The future of cryptocurrencies in iGaming

The future of cryptocurrencies in iGaming

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Category: Blog, Industry News
Posted by: AffPapa
cryptocurrency

The rise of Bitcoin is a phenomenon that we have been witnessing for the past year. More and more people are looking into investing in Bitcoin and several other cryptocurrencies and putting it to good use. Right now, crypto is the way to go, not only for individuals but also large businesses who are now allowing transactions using crypto with their clients. Such is the case for many businesses in the gambling world.

There are countless well-known online casinos who are all now accepting Bitcoin, Ethereum, Ripple and many other such currencies. There has also been a surge of strictly crypto casinos, who are only accepting payments in form of Bitcoin or other cryptocurrencies. This goes to prove that crypto fits like a glove into the gambling industry.

The history of Bitcoin in gambling

Bitcoin is currently the largest cryptocurrency, and the most expensive one. It was initially created in 2009 by someone, or multiple people, under the alias Satoshi Nakamoto. To date, no one knows the identity behind the name. Bitcoin has become the first successful digital currency, and it relies on a peer-to-peer technology called blockchain.

In 2010, Bitcoin was released to the public and people were able to start using it. It took another three years until the crypto made its entry into the gambling scene. Many have stated that crypto is the promising future of the gambling scene, specifically iGaming. 

Why Bitcoin?

There are obviously many benefits and advantages to using crypto in general, which everyone knows by now, but there are also many benefits to using crypto in the casino and gambling sector. 

As mentioned earlier, Bitcoin and other cryptocurrencies operate on a technology called blockchain. Blockchain allows users to track all transactions, and it also provides safety in terms of manipulation. Transactions done using a blockchain technology can not be edited. Making a transaction using cryptocurrency does not ask any users to fill in any type of information. All they need is the address of the wallet to which they will be sending the amount to. Banks also do not have anything to do with these transactions and are entirely unrelated.

Therefore, all types of crypto transactions are fully secure and reliable. This attracts many gamblers since most of them prefer to keep their gambling activities to themselves and remain anonymous, which is where crypto comes into play. For those wishing to keep their gambling activities private, there are many online casinos that do not require registration and allow all players to make their transactions through Bitcoin or other types of crypto.

Moreover, by now we are all aware that cryptocurrencies are decentralized, meaning that there is no middle man when it comes to crypto transactions. No bank or financial authority is involved in the process, so no one else has to get paid a fee for the transaction to go through, meaning that it is cheaper in the long run.

This is great news for all casino operators since they can now process payments done using crypto at a much cheaper rate than regular centralized currencies. Many studies and reports have shown that casino operators will need to pay 0.5% of the transaction towards the third-party processing the crypto payment, which is much lower than their usual payment services providers.

This is also another reason as to why crypto casinos are generally much more lavish when it comes to providing promos and bonuses to new or returning players. 

What does the future have in store for Bitcoin?

Cryptocurrencies are unpredictable and highly volatile, which is what makes many people doubt them and hesitate to invest in them. And this is completely valid, but any investment brings along risk. Bitcoin’s value right now displays exactly why people should begin looking into it more and maybe even taking a leap.

Before the end of 2020, people holding Bitcoin made huge profit when the currency reached its all-time high of $20,000 USD. As of this moment, Bitcoin’s value stands at over $57,000 USD.

Many professionals in the field of crypto have been foretelling that the currency’s value will continue to rise until next year, possibly even reaching a whopping $100,000 USD. Once this news was let out, many people got encouraged to purchase more Bitcoin, which in turn will boost its value.

The more people start using cryptocurrencies, the more platforms and companies will start using them as payment methods and will begin transacting with them. Online casinos are not exempt from this as more of them will begin to accept Bitcoin as aa form of payment since the crypto market will not stop growing anytime soon.