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Are Cryptocurrencies the Future of iGaming?

Written by:
Payton
Published on:
Nov/17/2017

There has been a lot of discussion recently about the merits of cryptocurrencies such as bitcoin and ether.

Some people view them as fantastic investments and others think that they are simply part of an investment bubble, while they have also been described as commodities.

Yet, perhaps the most exciting possibility that awaits us is that of using this kind of digital currency for iGaming purposes. Certainly, there are a number of powerful reasons why cryptocurrencies could be the future of iGaming.

High Levels of Security

Arguably, the biggest benefit of using a cryptocurrency is that it is incredibly secure when you follow some simple steps. This ties in with the fact that one of the main concerns that people have about paying for online games has to do with the security of their money.

While credit cards and other payment information can be stolen, bitcoin and other digital currencies are virtually impossible to steal. This is partly due to the fact that the tough security measures mean that your virtual wallet is located on your own computer as well as protected by a password.

Even in those rare cases in which hackers have somehow stolen digital currencies, it proves close to impossible for them to turn the virtual coins into hard cash without being traced. Of course, this high level of security protects gaming site operators as well as players.

Fast and Convenient

Even a gamer who isn’t particularly concerned about security risks may still be swayed by the speed and convenience of cryptocurrencies. While some traditional methods of funding a gaming account can take hours or days to go through, digital currency transactions tend to be instantaneous.

This means that you can both deposit and withdraw money more quickly. In addition, this is a convenient way of keeping money separate from your land-based bank accounts purely for safe bitcoin gambling on a varied and secure gaming site, if that approach suits you. At the moment, some online casinos and bookmakers offer bitcoin deposits, but in many cases, it means that players deposit in bitcoin but play in other currencies. However, we've also seen a few online providers embrace bitcoin gambling more fully, with brands such as CryptoGames even allowing people to play with ethereum, dogecoin, gridcoin and more, in addition to bitcoin.

Cryptocurrency Art Gallery by Namecoin, on Flickr
"Cryptocurrency Art Gallery" (Public Domain) by Namecoin

Anonymous Transactions

Another feature of these currencies that make them ideal for iGaming is that it allows for anonymous transactions. While this might not be such a big deal for some people, for others it is crucial.

For example, if a player doesn’t want to link their gaming account to their cards or their traditional bank account, then this is a sensible option. Of course, it would be more correct to call bitcoin transactions pseudo-anonymous rather than anonymous, as what you do is only linked to an electronic address that doesn’t reveal any of your personal details.

This aspect of pseudo-anonymity is one of the most controversial aspects of digital currencies, as some people fear that they could be used for illegal activities such as money laundering. Yet, as mentioned earlier, the fact is that turning online coins into hard cash isn’t as easy for criminals to do as you might imagine.

Not everyone is convinced by the prospects of bitcoin and other digital currencies as an investment. However, the benefits that we have looked at should be enough to ensure that it becomes an ever more popular way of iGaming over the coming years.

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