The Rise Of Bitcoin And Other Cryptocurrencies in the iGaming Space
Bitcoin and other cryptocurrencies have taken the digital world by storm. Every year, their rise is enormous as more and more people are choosing cryptocurrencies for various online transactions. Over the years, the online gaming and gambling industry have been trying new technologies to level up their games. So, the use of Bitcoin and other cryptocurrencies in the space comes as no surprise. There are many online casinos and video games that use blockchain technologies and special crypto coins, for which you can find tons of information on various websites.
Why choose Bitcoin and other cryptocurrencies
Cryptocurrency and blockchain technology offer many advantages to gamblers and video game players. Firstly, all the profits from gambling and gaming go straight to the player, with no third-party mediators. Thus, there are also no extra fees on transactions, as with bank transfers or e-Wallets like Neteller. In addition, all transactions are highly encrypted. So, there is no fear that there will be an online scam, or that someone will steal your money.
Another perk of the cryptocurrencies is that it allows gamblers to have access to markets where there could be state restrictions. What's more, gaming transactions do not appear on bank statements. Cryptocurrencies work anonymously and discreetly.
Bitcoin in online casinos
With all the aforementioned advantages, it makes sense that many online casinos accept Bitcoin as a payment method. In order to attract new gamblers, an online casino has to consider player's preferences. Therefore, when gamblers turn to Bitcoin, online casinos have to accept it as a payment method in order to survive in the industry. Besides, the same rules of anonymity and safety also apply to the casino. By consulting sites online you will be able to compare which one suits your needs best.
Overall, Bitcoin is a great payment method because as time passes, its value increases for both ends. Despite the volatility of its nature, as its value might drop out of the blue, in the long term, it increases. This means both casinos and gamblers will ultimately have a gradually increasing Bitcoin balance.
Blockchain technologies in video games
Blockchain is an incorruptible method of creating digital account books for any transactions. The fact that it is incorruptible makes it attractive for players since it cannot be hacked. It is a means for both players and casinos or game providers to feel safe that the games are fair. Moreover, it is a secure way to keep track of financial activities but in a discreet way that cannot be tracked by third-parties. Blockchain technology can even track in-game purchases.
It can also be used for recreational reasons. That is there have been some video games where blockchain is like a means of the game. For instance, in the game CryptoKitties, players can buy, breed, and sell cats. The game became such a huge success in 2017 that it gave the nudge to use the technology in more ways than normal.
Bitcoin and cryptocurrencies in the COVID-19 era
The global pandemic forced everyone to stay at home for a long period. So, all those who used to visit regular casinos had to adapt to the new reality and opt for legitimate online casinos to gamble. This led to the even further rise of Bitcoin and other cryptocurrencies. In 2020, Bitcoin's performance skyrocketed. Thus, many gamblers and players turned their eyes to cryptocurrency. It is an occasion that is still going strong and will probably keep on going like so.
Conclusion
Bitcoin has many advantages. Transactions are extremely fast; it does not charge extra fees, it is completely anonymous, safe, and private. It has everything that online gamblers and video game players want. On websites such as Winvio, there are lists and reviews of online casinos that accept Bitcoin as a payment method. Therefore, players will be able to find whatever suits their needs. Overall, it is the most convenient method for online gambling and gaming without a doubt.
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