Important Reasons Why Blockchain and Cryptocurrencies Are the Future of iGaming

Bitcoin is not only a new form of money but also a unique technology used in a variety of fields including iGaming. It is based on the blockchain, which is a decentralized distributed database where there is no decision-making centre influencing the operation of the network. Thanks to its transparency and independence from traditional banking organisations and government agencies, cryptocurrency allows gamblers and bettors to control their funds and perform transactions without interference from third parties. 

As one of the fastest-growing industries, iGaming has always strived for innovation. So, it's no surprise that the concept of decentralized gambling was first implemented back in the early 2010s, almost as soon as the number one cryptocurrency emerged. Able to solve many pressing problems including slow transactions, high fees and transparency issues, blockchain is now seen as a crucial technology for the future of iGaming. In this article, you will learn if crypto gambling is viable, how cryptocurrency casinos work, and what challenges the gambling industry will face soon.

Transparency Provided by Decentralized Crypto Casino Platforms

Located on a remote server in the form of applications, online casino games are always perceived as something of a black box as players do not know how they are organised. Therefore, gamblers and bettors are always faced with doubts regarding the integrity of iGaming platforms. Thanks to a decentralized database with immutable records, blockchain allows players to control the integrity of game results themselves. So, crypto iGaming is a wonderful concept where trust is built precisely on technology. 

Decentralized Casino Platforms

While traditional online casinos are run by an operator and monitored by independent auditors and government agencies, their decentralized counterparts use the technology providing full transparency of all transactions. Modern blockchain casino sites and apps employ smart contracts that automate most processes including gameplay in games, distribution of winnings and payouts. 

Increased Trust Thanks to Crypto Gambling Technology

When playing at an online casino, many people are concerned about the security of their personal information and funds, and this doesn't just apply to old-fashioned gamblers who previously favoured land-based venues. However, thanks to its unique properties, blockchain solves a lot of security problems:

• It stores data in an immutable form. No one can modify or delete records stored on the blockchain. This ensures that game results are protected from manipulations on them.
• It ensures anonymity and privacy. Since players provide only the minimum required data set for transactions, they do not put their sensitive information at risk.
• A secure way to store funds and conduct transactions. The main advantage of cryptocurrency is that your digital money is securely protected by advanced encryption technology.
• Automation of all processes through smart contracts. That is, all withdrawals are processed without human intervention, thus reducing the risk of fraud. 

Although blockchain technology is complex, people who have realised its features and advantages are changing their attitude to online gambling. So, cryptocurrency gambling has a chance to become a worthy choice for those who are sceptical about traditional iGaming platforms. 

Why Players Prefer Blockchain Casinos

Although gamblers are showing interest in gambling using Bitcoin, traditional game studios have been slow to adopt the technology. According to a recent survey of providers conducted by Statista, only about 23% of them are incorporating blockchain-based elements - such as NFT gambling or blockchain slots - into their products. However, advantages such as anonymity, worldwide availability, and fast and inexpensive transactions make crypto iGaming attractive to some bettors and gamblers. 

Crypto Payments and Other Innovations

Although crypto has the power of blockchain technology behind it, most people see tokens as a way to pay for goods and services. However, so-called ‘next-generation’ games utilising a blockchain-enabled system - with a provably fair system at its heart - are gaining popularity today. 

Using Bitcoin Wallet for Gambling

To use cryptocurrencies such as BTC, ETH or other cryptocurrencies, a user must first register a crypto wallet. However, there are many modern solutions that make wallet registration and fund transfers even easier than traditional banking applications. Moreover, having a Bitcoin gambling wallet with a positive balance, you can register with a decentralized online casino and start playing almost instantly. 

How to Gamble with Bitcoin?

Convenience, reliability and accessibility are the three strengths of crypto gambling. However, how do you get started playing at a blockchain casino using digital assets? Here's a step-by-step guide to crypto gambling:

• The first step is to choose a reliable iGaming platform. The player should make sure that it has a good reputation, offers gambling options of interest and supports specific tokens.
• Next, the player needs to register a cryptocurrency wallet and store his private key in a safe place.
• The next step is to purchase digital coins. The player can buy tokens on a crypto exchange or convert cash for them through a specialised service.
• Finally, it is necessary to register on the iGaming platform. When choosing a fully decentralized casino, you only need to provide a public crypto wallet address. 

However, there are centralized crypto casinos that differ from traditional ones only in that they support digital assets as one of the many payment options available. Choosing such a platform, the player will have to go through a standard registration procedure with the provision of detailed information about himself.

Features of NFT Gambling

Although blockchain was first used as a payment system, the technology has since proven to be a suitable medium for non-fungible tokens (NFTs). Working like a collector's card or a painting, each NFT has unique characteristics that make it particularly valuable. By adding excitement and engagement to the gaming experience, NFTs have proven to be a great fit for online gambling.