Popularity of cryptocurrencies across iGaming industry
When for the first time, cryptocurrencies appeared a couple of years ago, it has changed the way money transfers, in a better and much more efficient way. Checks and account balances that are pretty common are out of the question in the world of cryptocurrency!
What is the difference between cryptocurrency and other currencies?
Different than usual currencies, which owe their trust to banks, this is a digital currency that depends significantly on technology. Blockchain technology, generally speaking, acts like a distributed ledger. Unlike standard remittance information that is stored in one place, the details of transactions are performed using digital currencies that are shared across multiple locations around the world. Profitability and speed of payments are the main advantages of using cryptocurrencies. This is simply because there is no need for intermediaries to make a payment and it is only concluded between the parties making the transaction.
Did Covid pandemic affect the cryptocurrency market?
The 2020 COVID-19 pandemic has demonstrated that cryptocurrency market volatility is not as unpredictable as traders initially expected. Cryptocurrencies are definitely a growing trend among online casinos and bookmaker operators, and it’s easy to see why digital currencies have achieved such sensation.
Online casinos and gambling platforms that exclusively use cryptocurrency for transactions have lower fees and go beyond institutional rules. Blockchain has brought a secure and untraceable ledger to the iGaming industry. Regulatory authorities are unable to track blockchain transactions, which adds to the appeal of cryptocurrency overall security.
Will cryptocurrency gambling continue after COVID disappears?
Research showed that people hope cryptocurrency betting will be popular even after the COVID-19 pandemic disappears. Cryptocurrencies are definitely. The cryptocurrency game has caused a stir among lawmakers and financial institutions that are unable to take advantage of cryptocurrency thanks to the blockchain platform.
Bookmakers have benefited greatly from the lack of blockchain regulation. Since most sports betting platforms do not want to involve third parties, blockchain and cryptocurrencies have provided a unique opportunity that cannot be missed. The cryptocurrency has intensified competition in the casino industry and virtual sports by introducing casinos with cryptocurrency. Finally, players have an edge over the casino, as well as a higher return to player percentage (RTP). Blockchain and crypto gambling has revolutionized the online casino industry.
What is the difference between traditional online casinos and bitcoin gambling platforms?
The former traditional payment methods such as bank transfers and credit cards are connected more with traditional casinos, while in cryptocurrency casinos the latter rely on bitcoins payments. For instance, if you visit a bitcoin casino in Australia and open a new account, you will need to deposit through your electronic wallet and pay with bitcoin. Simply, you cannot wager with using traditional payment methods, only with virtual funds.
Bringing Cryptocurrency to the Futures Market
Links between the financial sector and the sports betting sectors have been inevitable thanks to recent attempts to regulate the market. If crypto sports betting became part of the futures market, traders expect more outside interference from authorities. Cryptocurrency betting is a hot subject among tycoons and financial institutions. Authorities have expanded the scope of the ban on gambling contracts that benefit sports leagues, but crypto and blockchain transactions are not topic to the same rules as regular currencies.
ErisX, a company that provides trading, withdrawals with cryptocurrency, has expressed concern about cryptocurrency betting. They believe that crypto-betting futures deserve a rightful place in the market. Therefore, the company has formally applied to the Commodity Futures Trading Commission for approval and if ErisX’s proposal is approved, the crypto market base will experience an unprecedented shock. The players criticized ErisX’s proposal, saying the move would lead to an increase in the number of third-party regulators. Regulating the blockchain platform and bringing cryptocurrencies to the mainstream market would destroy the best opportunities for cryptocurrency betting.
Technology as a major force
Technology is driving the development of online casinos and sports betting and the experts forecast that the market for cryptocurrency casinos and online sports betting will grow by 15% in the next 4 years. Apparently, small businesses started to develop their own cryptocurrencies in the hopes of conquering the market.
A serious joke
Dogecoin started out as an internet joke, but thanks to cryptocurrency traders, billionaire Elon Musk and Reddit platform, its value has skyrocketed. The gaming industry is constantly striving to keep up with incredible advances in technology to empower the community in the future.
Blockchain has opened up new opportunities on various betting platforms. The Ethereum blockchain allows players to use real-time data to place bets. Cryptocurrencies are slowly demonstrating their value in global markets.