Everything in the financial industry has changed as a result of cryptocurrency’s explosive growth. Previously, in the domain of tech-savvy professionals and individuals seeking novel approaches, this phenomenon has transformed into a global disruptor.
Numerous sectors have embraced cryptocurrencies such as Bitcoin and Ethereum, but arguably, none have done so as thoroughly as the iGaming industry. When playing their favourite online games, more gamers than ever are using cryptocurrency. But why is it now the preferred payment method for so many?
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Fast transactions with no restrictions
Perhaps the biggest factor in the rise of cryptocurrency in iGaming is down to the numerous advantages it has over traditional payment options.
Traditional payment methods, such as credit cards or even bank transfers, aren’t usually instant and can come with high fees for the operators or players themselves – especially if international platforms and currency exchanges must be taken into account.
Cryptocurrency, however, provides instant transactions that can be completed anywhere in the world. Many sites listed on iGaming platforms, such as the reputable AskGamblers IN, have responded to this demand from players and now routinely offer cryptocurrency as an option to ensure that play can continue uninterrupted for that more seamless experience.
Crypto allows players in countries with tight financial restrictions on the iGaming industry to get in on the fun as well.
The decentralized nature of cryptocurrency means not having to go through traditional financial institutions such as banks to make deposits, and this allows more players than ever before to enjoy online casino games like poker and roulette at the touch of a button.
Privacy and security
For gamers in the modern online world, privacy and security have never been more important. When using traditional payment methods, players are required to hand over sensitive data, such as credit card numbers or bank details, just to get access to their favourite games.
Identity theft and fraud are on the rise and with both of these threats increasing in many online areas, players are looking at ways to keep their data safe and secure. That’s where crypto shines.
By using crypto, players can make transactions without handing over any sensitive data at all. No personal details need to be shared, and increasingly, players are enjoying the high level of anonymity that digital currencies provide.
This is in stark contrast to how things were in the past and might explain why so many players are now using it.
Blockchain technology underpins cryptocurrency and provides an unparalleled level of security.
Every transaction is recorded on a ledger that cannot be tampered with. Players feel secure in the knowledge that every deposit and withdrawal is accounted for and can’t be altered down the line.
Global appeal
The global reach of crypto is undoubtedly one of the driving forces behind its rise in the iGaming sector. Traditional payment methods can be hampered by geography, with some options available only in certain countries. Crypto removes all of this uncertainty.
Cryptocurrency is so advanced that payments can now be made between AIs, but more importantly, it is global and available anywhere players can access a wallet or exchange.
This also eliminates the normally high fees associated with currency conversion. Banks often charge to accept withdrawals or deposits in foreign currencies, and these charges can soon mount up for players using sites based outside their home country.
Again, this is a thing of the past with crypto as these fees are eliminated, ensuring more of the player’s winnings stay in their pocket.
Bonuses and incentives
With the popularity of cryptocurrency continuing to grow, many iGaming platforms have started to offer bonuses and promotions aimed specifically at players using crypto. These incentives can provide a significant reason for players to switch to crypto rather than use traditional payment methods.
Many platforms are handing out weighty, crypto-exclusive welcome bonuses for players and these can be a lot larger than those for players not using the digital currency. From free spins on slots to bigger matched deposits or even free gaming, it’s clear that operators are pushing players to use crypto, and look set to continue to do so for the foreseeable future.
Transparent and provably fair
Online gamers always want to know that the games they choose to play are fair and winnable. This is where cryptocurrency – or rather, the underpinning technology in crypto, blockchain – can come in as an advantage. Many online casinos now boast of using “provably fair” systems that allow players to independently verify the fairness of every game they play.
Blockchain technology records every outcome of each game, letting players verify its fairness. The more transparent an operator is, the more likely they are to retain players and the greater player satisfaction they are likely to generate.
Regulatory considerations
With cryptocurrency continuing to grow in popularity in the world of iGaming, there is pressure for regulators to ensure its presence still means companies are operating legally and fairly. Jurisdiction varies across the globe but there is a continuing trend of acceptance towards crypto for iGaming in regulated markets.
While nobody wants interference when it comes to playing games, the oversight provided by regulatory bodies ensures that even with the use of crypto, there is a strong level of protection for players from rogue operators and scams.
Conclusion
It’s no coincidence that iGaming and cryptocurrency are continuing to grow in popularity. Crypto provides a myriad of benefits to those using it for their favorite online games, and it looks like it’s here for the long haul!
The financial advantages, from instant transfers to lower transaction fees, crypto’s enhanced privacy and security capabilities, and the fact it can be used anywhere in the world, means crypto’s growth in the iGaming sector is likely to continue for years to come.
For those ready to embrace the future of online gaming, the time has never been better to dive into the world of crypto to provide a new, exciting – and most importantly – safe way to enjoy your favorite online games.