The advent of technology in human activities has made so many social activities easy and quick to carry out. Among the many lists of technological products is the advent of cryptocurrencies or otherwise known as digital currencies. Cryptocurrency became popularly recognized in the year 2020, thanks to the most popular crypto, called Bitcoin. Bitcoin was forecasted and predicted to be owned by over 100 million individuals in 2021. Also, it was predicted to experience exponential growth by 2025. Thus, according to the Coin Market, it is not a gainsaying that gamers or gamblers are more likely to be part of those who buy and own bitcoin.
These and several other factors are significant pointers as to why it suffices to say that crypto gaming is the future of the gaming industry. It simply means that the gaming business will be impacted by cryptocurrencies as they become more widely used in many different ways. Before we see further reasons why crypto gaming, such as live casino bitcoin games, is the future of the iGaming industry. What is Crypto Currency?
What is Cryptocurrency?
A cryptocurrency is a digital commodity protected by encryption. For cryptocurrencies, openness and data integrity are all assured. Further, cryptocurrencies are not issued by a central body or authority, and that makes these currencies resistant to political interference and abuse. The likes of Bitcoin, Ethereum, Litecoin, and Namecoin are some of the most popular cryptos available.
Now, to why crypto gaming is the future of the iGaming industry; Let us examine a few questions;
What about the possibility of an instant transaction?
Today, so many gamers playing online casinos make use of their different preferred casinos to carry out cash transactions. Now, these transfers are handled by third companies, which can result in unfavorable wait times and annoy gamers. The increasing use of cryptocurrencies can eliminate the need for third parties, resulting in nearly instantaneous transaction speeds. For instance, a large number of reputable online casinos currently accept cryptocurrencies as a form of payment. This feature is why crypto gaming is the future of the gaming industry; the ability to make seamless transactions while playing in an online casino.
How about an Enhanced Safety and Security Protocol?
The security of internet gamers is a constant problem. Admittedly, nobody wants their personal information or game progress stolen. Thankfully, using crypto allows players to protect their assets and rest easily, knowing that hackers cannot access their data while it is being transmitted.
How about a more open and adaptable system?
Because of needless personal information, it might be quite difficult for users to make payments through gaming sites. The use of bitcoin in gaming has made it possible for players to pay instantly without having to wait for exchange rates or security checks. More people are likely to participate in games if they don’t have to give out their names, addresses, phone numbers, and other personal information. With cryptocurrencies, gamers can access games from anywhere on the globe without worrying about national limitations, in addition to being a more flexible payment mechanism that removes regional restrictions. Is this not a sign of crypto gaming as a future of the iGaming industry?
What about the Save the players’ cash?
Processing fees are one type of hidden fee that occasionally appears on gaming platforms. The introduction of cryptocurrency has resulted in significant cost savings by doing away with handling and processing fees. The concept behind cryptocurrency is that no single institution or business will stand to gain from the currency. Therefore, there won’t be any unexpected fees, and transactions will happen almost instantly. Players may now pay and withdraw larger amounts than they could previously, thanks to cryptocurrencies, which appeals to both seasoned players and newbies.
Thus, despite being a relatively young technology, cryptocurrency is already having a big impact on the market. The likelihood is that crypto will spread throughout the gaming industry over the next ten years, but only time will tell.
Playing Online casino games with Crypto?
One of the nicest things to do in your free time is play casino games online. In reality, playing from home while playing their preferred casino games is one of the many fantastic things the iGaming industry has done for gamers. The ability to mimic the atmosphere of traditional casinos is one of the best things about recent technological breakthroughs. Thankfully, gaming sites are here to stay, so the only concern you’ll ever have is choosing which games to play.
Today, many websites even enable you to wager on live casino bitcoin games, elevating any experience.
Recently, cryptocurrency has spread around the world, and the possibility of bitcoin mining has also contributed to this feat. Online gaming is one of the numerous industries that benefit from the ease of cryptocurrency. Approximately 75% of online gaming players, according to the Wax report, want to exchange their digital products for money that they can use to purchase and trade on other platforms.
Further, cryptocurrencies allow players to buy and sell virtual items that may be used anywhere in the world. As a result, it provides the gaming industry with a secure and simple means of making money.