Before we examine how Bitcoin and other cryptocurrencies are impacting the overall iGaming industry, let’s go back in time to examine when and how cryptocurrencies were invented. When discussing the history of cryptocurrencies, the most important name to mention is Satoshi Nakamoto.
This is not a real name, but a pseudonym that one individual or a group of individuals use. Satoshi Nakamoto is responsible for inventing Bitcoin. Back in 2008, Satoshi Nakamoto relied on highly advanced blockchain technology to create a completely decentralized currency.
Unlike fiat currencies, cryptocurrencies are not governed by any official financial institution. Bitcoins and other cryptos are created during the mining process. Satoshi Nakamoto’s whitepaper released in 2008 outlines the entire concept on which Bitcoin relies.
With so many different benefits of using cryptocurrencies, there is no wonder why cryptos positively impacted the global iGaming industry.
Benefits of Using Cryptocurrencies in the iGaming Industry
When it comes to using cryptocurrencies in the iGaming industry, punters across the globe have a variety of crypto-friendly gambling sites to join. In addition, many renowned sites in the Philippines allow their customers to use cryptocurrencies, alongside standard payment options.
This does not come as a surprise considering the fact that in recent years both the technology and investment worlds have become very fond of cryptocurrencies. The increased usage of cryptocurrencies across many different markets has also led to the iGaming market becoming saturated with blockchain apps.
Ingenious features that blockchain technology brings have revolutionized the way online casino players fund their gambling accounts. Cryptocurrencies that rely on blockchain technology guarantee transparent and safe transactions at all times while providing a valuable anonymity layer.
There are many other benefits of using cryptocurrencies in the iGaming industry. Since cryptocurrencies are not governed by any third-party governmental agency, financial transactions are processed quicker.
Since no middleman is ever involved in such transactions, there are no delays or hold-ups. Delays and hold-ups can happen when online casino players use traditional payment options. Joining a crypto online casino can also make players eligible for special bonuses and promotions.
Many crypto online casinos offer bigger welcome bonuses to customers who fund their accounts using Bitcoin or some other supported cryptocurrency. One of the biggest benefits of crypto online casinos is also increased anonymity. In addition, using standard payment options can affect your credit score. This cannot happen when you use cryptocurrencies to fund your online casino account.
The blockchain technology has impacted not only the online casino gaming industry, as a variety of casual games such as Forest Knight have also been gaining popularity among players, based completely on the blockchain technology and the booming concept of NFTs.
The Impact of Cryptocurrencies in the Global Gambling Industry
According to this report published by Statista, there are over 10,000 different cryptocurrencies in the world as estimated in February of 2022. Of course, not all of these are used in the iGaming industry. Those that are used positively impact the industry by guaranteeing greater security and privacy, alongside speedier transactions.
Using cryptocurrencies for online gambling is also more cost-effective. When you turn to standard payment options, commission fees may apply. There are no commission fees when you use cryptocurrencies to fund your online casino account or withdraw your winnings.
With all those great benefits, cryptocurrencies that have already infiltrated the global gambling market are here to stay. Aside from greater validity and security, crypto casinos promote anonymity and privacy, and these are just some of the many great benefits of crypto online casinos that boost the adoption of cryptos in the global sphere of iGaming.
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