Unless being over a decade old-fashion, it’s highly unlikely that you haven’t heard about blockchain technology or cryptocurrency in the past few years. Moreover, this digital asset market has been on the rise, with the global cryptocurrency exchange sector valued at $30bn in 2021, just for another excuse let’s say someone may have not any interest in technology or financial news at all!
Not a joke, right now we’re in the future, and these days people use ChatGPT -an AI-based chatbot – to win the lottery! By the way, if you’re a person who fits into the class as mentioned above and you need to come around first, as a recommendation before going ahead check out the following useful ABCs:
- What is iGaming?
- 7 facts about the superiority of iGaming business
- Is it the time to invest in iGaming?
- Starting an online casino: PROS & CONS
Certainly, when it comes to iGaming the industry has actively used cryptocurrencies and advanced with blockchain technology. This includes activities such as sports betting, online casinos, online poker, and esports. The online gambling sector has meaningfully increased in size and experienced a surge in user numbers in recent years, as millions across the world switched from in-person play to gambling online using the internet.
iGaming – blockchain
Blockchain technology records information, making it difficult to change, hack, or manipulate the system. In fact, blockchain is a distributed, peer-to-peer- transaction ledger. Global spending on blockchain solutions reached $6.6 billion in 2021 and could rise to $19 billion by 2024, according to Statista. Blockchains came into prominence with the advent of cryptocurrencies like Bitcoin, which in a related definition is kind of a peer-to-peer electronic money system.
Nowadays, as a principal technology, blockchain is already used in many real-world banking applications, including contract management, real-time transparency, calculations and reporting, inventory management, procurement, funds traceability, lending and borrowing, digitizing assets, cryptocurrencies, reconciliation and settlements [for securities and commodity trades], and secure land registries.
Blockchain technology has the potential to bridge the gap between legal and illegal iGaming markets.
It is a decentralized, shared, and immutable ledger that facilitates the process of recording transactions. Blockchain technology offers enhanced safety and security, transparency and provable fairness, faster transactions at minimal fees, privacy and anonymity, better odds and return to player, and easier auditing processes for regulators. These benefits are particularly useful for the iGaming industry, which faces issues of fairness and trust.
Blockchain technology can provide solutions to these intrinsic problems, thereby enhancing the industry’s reputation. It is a safe assumption that deploying blockchain solutions in iGaming will shape the future of the industry while driving the adoption of the technology.
iGaming – cryptocurrency
According to Wikipedia: A cryptocurrency, crypto-currency, or crypto is a digital currency designed to work as a medium of exchange through a computer network that is not reliant on any central authority, such as a government or bank, to uphold or maintain it. It is a decentralized system for verifying that the parties to a transaction have the money they claim to have, eliminating the need for traditional intermediaries, such as banks, when funds are being transferred between two entities.
At the present time, it’s clear that cryptocurrency is not excepted as a trend anymore and those coins are here to stay. In the years to come, we can expect to see an increasingly varied number of commercial uses emerging for this potentially revolutionary technology, particularly in the financial technology “Fintech” industry.
cryptocurrency has been looked to as a solution to many of the technological challenges the iGaming sector faces.
The decentralized nature of cryptocurrencies and how transactions are verified on the network provide both efficiency and security benefits. Players can receive payouts faster than ever by using cryptos, with their funds making it into their digital wallets fully processed within a matter of seconds.
Cryptocurrencies also offer anonymity and privacy, making them useful in areas such as the iGaming sector, where users must submit sensitive personal information. Additionally, cryptocurrency transactions may offer greater reliability as they do not rely on a third party.
Conclusion
Let’s say clearly: It is a winning match made in heaven that takes in crypto, blockchain, and iGaming in the game. So, the primary benefits are:
- Enhanced safety and security
- Transparency and provable fairness
- Speeding up transactions at minimal fees
- Privacy and anonymity
- Better odds and return to player
- Easier auditing processes for regulators
By the way, to become more mature in the iGaming industry, we know that blockchain has a number of difficulties yet. Cryptocurrencies and blockchain still face a number of obstacles within the industry, including regulation, cost of production, and price volatility.
- Better regulation of digital assets is expected to support growth in their usage.
- Mining cryptocurrencies is an energy-intensive process that requires powerful hardware, which impacts both the cost of producing cryptocurrencies and processing transactions.
- Users might be reluctant to shoulder the added costs over traditional payment methods.
- The price of cryptocurrencies can fluctuate significantly over a short period, which tends to put individuals off using them. With that said, more pricing stability will help to increase adoption and usage.
Here, we also picked up an explanation video by Softswiss which explains how an online casino works.
Despite the fact that the markets always are in the face of ups and downs, there is no doubt about the successful future of technologically-overwhelmed businesses.
With no hesitation, whereas most aspects of our lifestyle are affected by different kinds of technologies, iGaming is one of the most interesting areas to invest.
iGaming: blockchain and cryptocurrency – Leylaj Magazine
