Due to its benefits, cryptocurrency has witnessed fast adoption across various industries. This adoption has led to integrating cryptocurrency into various parts of our lives. One industry that has embraced the technology is the iGaming industry, where the technology serves a myriad of purposes. The impact of cryptocurrency cannot be overstated, as it has changed how players interact with games online.
Gaming Experience
Infusing games with cryptocurrency improves their transparency and fairness. This encourages more payers to begin exploring the iGaming landscape. There are also different types of cryptocurrencies available for online gaming. You can play blackjack with Bitcoin or use Ethereum for a poker game. The choices are endless. The important thing players are concerned about is the fairness and reliability of the games. As cryptocurrency is built on the blockchain, some properties are transferred when integrated into games. Therefore, it improves the gaming experience and keeps players returning for more. This also encourages players to spend more time and money gaming.
Faster Transactions
Transaction speeds are an important part of online gaming. Players need instant deposits or withdrawals to make gaming smooth. Using cryptocurrency, players can perform swift transactions with minimal delays. This is also an advantage for operators, as they can now provide reliable payment solutions to their users. Cryptocurrencies like Bitcoin, Ethereum, Litecoin, USDC, and USDT have transaction speeds that rival established payment processors. As cryptocurrency makes transactions faster, players can trust the reliability of the service and feel confident about putting their money into games. The versatility of options also makes it convenient for players to switch between cryptocurrencies without diminishing the transaction speeds.
Security
Security is an important trait of cryptocurrencies as it protects users’ funds. Cryptocurrency is built on the blockchain, which is open and transparent. It also cannot be hacked due to its immutability, and there is no central point of failure. Therefore, players can seamlessly make transactions without fear of being hacked or defrauded. It also reduces the activity of bad actors as they can no longer target players online. One of the biggest benefits of security is that it does not diminish the gaming experience for players. They can play their favorite games without worrying about loss of speed due to security measures.
Market Growth
Traditional payment methods are a barrier to the growth of iGaming, especially in remote parts of the world. The lack of financial access or restrictions in these parts prevents any players from participating in iGaming activities. Cryptocurrency removes this limitation as it is globally accessible to anyone with a computer or smartphone. This helps open the pathway for players as they can circumvent any artificial blocks that prevent them from participating in iGaming. Cryptocurrency provides a unique opportunity for operators to capture new markets as these artificial barriers are knocked down and more players come online.
Asset Tokenization
Cryptocurrency has brought a new paradigm of asset ownership to iGaming. Players can now buy, sell, or trade their in-game assets with other players. This tokenization also allows players to port their progress and assets to other games. This reduces the reluctance of players to try new games because they are skeptical about losing their progress. It has also created a game economy for players where their time invested in gaming can be converted to monetary rewards that they can enjoy. This creates a win-win situation for operators and players, as both parties are rewarded for active participation.
Anonymity
Anonymity is a big selling point of cryptocurrency, and this benefit has been carried over to the iGaming industry. Traditionally, players are required to undergo KYC (Know Your Customer) verifications. These verifications use personal information, which many players are reluctant to share. With cryptocurrency, players can play their favorite games anonymously without revealing personal information about themselves. Additionally, it protects players from the dangers of revealing too much information about themselves online and protects their data. This has contributed to more players coming online as they are not required to reveal personal details about themselves to enjoy gaming online.
