Before we start going into details, let’s start with a little history lesson. Pretty young story that is. Beginning in the not too distant year 2013 with the dice betting platform PrimeDice, the cryptocurrency made a generous entry into the casino industry.
How did Bitcoin enter the iGaming industry?
Other gaming sites like Bitcasino.io followed closely in 2014 and expanded to include a crypto sports betting site Sportsbet.io in 2016. Obviously, the casino industry is always at the forefront when it comes to innovation Currency had to show up after all.
The iGaming industry was an early adopter of Bitcoin and other cryptocurrency payments – but keep in mind that the Bitcoin network was only founded a few years ago. Bitcoin inventor Satoshi Nakamoto mined the first block in 2010, while the first Bitcoin transaction took place in January 2010.
So you see – we live in fast times and the industry never sleeps. Enough history for now, let’s examine what makes cryptocurrencies such a great choice for your daily casino endeavors, right?
Blockchain in the iGaming industry
Not so long ago, in 2018, an estimate found that 50% of all Bitcoin transactions were related to online gambling. Today, cryptocurrencies can be used for many purposes in the iGaming industry other than using them as a method of payment. Below are some of our favorites implemented today:
Transparency and fairness
One thing straight away: Blockchains are immutable. This means that they actively reduce the risk of fraud and that transparency is guaranteed through public availability. The use of applications based on so-called “smart contracts” is another factor.
Decentralized apps, or “Dapps” for short, make it easier for everyone to check these transactions so that nothing remains in the dark. In addition, gambling regulators have the advantage of using blockchain technology in joint licensing procedures (the market is highly regulated) to ensure compliance with regulations and ensure the best possible transparency.
iGaming platforms based on blockchain
Ever heard of FunFair? No problem. FunFair is a white label online casino platform that specializes in blockchains. It’s a simple one-step process that all operators need to do is add their branding and they can start marketing their online casino in no time.
The big kicker? FunFair enables operators to choose from several game developers (such as NetEnt) that can be used in their online casinos.
We previously spoke of “smart contracts”, which essentially means decentralization. This means that no centrally controlled company like a bank will store the funds, resulting in lower commission costs for the operator and, unsurprisingly, faster transaction speeds. And who doesn’t like that?
Additionally, white label sports betting solutions like Bethereum bring the benefits of using a blockchain for sports betting.
Better payment processes
Compared to traditional financial transactions, cryptocurrency transactions are faster and cheaper. By switching to payments in cryptocurrency, the operators are reducing the costs for payment processing. At the same time, players get a more convenient way to make deposits and withdrawals, resulting in a win-win situation.
What are the benefits of using cryptocurrency in iGaming?
- Online casinos make great use of cryptocurrencies
- Many of them use blockchains as a means of payment
- The biggest advantage? Lower fees and superior exchange rate
The rise of digital currencies has led to a revolution in payments in online casinos. It’s been around for a while, and as mentioned, the iGaming industry has been at the forefront of this revolution. As soon as crypto hit the market, online gambling dens started implementing the currency in their daily framework.
With great success, we may add. And yes, Bitcoin was the first to hit the market and took it by storm – but it wasn’t long before others followed suit. Tron gambling clubs, Ethereum Club, Bitcoin Club, and even Dogecoin clubs have been made available to players around the world. And we say: More power for you!
More variety means more options for the player of what we can all get behind us. Web-based gaming and digital currency are a heavenly combination, but a lot of gamers don’t understand the convenience and, frankly, the power of that connection, leading to skeptical reviews everywhere.
These speculators are one of the reasons betting laws were put in place to restrict such payment methods; all the more reason to use review sites to find out where the best place is to use cryptocurrency in online casinos.
New technologies are being invented little by little, which means that additional security protocols must be implemented to protect you – the player – from this advanced technology. Online banking systems are encrypted and usually safe to use, but inventive hackers are constantly trying to find a way to access your sensitive data.
Ordinary banks have natural vulnerabilities that can be exploited, but crypto is a completely different game. Completing transactions and sharing your private information can be accomplished without compromising your security and privacy, which is a huge bonus.
With blockchain-based payments, transactions are secure and the risk of financial damage is reduced. Transactions cannot simply be manipulated. Another great feature of crypto is the ability to place as many private bets as you want. Anonymity is very important here.
Enjoy great credibility
Aside from the obvious benefits of crypto for online casino operators and players, blockchain is influencing many technologies that online casinos use. When used correctly and managed correctly, the technology enables operators to deliver an unmatched user experience.
The main benefit is that online casinos that use blockchain technology don’t have to mess with third-party providers. The blockchain secures all transactions that take place. It doesn’t need any support and that means that modern gamers interested in online casinos can accept digital payments.
Players can play games and complete transactions without any outside threat, which further increases the mentioned credibility.
Get better promotions and casino bonuses
Crypto transactions are what we call “end-to-end” and therefore processing is easier and also much cheaper as there is no middleman. When you get your coins direct from the operators, promotions and casino bonuses can be much more generous – there are no additional costs that neither the player nor the casino benefit from.
Mild wagering requirements and better terms and conditions (T & Cs) can be a great way to earn those extra coins. Small supplement; You can convert these free credits into lucrative winnings and some casinos even offer physical perks like smartphones or other technical gifts.
Inexpensive payments that don’t last forever
Let’s face it, the era of traditional payments is over. They may have their advantages, but in our humble opinion these are far outweighed by their limitations. Traditional payments offer a lot of liquidity, which means there are fewer problems converting your money into gaming credits. However, there are many loopholes that skilled hackers can – and will – exploit.
Traditional banking methods can cause you to lose your hard-earned money just trying to complete a transaction. The solution? You guessed it. Crypto payments. There really isn’t a major downside to using this method.
You have speed and security on your side as crypto transactions are instant and your identity is of course hidden. If you want to validate or verify your transactions, you can refer to the decentralized general ledger.
The best comes for last: Crypto has very low transaction fees. All you have to pay for is your internet connection and computer power, which most of us do anyway. There are no external fees here.
The future of Bitcoin in iGaming
Crypto plays an essential role in web-based betting today and is an important partner for online gambling clubs and especially for the gamblers. With crypto, the exchanges you trade in betting areas are faster, easier, more helpful or better protected.
Crypto betting has made amazing progress since the first days and we are sure that the training will continue to grow and improve to help all the players in the world. Last but not least, our prognosis for the future is bright. We are excited to see what this special branch of industry has in store for us!
The best way to learn – browse review sites to improve your game
We can talk all day long about what WE think is best for you, but at the end of the day; It’s your choice. The best way to expand your knowledge and be better able to judge these kinds of things is to look at leading review sites and get your own picture of which iGaming platform to choose.
Online comparison sites do the hard work for you by checking which Bitcoin casinos are proven to be fair, licensed, and regulated, and offer great welcome bonuses that are easy to redeem even while playing.
As the mantra says, when it comes to investing in cryptocurrency, do your own research (DYOR). Playing with crypto shouldn’t be any different. Review sites provide you with a starting point for your crypto casino career so these sites are well worth popping up and taking a look at if you are looking for the best bonus offers.