Introduction to iGaming and Crypto Currencies

While the concept of iGaming might seem brand new to those reading this article, iGaming, which is another name for online casinos, has been around since 1994. Throughout the thirty-plus years that iGaming has been around, it has gone through massive changes and evolutions. One of the biggest ones has been the evolution of the payment gateways. And when it comes to getting into today’s amazing iGaming sites, cryptocurrencies continue spearheading the evolution.

The Intersection of Virtual Currency and iGaming

The latest trend for iGaming and crypto is the ability to make in-game purchases. However, before diving deep into that, cryptocurrencies are becoming the right arm for today’s iGaming sites to make overall purchases and to remain anonymous.

How Blockchain Enhances the iGaming Experience

Greater Anonymity

When signing up at most traditional online casinos, you often have to enter your full name with your address and even more sensitive details. With cybersecurity, all that more looming, many members are hesitant and justifiably so about creating their accounts. However, with blockchain technology, iGaming members enjoy added autonomy and privacy.

As a result, the early crypto casinos simplified the registration system by only having a username and an email to get going. This also works to prevent cyberstalking from other members who might be bad actors involved or those jealous about one member’s big-time wins, for example.

A Banking Work Around

Traditional iGaming sites feature credit cards for payments. However, many financial institutions don’t support iGaming charges. As a result, this method can be flagged. Not only can these members not play their favorite games, but it might present problems with their banking and credit cards in other areas.

To keep members satisfied and engaged, iGaming sites are relying heavily on blockchain technology to get into the game. Because blockchain works on its decentralized technology, not only are the transactions extremely secure, but they are also approved with lightning speed.

Revolutionizing Instant Payouts

Long gone are the days when members wait several days to get their payouts. Thanks to crypto, many of the real money iGaming sites support their members receiving their winnings that day or even in the hour. Picking up the trend, the latest sweepstakes casinos heavily involve crypto.

Because social iGaming sites don’t support cash bets, members can opt for gift cards or convert those sweepstakes coins into cash for redemption. With cryptocurrency available in the redemption process, members can also receive their converted cash prizes in the hour.

Revolutionizing In-Game Payments

Cryptocurrencies continue to thrive and revolutionize how iGaming members make deposits and payments while playing the game. Through non-fungible tokens, crypto is driving the phenomenon of making in-game purchases. This is similar to those who like playing video games where they can earn badges and rewards to upgrade their armor and weaponry for example.

They can also do this to enter tournaments and leaderboards. And through the smart contracts, players can make in-game customizations and take ownership of them so that other players can’t use them or take ownership of their copyright customizations.

Provably Fair

Gaming fairness is essential to the brand reputation of any online casino. While it hurts not to win with every spin, the fact is that most gamers are used to the fact that they are not going to win with every spin. However, what’s important is that the gaming results, most notably the losses, are fair. The provably fair system is what crypto casinos use to guarantee fair results.

Unlike random number generators that are audited by third parties, with provably fair, members can view the results themselves in real-time with a crypto wallet. The results are provably fair on the decentralized blockchain, so only the members themselves can view them.

Anonymity During Gameplay

Because the top iGaming sites support high-takes tournaments and live dealer play, you might not always want the other members to know who they really are. Imagine being the last player standing at a sit-and-go poker tournament worth $1 million.

Obviously, you can have plenty of bruised feelings in this arena. However, with crypto technology, you can remain anonymous and hopefully win your millions too!

New Gaming Models

With the rise of social casinos, the play-to-earn model really took off. The gold coins are how members play for free, while the sweepstakes coins are how iGaming members compete for cash prizes. However, with blockchain, they can win bonus crypto coins for reaching certain game milestones, for example. They can cash those out like they would with regular game winnings.

Conclusion

Blockchain not only continues to revolutionize the iGaming process, but it creates new ways to interact with it. With cybersecurity a growing concern, blockchain and crypto are increasingly working with VPN technologies and other AI-security measures to guarantee authenticity.