How Bitcoin reshaped the iGaming industry

Added: April 13, 2021

It has been quite a while since the first ever cryptocurrency was launched into the world. The crypto scene has undergone some significant changes during this time. Bitcoin is a mind-boggling phenomenon that took the world by storm when its value started rising, and continues to do so. The currency started out being worth less than a dollar, and is currently sitting at over $60,000. It has more than doubled since its January 2021 value of $30,000.

Bitcoin is starting to look like a more attractive option for many industries to start utilizing instead of fiat currencies, as crypto transactions are much more secure and one can remain entirely anonymous throughout the process, eliminating the need to put in information. Bitcoin also does not rely on the fiat currencies and their value, making it completely detached from any and all centralized currency inflation situations. This means that it is the perfect currency to use for online gaming, and many online casinos have already started using it as their currency of choice.

But people may ask themselves, how does this change anything for gamblers?

Well, it is important to look at the benefits of using Bitcoin in an online casino setting. Since it is a completely anonymous way of completing transactions, players do not need to type in any of their private information, such as bank details and the country of residence. The blockchain technology is also an entirely safe and reliable one, as it is almost impossible to breach the system or track these transactions. This is one of the best things about Bitcoin, and can be extremely beneficial for online casinos.

Bitcoin provides complete safety for all players, and all casinos who implement this cryptocurrency will be fully protected from those committing fraud. Crypto casinos do not determine the player’s IP address, meaning that the player has 100% safety and is able to withdraw funds at any moment they wish to do so, since they can play in any country with no geographical restrictions.

Aside from that, transaction processing in the crypto network and how it works means that transactions are conducted at lightning speed and funds are transferred instantly. It is also a much cheaper option when it comes to transactions, since the commission is much smaller than what banks and other payment systems usually deduct. This all means that crypto is the way to go for both parties, player and casino.

Another advantage of Bitcoin is that it can be divided into many tiny parts, so one does not technically need to purchase a whole Bitcoin. Bitcoin is dividable into 1 million Satoshi, which is equal to 0.000001 BTC. Players are able to purchase however much they please of the currency without needing to invest large amounts of money into it.

Lastly, Bitcoin is dominating the markets right now, whether it be the traditional finance scenes or the iGaming and entertainment industries. This state-of-the-art technology is providing huge opportunities and reshaping the way we look at traditional online casinos and the entertainment industry in general.

Bitcoin, crypto, cryptocurrency, iGaming