The role of cryptocurrency in iGaming

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crypto in gaming

During the last year, the world of online gambling is adopting cryptocurrency rapidly. Why? There are many reasons for that. Cryptocurrency is a global phenomenon. Various industries are adopting it and they are seeing benefits from it. One of those industries is online gaming. 75% of online game players are using cryptocurrencies to exchange their practical assets for a currency that they could manage to buy and sell on their platforms. The forecasts say that at the end of 2020 the price of the electronic games platform will reach more than $59,000 billion. With these numbers, everyone can see that the world’s online gambling scene witnesses a very dramatic growth.

Online casinos, poker, blackjack, roulette, keno, and other different betting games and commonly all the actions provided in virtual gambling. Applying cryptocurrencies in online gambling is followed by new payment methods and the development of financial technology and online banking. Anyone can use cryptocurrency while playing. For example, if in one country one can’t play online games because of the restrictions and punishments, they can just play with cryptocurrencies in another country’s platforms where they can gamble with cryptos and don’t worry about authorities. Cryptocurrencies are well regulated, so the problems with this digital money are way less.

Before you start an online game, you need to understand how to play them and how it is possible to win the actual money. The values of cryptocurrencies are changing all the time. If you are enjoying gambling, then you should think twice about losing the digital money because, after one month, it can cost you way more than you expected. That is why people are educating themselves about online gambling. They are learning about poker, roulettes, and even about keno. It is possible to win this game even every time, but one needs to know how to see winning keno patterns easily. Keno is one of the most beginner-friendly online games but people are still researching it because they are extra cautious about losing the cryptocurrency.

The integration of blockchain technology in online gaming can really make a revolution. Blockchain is giving a number of benefits to online gaming. The clarity of blockchain technology can be very useful for gaming.

What is cryptocurrency?

It’s a digital currency that doesn’t exist in a physical form. Yes, we all know that there are some fun graphics of cryptocurrency but they are not existing in reality. Those minted tokens everyone is drawing are just graphics. It has no intrinsic value and the main thing about it is that it’s decentralized. Meaning that no central authorities and banks can have control over it. There are hundreds of o cryptocurrencies in the world and all of them have different values. Some of them are very serious investments and some of them are less so.

Cryptocurrencies were a byproduct of the answer for a divergent provocation. The creator of cryptocurrency was trying to have a digital cash system that could have a decentralized operation. People were thinking that it was impossible to achieve but he came up with one of the revolutionary ideas to make an involved blockchain and bitcoin. How does cryptocurrency work? Cryptocurrencies depend on a network of peers. Every peer on the system has access to the record database. This database records every single transaction that has ever happened and also exposes the balance of every account. Some people think that this system could work not only in online gaming but also in voting and politics. It could record every vote. Blockchain could easily find the fraud voter and the results would be much more accurate than it is now.

How does cryptocurrency work in online gaming?

What is the general idea behind cryptocurrencies and online gaming? Gaming audiences and cryptocurrency enthusiasts have much more in common than most people think they have. Online games are adopting cryptocurrency rapidly to solve the problems related to transactions and scams happening on the online gambling webpages. Cryptos are promising to gamers because of instant transactions and the ability to play anywhere.

The individual doesn’t need to interact with authorities and banks in order to enjoy their favorite online video games quickly without any problem. Another issue is that some countries are not allowing gamers to play online. Cryptocurrency allows gamers to play anywhere in the whole world. The gamers can do that without any fear and while playing they will be also protected because of the blockchain. Gaming with cryptocurrency is cool because the person doesn’t need a confirmation of the identity or email in order to play their favorite games online. So, for everyone who is not comfortable sharing personal information, can use cryptocurrencies for playing. Cryptos are also very easy to withdraw. It happens without any restrictions.

Conclusion

There are 2.7 billion gamers in the world who are spending around $159.3 billion on online games in 2020. The whole market and numbers will grow year after year and it will surely reach $200 billion by 2023. Cryptocurrencies are evolving in every industry, not only in the gaming field, so it comes with no surprise that people will surely adopt every form of an act of getting more of those digital “coins”. Cryptocurrency is going to change the whole world and it is surely starting with the gaming industry.

Cryptocurrency proceeds occupy the moon and shoot for the stars in all spheres. It’s certainly correct that the technology will change the face of the gaming industry if it ever saw extensive adoption of digital money, but the blockchain system will not stop in there. The truth is that right now the really exciting experimentation is happening at start-ups and smaller companies, everyone is trying to somehow know more about the blockchain system because it is even used in renewable energies. The future is now and no wonder that some people are already making their lives and fortunes by online gaming and cryptocurrencies.