More and more iGaming companies are introducing digital currency as a method of pay — is cryptocurrency the future of the industry?
Online gaming has come a very long way in the last decade. Several companies have released countless games that can be played online from anywhere in the world, bringing communities closer and like-minded fans of video games together on a neutral platform. Day by day, access to online gaming becomes much easier, more accessible and even more functional as the online experience of video gaming continues to progress. A seemingly endless supply of online games of all categories, from car racing to full-metal action, are released almost every few weeks, adding even more to the world’s library of gaming gems.
Enter the Bitcoin
Bitcoin, the cryptocurrency taking the world by storm, has been a part of gaming for quite some time now, with the popular currency becoming more and more prevalent in online transactions. In a sense, bitcoin is the perfect companion to online gaming. The fact that this digital currency was created specifically for online use can be divided endlessly and can be paid out anonymously to deter identity theft or fraud makes the currency perfect for gaming in every sense.
Take downloadable content (DLCs), for example, they have become a standard for almost every online game released in recent years. DLCs are additional content a person can download to add even more gameplay to their video game of choice, and gaming giants like Microsoft’s Xbox have already implemented bitcoin as a method of payment as opposed to conventional currencies and bank transactions.
Online gambling sites like Bitcasino allow you to make wagers and bets when you deposit bitcoin into your casino account and often reward deposits with substantial welcome bonuses. Online casinos benefit from the cryptocurrency, which makes online gambling much easier due to the speed, ease and accessibility of transactions. For these reasons, bitcoins’ uptake has seen a whopping 500% increase this year alone as more companies, iGaming, gambling platforms and stores introducing the digital currency as a method of pay.
Because many developing countries don’t have access to traditional methods of banking or the means to pay for online products like DLCs and online casino gambling, bitcoin is the perfect solution. Avoiding credit cards, bank procedures and more time-consuming transactions, anyone can simply tap into their bitcoin wallet and purchase any gaming product they like at unparalleled speeds. Cryptocurrencies open up a whole new world for online gaming, allowing more players to access games and additional content much easier and without worrying about unavailability or transaction issues.
Is it the future of iGaming?
The biggest question often asked is: “Are cryptocurrencies like bitcoins the future of iGaming?” Judging from its recent sky-rocketing and rise in popularity, it would seem so. Bitcoin means a whole new page for iGaming. Mass amounts of players and audience bases all over the world, which were previously untapped due to the barriers mentioned previously, mean a much larger market and a greater flow of money. A person looking to play a casino game who would otherwise be unable due to a lack of sufficient banking structure can now bypass the tedious walls of everyday payment methods like debit or credit cards in a matter of minutes with bitcoin. Connecting players to gaming online is easier, seeing that pay-to-play games are now actually reachable.
As cryptocurrencies continue to become more convenient, easier to access and implemented in online gaming and gambling platforms, it’s safe to say that the perfect answer to everyone’s gaming issues is in these invisible online currencies.