How crypto is positively impacting the iGaming industry
When people think of cryptocurrency, the iGaming industry doesn’t always necessarily follow. Most will think about Bitcoin, virtual currency, or its ability to see its price fluctuate – it can go from an incredible high and lose its value at a moment’s notice or vice versa.
However, those who haven’t delved into crypto’s benefits and other capabilities might find it difficult to understand how the digital asset can positively impact an industry like the online gambling sector.
Indeed, several operators have been formed as they’ve recognized how crypto can positively impact the industry. Several benefits have been created that have arguably improved the overall experience that players can achieve.
Creation of New Games
It’s possible to play games at a crypto casino that may not always be available to enjoy at a fiat online casino. Cryptocurrency has allowed developers to create games based on virtual currency and many of its aspects, creating an entirely new gaming experience for gamers.
Crash games are an example of crypto-type titles. Although they have become widely available to fiat players, titles like Aviator are based on the same volatility that crypto is known for. One minute, the price (bet rewards) is climbing and can reach a high value. However, at any moment, they can crash without warning. Players need to see if they can hold their nerve but make sure they cash out at the right time.
Games Become Safer and Security Boosted
Cryptocurrency technologies like blockchain and smart contracts have been integrated within some casino game types to create a fairer experience. Games can now be provably fair, as players can check the ledger to see how random the title is. This is achieved by the platform generating random numbers from which a unique Server Seed value is obtained. The player can then check against this to ensure they are receiving a positive experience.
In addition, overall security when using a crypto casino can be enhanced. As cryptocurrency uses a high level of encryption when processing transactions, deposits and withdrawals become much harder for hackers to intercept. At the same time, the depositors need fewer sensitive details, meaning they can keep their personal data secure and only share things like their wallet ID rather than their names, address, and other identifiable information.
New Payment Method Offering Quicker Speeds
Perhaps the biggest benefit that crypto has offered casino gamers is as an actual payment method. Due to the decentralized nature of these virtual tokens, players can make faster transactions as they don’t need to be checked by a third party, like a financial institution. Traditional fiat payments can often take a period because of the checks that need to be undertaken. As crypto can bypass these checks, withdrawals can be instantaneous.
Using crypto as a form of payment can also allow players to bypass fiat currency restrictions. Players who reside where they may not be able to access casinos legally or with their local fiat currency can use virtual tokens to circumvent those restrictions and enjoy the casino games they previously couldn’t.
