In recent years, cryptocurrency has become a worldwide phenomenon. Many industries are enjoying great benefits thanks to the cryptocurrency convenience. One of these industries is the online casino industry.
According to reports, almost three-quarters of online gamers want to use cryptocurrencies when transacting online. Cryptocurrencies and Bitcoin enable punters to trade in and collect virtual assets that they can trade and exchange from anywhere across the globe. Btc betting provides an easy and safe medium to make money.
Types of cryptocurrencies
Bitcoin is the most popular cryptocurrency in the gaming world, but there are others such as Peercoin, Litecoin, EOS, Ethereum, and Namecoin. They use blockchain technology to ensure transparency, decentralization and immutability.
Crypto is not affected by government manipulation, and interference since no authority controls the cryptocurrency world.
The collaboration of cryptocurrency and gaming has offered a significant part of blockchain-based gambling solutions. Since no one can manipulate cryptocurrencies use, gamers are 100% confident when gambling. Because of this, more and more gamers prefer wagering on platforms that offer cryptocurrency games. The reason is the activity is 100% provable and transparent.
The cryptocurrency scene has led to the development of gambling regulators in many parts across the globe. These regulators can help to high levels of transparency and accountability that were missing in the past. There is no need for 3rd parties to regulate gambling.
How does cryptocurrency work in online gambling?
Players can purchase or sell crypto through exchanges from a wallet. For instance, when a bitcoin owner wants to send some units to another person, both have to have a digital wallet.
In the online casino industry, monetization methods adopted come in the type of in-app buys, and referral or affiliate marketing.
In-app buys let punters purchase elements directly in the game like spins, coins and others. In casino bitcoin games, gamers purchase items with crypto or purchase crypto itself.
In-app marketing in casino games is available in rewarded ads. It is where punters need to finish a specific task like filling in surveys, watching video ads, and more to get rewarded with cryptocurrencies.
Affiliate marketing has not been around for long. It is where gamers need to click on affiliate banners and links or refer to a friend to win prizes.
Ways online gaming is pushing a wider Bitcoin and crypto adoption.
1. Bitcoin and crypto provide access to global punters.
One of the main challenges that software developers face is launching a game which can be played across the globe. Although the marketing gurus will have a different opinion, offering global payments is a challenge. Provider’s ability to take care of punters all over the globe needs them to provide a payment method that accepts both currency and cards. Even this will not cater to the unbanked people.
The solution for this is developing a game wallet to allow punters to deposit huge funds if they want instead of charging them for every transaction. However, other standard banking methods should always be available.
Bitcoin and blockchain are transforming the gaming industry. It provides a global payment option for players that is transparent and unregulated by any government.
2. Bitcoin and crypto might prevent cheating.
One of the reasons why the interest in cryptocurrencies and bitcoin in the online casino industry is on the rise is increased security. Blockchain technology increases safety and enhances user experience.
Crypto payments prevent unfair advantages to the parties involved and promote transparency. Most platforms are adopting the use of cryptocurrency to solve issues relating to fraud when playing in online casinos.
Blockchain technology discourages users from trading their digital assets illegally. It eliminates theft and hacking of keys by providing a secure ledger.
3. Transactions are instant
There is no authority of governments in the crypto world. It gets rid of inefficient intermediaries, thus allowing gamers to enjoy online casino games fast. The process of exchanging Bitcoins and other cryptocurrencies is efficient and instant.
4. Bitcoin and crypto allow players to enjoy games anywhere.
When using cryptocurrencies, players can play globally without any exchange rates and security problems. It offers the option of wagering without identity confirmation. Because of this, they can withdraw funds fast from any part of the globe without restrictions.
If gambling is regulated or illegal in your country, you can play on offshore websites that accept bitcoin and crypto. Governments can’t control crypto transactions or bar offshore casinos from accepting crypto payments. They also cannot force banks to prevent people from transacting with Bitcoins.
However, it is essential to ensure that you’re playing on a reputable website. Just because an online casino accepts Bitcoin doesn’t mean it’s secure.
5. Players get more value for their cash.
Crypto is very cost-effective compared to bank transfers, credit cards and others. There are no hidden costs when using bitcoin, and money moves instantly. The use of cryptocurrencies gets rid of exchange and handling fees since it’s a peer-to-peer exchange between two people without involving intermediaries.
Such a model is very viable for gamers and software providers. Because of this, everyone gets more value for their money.
6. Enhances anonymity
Cryptocurrencies help players hide their identity. There are times that gamers want to stay anonymous or keep their personal information secure. Such players find bitcoin games appealing. Crypto transactions are discrete. Because of this anonymity, more and more players are the option to play at platforms that provide crypto payments.
There is a bright future ahead!
The crypto world has a lot to provide to the gambling industry. It could change the scene entirely since more reputable providers continue to adopt it.
Currently, even if more providers are still experimenting, players find it very exciting. As time passes by, we’ll see more software provides exploring cryptocurrency options.
Bitcoin use can help developers deliver better, more significant games. Bitcoin use favours both players and providers, so the crypto future is bright. Blockchain provides real answers to some of the most challenging issues in online gambling, such as fraud.
Final word
According to reports, there are over 2.7 billion gamers who will spend hundreds of billions in 2020 alone. Estimates suggest that the online gambling industry will surpass over 200 billion dollars by 2023, which is an excellent chance for bitcoin and crypto online gambling to grow.
Blockchain technology and crypto games might seem technical but have massive benefits to both developers and online punters. It enhances the gaming experiences for players and profits for problems. The use of cryptocurrencies in the online gaming world will keep rising, but it also has its share of challenges. However, even though blockchain technology development in online games is still ongoing, the future is very bright!