
However, with the blockchain technology that cryptocurrency relies on, players can trust in the reliability of online casinos. Casinos’ fairness and reliability is guaranteed with a smart contract, which cannot be broken, so if you win, you win and you will always be paid.
Making payments better
Even despite the world’s slow embracement of cryptocurrency, its main selling point is prevalent in any conversation involving crypto: its payments are faster, easier, and more secure.
With online casinos allowing you to both deposit and withdraw cryptocurrency, the decentralized nature of crypto is making payments a lot more secure. With no third-party intercepting or approving of the transaction, these payments are a lot less likely to be hacked. If you are using a trusted e-wallet and taking the necessary steps to stay secure, there should be no intercepting of your money.
Plus, crypto is appreciated for its easy and fast payments. Withdrawals and deposits are simple in comparison to traditional payment methods and therefore your payment will reach you quicker. When you win, you will see your prizes quickly, and sometimes automatically.
There are negatives to everything, although the negatives to combining cryptocurrency with iGaming are very minimal, making the two appear to be a match made in heaven.
There is the inherent volatility of cryptocurrency allowing the price and value of it to fluctuate wildly, usually more than would be expected with stocks, for example. This can be a blessing and a curse, creating a problem for gamblers and online casinos in equal measure, but at the same time offering opportunities as well.
But ultimately that is the industry’s biggest worry when it comes to marrying crypto and online gambling. There are so few cons to the many pros of using crypto to fund online gambling that it is likely we will see more and more casinos embrace the payment method. It pays for both the consumer and the casino to have a payment method that offers a superior level of security and faster withdrawals.