Cryptocurrency may just seem like a modern concept but it has made its way into different industries. For example, the iGaming industry has been incorporating crypto into its practices, which has begun to attract new players and retain those who are already loyal. With this in mind, let’s explore why iGaming has embraced crypto into its industry.
Firstly, nowadays, there are many different industries utilising and accepting crypto into mainstream consumer practices. In fact, it’s now possible to pay with cryptocurrency for a variety of products and services such as food and beverages. Blockchain can be described as a decentralised, distributed ledger that records transactions on multiple computers in a way that ensures data security, maintains transparency and ensures data immutability. These digital currencies are gaining widespread acceptance in the iGaming sector, streamlining transactions and boosting customer satisfaction.
In the past, there has been widespread frustration from potential gamers who have been prevented from playing games online because of local restrictions. This has been a huge barrier for the iGaming industry. As cryptocurrencies break down geographical barriers, players from regions where traditional banking is limited or restricted can participate in the iGaming world effortlessly. This means that more gamers than ever can join in on the fun, inspiring gaming developers to create even more games to satisfy the growing demand.
Owing to advancements in technology which have revolutionised different sectors, it is easier than ever to fund your account with your mobile, even with crypto. This means that you can spend even more time playing your favourite game, rather than waiting around hoping to get funds in your account. Cryptocurrencies like Bitcoin, Ethereum were once viewed as alien but now they’ve made their way into everyday transactions. Their ease of use, security, and guarantee for quick transactions have made them attractive for the iGaming sector. As more and more people realise the benefits of using crypto at iGaming platforms, the stigmas around this form of payment are steadily being dismantled. Players also appreciated the level of anonymity given to them which isn’t available with traditional payment methods. This means that players don’t have to give away their personal information, which is a huge bonus for those who are worried about their account getting hacked or concerned about their identity being stolen.
Additionally, the iGaming industry has been allowed to expand exponentially thanks to the safety and security measures brought about by the use of crypto transactions. This decentralisation takes out the need for intermediaries, which means it becomes much faster, cheaper and more secure. Blockchain technology which is responsible for cryptocurrencies, guarantees that transactions are secure and transparent. With crypto, there is a reduced risk of fraud, which instils more confidence into players.
It’s no secret that traditional banking transactions can be laborious and slow, with processing times that can fluctuate between a few hours to several days. For many people, crypto transactions seem like the better option because transactions are usually completed within minutes. Furthermore, transaction fees associated with cryptocurrencies tend to be lower than those for credit cards or bank transfers. This is perfect for those gamers who are on a budget and want to keep costs to a minimum.
It’s not just the consumers who will benefit from cryptocurrency in the iGaming space as there are several key benefits for the company too. By accepting cryptocurrencies, iGaming companies can expand into a broader market, especially areas with limited access to traditional banking. In using cryptocurrencies, companies can avoid chargebacks which means that they’ve a more reliable stream of income. Cryptocurrency also gives companies a unique appeal, especially to modern gamers who want to test out new paying methods.
The future of crypto in the iGaming space is also bright. The development of blockchain technology coincides with the evolution of cryptocurrency integration within iGaming. This evolution will ensure secure and tamper-proof transactions, with industry players actively pushing the boundaries in areas like account security and simplified login methods. In this way, cryptocurrency will become a more common payment method and not just a trend. As they become normalized in many different sectors, it’s likely that traditional payment methods on iGaming platforms will become increasingly irrelevant and outdated. It’s also likely that iGaming companies using crypto will consider user experience even more to create a better relationship with consumers.
Overall, iGaming has embraced crypto and incorporated it into its industry, especially in recent years.. The iGaming industry’s embrace of cryptocurrency marks a complete overall in how digital entertainment is enjoyed all over the world. From enhanced security, privacy, and quick transaction speed offered by crypto, there are many ways why it’s made its way into the online gaming realm. So, why not see what the fuss is about and consider using cryptocurrency when you game online?
