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16. May 2021
crypto igaming

Is Cryptocurrency the Future of iGaming?

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Cryptocurrencies have evolved into a global phenomenon in the last couple of years, and their dominance in a handful of industries are quickly spreading over to new domains. Online gaming has benefitted massively from crypto integration, and according to a recent survey, over 75% of online gamers want a virtual currency that they could use on other platforms too.

Blockchain tokens have risen to fill in this void as they operate beyond international borders. And even though they offer a slew of advantages, the online gambling industry is among a handful of sectors to currently make the best use of the perks.

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How Do Crypto Transactions Benefit iGamers?

Cryptocurrencies are 100% digital tokens that rely on open-source blockchain technology to ensure transparency, decentralization, and immutability. These are exempt from government interferences and manipulations as they don’t rely on a central server. Punters can exchange cryptocurrencies with fiat currencies at a crypto exchange and store the same on crypto wallets.

Using a standardized cryptocurrency is crucial for gamblers as they can transact across platforms using a single currency. Moreover, blockchain payments are safer compared to traditional transactions and offer a streamlined yet decentralized gateway. Let’s analyze a few perks of using cryptocurrencies for iGaming.

  1. Instant Transactions – Cryptographic transactions follow an open-source network while removing a centralized server from the equation. This drastically reduces the time required for recording a transaction while allowing players to enjoy their favorite games uninterrupted. Blockchain currencies also allow gaming developers to process nano-transactions without delays. This helps developers sell software outside app stores.
  2. Easy Accessibility – Crypto transactions are fast and convenient since there’s little or no commission involved, unlike fiat currencies. Since the transfers are almost instantaneous, punters don’t have to wait for extended periods for depositing or withdrawing funds. Moreover, players can enjoy their favorite games from any part of the world at any time.
  3. Safety & Security – Data privacy is perhaps one of the greatest gripes of online gambling. Thankfully crypto casinos solve this problem with the highest degree of sophistication. Crypto transactions are truly anonymous, which makes it the ideal payment method as punters don’t need to share their credentials at the time of registration.
  4. Anonymity – Cryptographic transactions are carried out over open-source networks without the need for a centralized server. Hence, these eliminate the need for a regulatory body or payment gateway. While standard transactions require personal information, including name, address, email, and banking credentials, crypto transactions only need a unique and encrypted key. Moreover, transactions once complete cannot be reversed, which makes it even harder for hackers to manipulate the system.

The Current State of Crypto Gambling?

Crypto transactions have streamlined the gambling process for both the operators and the punters. Crypto casinos are slowly gaining global recognition as more and more blockchain tokens enter the limelight.

Current favorites are Bitcoin, Litecoin, Ripple, and Ethereum. The future looks promising for the hoard of crypto casinos that are currently in operation, as a growing number of operators are projected to join the ranks in the coming days.

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