The modern digital age has often been characterized by rapid growth and a constantly evolving financial landscape to keep up with it. Two highly successful industries that have emerged from it are iGaming and cryptocurrencies. While the two are seemingly unconnected, emerging trends have seen them merge in recent years.
Their trajectories have taken them on an intersecting path that has benefitted both. If you’re a novice to either, these are the main benefits of using Cryptocurrency for iGaming.
The Intersection of Cryptocurrency and iGaming
Whether you’re an experienced trader by now or not, chances are you’re constantly hearing news related to cryptocurrencies or being bombarded with advertising to invest in them. The reason is that ever since Bitcoin, which was the first Cryptocurrency and remains its most valuable, began exploding, it has created a massive new economy centered around cryptocurrencies.
Fast forward to today, and thousands of cryptocurrencies are currently in circulation. Over time, entire sub-economies have sprung up to support the massive growth of Cryptocurrency, with many of these side markets dedicated to facilitating digital wallets or payment systems for them.
At the same time, iGaming has revolutionized the gambling industry and flourished. This growth has led to huge side markets dedicated to two things centered around meeting all that demand — safety and choice. This is where Cryptocurrency becomes massively beneficial to iGaming since it caters to both these core needs.
In addition, crypto also provides an alternative payment method for iGaming platforms. The entire concept of online gambling rests on the premise that you can play your favorite casino games from the comfort of your own home, and now you can use crypto as a form of payment, too. This huge growth has provided a colossal array of platforms to choose from, and excited users can select a platform or a crypto project of their choice and enjoy betting online while using their preferred crypto as payment.
Better Safety With Crypto
The largest benefit of using Cryptocurrency for iGaming is added safety. While online gambling can be played for fun, the largest attraction comes from playing it for real money. The fact that this can be done has naturally exposed players to the risk of hackers and online scammers.
Providing your banking credentials, using debit or credit cards, or even e-wallets, comes with the inherent risk of cyber threats. However, Cryptocurrency is designed to mitigate those risks.
The reason is that Cryptocurrency utilizes blockchain technology, which provides secure and anonymous transactions with an array of encrypted digital wallet systems to facilitate them.
Immutable Transactions
A byproduct of blockchain technology is that it provides for transparent transacting that’s actually immutable. In simple terms, payments made with Cryptocurrency are transparent, allowing them to be independently verified and immune to tampering.
Since the blockchain is essentially a public ledger, it cannot be altered once transactions are recorded on it. This feature, therefore, places it beyond the reach of fraud. The last benefit is that an auditable record for that transaction is created once entered and verified on the blockchain.
Better Privacy
Another amazing benefit of using blockchain technology is enhanced privacy protection. Other payment methods almost invariably require you to provide personal details, which can then be used to tie you to your account and the transaction itself. The threat of data breaches can result in that information being hacked or stolen, providing a feeding ground for identity theft.
However, transactions on the blockchain offer users the ability to stay anonymous or use a pseudonym, ensuring the privacy of their data. A direct association with your account or the transaction can, therefore, not be made, providing the user with the kind of enhanced security over their private information that traditional payment systems can’t offer.
Ease of Access
Another benefit of using Cryptocurrency for iGaming is that you can access and utilize it anywhere in the world, making it more financially inclusive. Unlike conventional banking systems that may require waiting times for transactions to clear, conversion of currencies, or the need for cards or PINs to be on hand, cryptocurrency transactions are not bound by these limitations.
Depending on the wallet service used, transactions are immediate, making them nearly immune to being intercepted. Other than a person unwittingly allowing a hacker access to their passwords, by design, it’s virtually impossible to hack a blockchain.
Fees and Withdrawals
Lastly, one of the most underrated benefits of using cryptocurrency for iGaming, or any online transaction, is that it usually encompasses lower fees and allows for faster withdrawals or payouts. Cryptocurrency payment options are usually far less expensive than banks, which can get costly with their complicated bank charges, bank fees, and commission structures.
While digital wallet services that enable crypto transactions may entail fees or commissions, they’re usually much cheaper than traditional banking transactions. As a bonus, since payment method systems in an iGaming sense usually need to enable two-way transacting, most online casinos that accept cryptocurrency payments will allow you to withdraw balances or winnings in Cryptocurrency, too. This generally means payouts and withdrawals of balances occur faster and more securely.
Conclusion
The stunning popularity of online casinos has taken gambling to new heights. According to Yahoo, the global gambling market is expected to reach a staggering $1.4 trillion by 2030. All this growth has created an added need for faster and safer payment methods. The parallel growth of the cryptocurrency economy has ideally placed it to meet the surges in demand seen by the iGaming market.
Cryptocurrency transactions for iGaming provide safer and more secure transfers. Transactions are immutable, can be accessed from anywhere at any time, and are usually immediate, less expensive, or have far shorter waiting times than traditional banking. These benefits rapidly make Cryptocurrency the go-to method for payments and payouts on iGaming platforms.
