What is the Role of Cryptocurrency in the Evolution of iGaming
The creation of Bitcoin in 2009 has led the way in terms of decentralized digital currencies. Since Bitcoin was first launched, we have witnessed the introduction of many cryptocurrencies.
In fact, there are now hundreds, if not thousands, of different cryptocurrencies available to buy and trade. In the past two years, cryptocurrencies, such as Bitcoin and Ethereum, have been slowly embraced by the iGaming industry.
Any form of online gambling is classed as iGaming, with casino games and sports betting two good examples. As we look ahead to the future of iGaming and crypto, what role is cryptocurrency to play in the evolution of iGaming?
Provably Fair Gaming
Perhaps the biggest role of cryptocurrency in the evolution of iGaming is provably fair gaming.
When playing online casino game for real money, such as slots, it can be easy to believe the game is being fixed against you.
All regulated and licensed online casinos are monitored to ensure that the games they offer a fair. However, when playing online crypto based casino games, every transaction is recorded on the blockchain and the games themselves use cryptographic algorithms that are verifiable by players.
So, when a casino game has concluded, it is possible to verify the fairness of the game using a cryptographic hash. This is something that has never been available before at online casinos and is going to be massive in the evolution of online gambling. In the rare cases where an online casino fixes a game against a player, they would be found out instantly after the gambling session. However, provably fair gaming can also be of benefit to the online casinos.
Should a player leave a review online saying they were cheated during a game when in fact they lost fairly, the casino can show evidence and have the negative review removed.
Stake.us is one of the few legal crypto casinos available in the US and not only can you deposit using cryptocurrency but the casino is also home to sweepstakes live casino games. You can see exactly how crypto based casino games work and thanks to being a sweepstakes casino, Stake.us is available in most states.
Security and Anonymity
Privacy online has been a big talking point for many years. The integration of cryptocurrency in iGaming is going to bring enhanced security for players. For example, as cryptocurrency transactions are decentralized and encrypted, there is little risk of having any data stolen when completing a transaction at an online casino or sportsbook. There have been great strides in terms of the security of traditional payment methods at iGaming websites, such as debit and credit cards but they cannot match the security of cryptocurrency.
The fact you do not have to input any personal or financial information, such as an address or bank account number when making a deposit using cryptocurrency is a huge bonus for both security and anonymity. It is even possible to play at some online crypto based casinos and sportsbooks without having to register beforehand and that type of iGaming is sure to prove popular.
Independence
Cryptocurrencies operate independently of any country and that means they do not come under the same financial and geographical control as other currencies.
As cryptocurrencies operate independently of a central authority, they do not face the same restrictions as other payment methods, which can be difficult to use or even blocked in some countries. There are some nations where iGaming is not allowed and while no one should be breaking the law to gamble online, cryptocurrencies make it easier for those in such countries to play casino games and bet on sport.
For those who want to play at iGaming websites which are in other countries, cryptocurrency does not come with a big transaction or currency conversion fee. Cryptocurrency is international and that is going to change the way many iGaming companies operate.
There is no doubt cryptocurrency is going to have a major role in the evolution of iGaming, with probably fair gaming, security, anonymity, and independence all being fine examples of what to expect. However, there are still some challenges to overcome, such as the volatility of crypto and potential regulations that could restrict the use of cryptocurrency in the future.
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