iGaming industry increasingly adopting cryptocurrencies
Blockchains and cryptocurrencies, one of the trendiest tech advancements in recent years, have spread all over the world and have been actively altering numerous sectors and economies at an incredibly fast pace. What seemed to be a gimmick at first, is now being utilized as a strong instrument of change to decentralize organizations and provide new forms of investment and even entertainment.
The iGaming business, which is worth over $30 billion in Canada and is likely to grow dramatically in the next few years (thanks to new legislation being passed in several provinces across the country), is undoubtedly one of the markets that has benefitted the most from the advent of blockchains and cryptocurrencies.
In the past two years, as the world came to a halt due to the COVID-19 pandemic and people had to stay inside to comply with quarantines and lockdowns, land-based gambling venues were forced to shut down physical operations. This resulted in a boom in online gambling, as online casinos and sportsbooks became a safe and appealing alternative for punters all over the world.
However, one of the most interesting aspects of the iGaming industry is that its operators are continuously striving for innovations, carefully following the latest tech advancements in order to deliver a genuine gaming experience. In the last decade, innovations such as streaming technologies, which allowed players to experience games in real time with professional croupiers, and virtual reality.
As a result, it was only a matter of time before iGaming operators started taking Bitcoin and other cryptocurrencies as a method for deposits and withdrawals. Especially given that both businesses share significant characteristics, such as user bases, with males under 45 years old accounting for a sizable portion of income in both situations.
In this article, we’ll go over the fundamentals of blockchain technology and cryptocurrencies, as well as some of the benefits of using them to play online. But for more information on betting with cryptos and operators that accept them, bettors can resort to tools like CasinoHelp.ca, which provide thorough guides and reviews, and even tutorials to help players navigate the world of online gambling.
Blockchains 101
Despite the fact that digital currencies have been advocated since the 1980s, they did not become completely functional until the late 2000s. Many digital currencies were envisioned in the 1980s and 1990s, but all of them suffered the same difficulty: the double-expenditure problem.
This issue was solved in 2009, when a group of developers and programmers, working under the alias Satoshi Nakamoto, created the world’s first blockchain, which would serve as the public ledger for the digital currency they were developing.
Records within a blockchain are called blocks, and each one contains data from previous blocks, timestamps, and strong cryptography that offer proof-of-work and are nearly impossible to modify, hack, or tamper. With the establishment of a blockchain, this group of programmers was able to create Bitcoin, the world’s first decentralized cryptocurrency. From then on, numerous cryptocurrencies were developed utilizing the same blockchain technology, such as Litecoin and Binance Coin, also known as altcoins.
Cryptos in iGaming
One of the primary reasons for the rapid rise of cryptocurrencies is their security, since cryptos are among the most secure methods of conducting financial transactions online. Because no banking institutions or regulatory bodies are in charge of running these blockchains, and because they are decentralized systems, crypto transactions cannot be tracked, and all personally identifiable information is absolutely protected.
Faster transactions are also an important aspect of betting with cryptos. Deposits and withdrawals using traditional currencies and other payment methods might take several days to process. Whereas, with cryptos, funds are made available instantly.
Cryptocurrency withdrawals can also be conducted with cheaper fees and taxes. Since banks and regulatory bodies are not engaged, all third-party actions, including taxes and fees, are reduced, resulting in lower overall transaction costs.
The iGaming sector has long been recognized for its innovations, and with the emergence of mobile technology, portable gaming devices, and cryptocurrencies in recent years, this industry has shown extraordinary potential. The future of cryptocurrencies in online gambling seems certain as technology advances, and the crypto betting sector is likely to rise rapidly in the next few years.