Since the introduction of smartphones, online gaming has become a $64 billion dollar industry. That number looks set to increase with a number of online casinos arriving. iGaming is user-friendly and convenient, and many online casinos are now accepting cryptocurrencies.
Cryptocurrency is the latest trend to hit the market and while it is a new concept, it’s already gained a huge following. Having cryptocurrency as a withdrawal and deposit method gives users greater choice. While online casinos aren’t abandoning flat money entirely, virtual currency is becoming the new norm. So, what is a cryptocurrency, and what influence does it have on the iGaming market?
Understanding Cryptocurrency
Cryptocurrencies are virtual money and are secured by cryptography. In simple terms, it means that cryptocurrencies are difficult to duplicate or counterfeit. That does ensure your digital currency is secure from thieves. The reason why a cryptocurrency is so unique from traditional or fiat money is that it’s decentralized. It means virtual money is not run by any government or governmental agency.
It’s all based on blockchain technology and Bitcoin is one of the biggest cryptocurrencies. There are even dedicated Bitcoin casinos popping up online that exclusively deal with this cryptocurrency. It’s a new trend but one which remains hugely popular.
A Barrier for Regulators
Cryptocurrency has become a big business as it’s virtually impossible to trace, but that has implications for the iGaming industry. For instance, governments want to regulate the iGaming industry. Governments want tighter restrictions and controls over how online casinos are run and how data is collected.
However, since cryptocurrencies are difficult to trace, it has created a whole new barrier for regulators to overcome. That has certainly influenced the industry and how operators currently run their games. The reality is that Bitcoin and other major cryptocurrencies have become a thorn in the side of governments around the world, especially in such Asian countries as China.
Cryptocurrencies are changing the way online casinos operate, but that comes with headaches too. The biggest issue is that cryptocurrency has a reputation for helping to shield some less than legitimate activities of a small minority of users. Governments are calling for online casinos and gaming operators to stop the use of cryptocurrencies. Yet, few have answered that call.
More Anonymity Online
Cryptocurrencies are also influencing the iGaming market by offering greater privacy. Before, that was not possible because most online gaming sites or casinos required your name, address, date of birth, credit card information, and more. That is no longer required with cryptocurrency. Anonymity is what all players want and it’s so important. For instance, you don’t need to give out your real name, your credit or bank account information. That is somewhat reassuring and great for your peace of mind and security. Not to mention, you don’t have to reveal where you live either.
Online casinos offer cryptocurrency because they’re answering the demands of their customers. They also try to be independent of all outside sources. This gives you greater control over your money too.
Opening the Door to Restricted Countries
Let’s be honest, there are regions around the world that have tough gambling restrictions; in some instances, gambling is prohibited entirely. No onshore casinos are legal, and governments come down hard on those running illegal gambling establishments. Cryptocurrencies have changed iGaming and now made it possible to gamble online with little fear of retaliation. Players can gamble in total privacy because of cryptocurrency. That has influenced the industry massively because more online casinos offer cryptocurrency as a withdrawal and deposit method. It’s more privacy which most people want.
Why Cryptocurrency-Accepting Casinos Are Popular
Anonymity and privacy remain crucial aspects for every gambling enthusiast. Regardless of whether you’re a seasoned gambler or an occasional player, you can love the notion of cryptocurrency. It looks and feels more secure, and you don’t have to worry about credit card information being stored in the casino either. Cryptocurrencies will continue to be accepted at online casinos because of how much certain coins can be worth, such as Bitcoin. Plus, it’s easy to trade in and has stability, to say the least.
The New Age of Gambling
The iGaming industry is interesting, unique, and very advanced in comparison to ten years ago. Throw cryptocurrency into the mix and you have a new age of gambling. Cryptocurrencies will continue to influence the iGaming industry, long after today’s most popular currencies fade away. More digital currencies will come to the forefront and continue to keep the industry as strong as ever. Cryptocurrencies influence today’s iGaming industry and will continue to do so.
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