Representing a truly innovative technology, cryptocurrencies constantly disrupt traditional industries. As the most valuable and the most famous project, Bitcoin undoubtedly has the most influence. As an example of Bitcoin in the iGaming space, you can now play on wizardslots.com with Bitcoin in a lot of countries where it is accepted as legal tender.
Entertainment is the one industry outside of finance that is actively being changed by crypto the most. It is one of the largest areas for Bitcoin acceptance, as all people are engaged in some kind of entertainment. For now, let’s focus on the iGaming aspect. What impact does BTC have on it, what’s good and what’s bad about it? Let’s find out.
Bitcoin is the first launched cryptocurrency ever. It is decentralized (as it doesn’t require intermediaries for making transactions), anonymous (as it doesn’t store sensitive information), and transparent (as all users can check details on every transaction). Overall, it’s a peer-to-peer system which works similarly to cash but has only a digital form.
The iGaming industry has emerged along with the Internet development. Traditional casinos and computer games moved online to make the gaming experience more immersive. The biggest part of iGaming today is gambling and betting websites. With Bitcoin invention, a brand new payment method was introduced to them, allowing for faster deals and lower fees, and reducing geo-restrictions.
Casino operators and sportsbooks started using this currency primarily as a new means of payment that has an intention to replace traditional money transfers.
The first advantage Bitcoin has to offer to the iGaming industry is lack of regulation. Most national governments still can’t figure out how to deal with crypto. By existing in a ‘grey zone’, digital currencies avoid restrictions which make fiat transactions expensive and slow. With BTC, there’s no need for numerous intermediaries like payment processing systems and banks. Only a sender and a receiver are included in the process – it’s as simple as that.
The advantages we’ve mentioned are also related to the rise of small gaming platforms. Earlier, online casinos had to fit dozens of requirements from financial and governmental authorities in order to accept payments and offer legit deposits and withdrawals.
Bitcoin is a game-changer here. Using it, nearly everybody can launch their own online service. The only thing needed is a crypto wallet to receive players’ money. Websites with minor games like Primedice and SatoshiDice can compete with large opponents thanks to zero fees and low entry requirements.
Not only small startups feel the influence of Bitcoin, but big brands also benefit from accepting BTC greatly. As casinos aren’t able to accept fiat money from blocked countries, crypto can significantly expand the audience. Customers from any corner of the world can start playing games or betting without the fear of governmental penalties. Websites accepting crypto also are more secure because it’s hard to track BTC transactions.
Another good thing about Bitcoin is that you don’t have to buy a whole coin, you can buy units of it instead and easily use them for entertainment. But it’s also true that extremely wealthy customers, able to afford purchasing several coins, are especially intrigued by a new opportunity – check some of the reviewed Bitcoin casinos on AllHighRollerCasinos.com to get the idea of how huge this segment of the market is.
Pros and Cons of Using Bitcoin in iGaming
Concluding the mentioned points, let’s figure out what advantages and disadvantages Bitcoin brings to the iGaming industry. Good things about it are that BTC is:
Decentralized: There’s no central authority in the Bitcoin network. Each transaction can be verified by all participants of the network and can’t be tracked by any third-party.
Unregulated: So far as Bitcoin reduces geo-restrictions, gamblers from any country can get access to any gaming platform. In addition to that, they enjoy lower fees, as there are no taxes set by governments.
Secure: To make a BTC deal, users don’t have to provide any sensitive data. Also, transactions can’t be reversed.
As you can see, Bitcoin offers a lot of attractive features because of its very nature. By implementing it for making payments, companies can benefit from faster and safer transactions. What is more, the blockchain technology that powers Bitcoin and any other crypto also represents a lot of advantages iGaming can take on board.
As for disadvantages, BTC may be not so good because it is:
Volatile: While small altcoins are even more volatile, Bitcoin is a pretty unstable asset compared to fiat money. That’s why some old-fashioned users still don’t want to play with BTC.
Experimental: The whole crypto market is still in its infancy and its audience is pretty small. We already see how Bitcoin disrupts industries but it will need a few years to bring the process to a larger extent.
Anonymous: This issue has both positive and negative effects. Considered as a drawback, a high level of anonymity may lead to the increase of illegal actions that are already blurring the reputation of Bitcoin.
The iGaming industry is one of the most open to innovations which is why it is being actively modified by the rising world of crypto. As the most influential currency, Bitcoin is taking a role of the main game changer.
At the moment, a lot of companies that make gambling websites have realized the potential Bitcoin offers and have implemented it as a payment. It’s highly expected that more segments of the industry will do the same, with some of them going further and revolutionizing their approaches with the blockchain technology.