Are cryptocurrencies on track to dominate the gaming and gambling industries?
Cryptocurrencies like Bitcoin and Ethereum are becoming increasingly popular in the gambling and gaming industries. The decentralized and secure nature of these digital assets has made them a preferred payment method for online casinos, sports betting sites, and gaming platforms. With more than a third of the world's population now made up of gamers, the demand for secure and efficient payment options has never been higher.
Today gamers make up more than one-third of the world’s population according to Global Games Market Report. Many online casinos, sports betting sites and gaming platforms now accept cryptocurrencies as a form of payment and it made it easier for players to enjoy their favourite games and bet on their favourite sports teams, regardless of where they are in the world. Cryptocurrencies offer lower transaction fees compared to traditional payment methods. This is particularly important for those industries, as small transactions are quite common. With lower fees, players can keep more of their winnings, and operators can offer more competitive odds. Additionally, the advantage of cryptocurrencies in the gambling and gaming industries is the speed and security, as the transactions are processed almost instantly, which means that the players can deposit and withdraw their funds quickly. Additionally, cryptocurrencies use blockchain technology, which is incredibly secure and virtually impossible to hack, making them an ideal option for online gambling and gaming platforms.
Nowadays, cryptocurrency is being used more and more as a method of payment for gaming services. The growth of the crypto market has brought this new digital currency into a number of markets. This makes some countries accept it as a new way of decentralized and secure payment methods. The way how cryptocurrency can be successfully incorporated into the gaming and gambling industries as a payment method is via compliance and security and compliance has always been in Coinify’s DNA.
The Benefits Of Using Cryptocurrency In The Online Gaming Industry
The gaming industry has begun to adopt cryptocurrency in a variety of ways, e.g. some casino companies now accept cryptocurrency as payment, while others reward players with cryptocurrency for their in-game accomplishments. There are even some games that are built entirely on blockchain technology. Online gaming consultants are now adopting new ways to help gaming firms. There are many ways that cryptocurrency can be used in the gaming industry, and we are only just beginning to see the potential of this technology. Below we look at a few factor that makes crypto beneficial in the gaming industry:
Instant Transaction. Cryptocurrency helps to make playing games easier by getting rid of the need for a middleman, which results in a faster and more efficient gaming experience.
Ability to Play Anywhere. Cryptocurrency offers a convenient and secure way for gamers to play across borders without worrying about security risks or exchange rate problems. Players can enjoy the game without the need to provide personal information or verify their email, and they can easily make payments and receive winnings without any limitations, regardless of their location.
Safe and Secure. Ensuring security is vital when conducting multiple transactions within online games, as trust can often be a concern with online gaming websites. Using blockchain technology in online gaming helps to prevent the unauthorized trade of digital assets and ensures their protection.
No hidden fees. The use of bitcoins involves no hidden fees, and there is no waiting for your money to move.
Increased revenue: Cryptocurrency can help to increase revenue for gaming companies by providing a new way to monetize games and in-game items.
Enhanced player experience: Cryptocurrency can enhance the player experience by providing a more immersive and interactive gaming experience.
Crypto Numbers In The Online Gaming Industry
In 2018 February, Worldwide Asset eXchange™ surveyed 1000 video gamers in the United States who have previously purchased, sold or traded virtual items online. The study found that 55% of millennial gamers own cryptocurrency and 80% are interested in using cryptocurrency to make transactions within gaming. Additional results showed that 75% of study respondents said that they could exchange their virtual goods for currencies that they could use to buy/sell on other platforms. In addition, the respondents cited the benefits of cryptocurrency adoption within online video gaming communities, 75% of gamers found the ease of use as a major benefit, followed by 42% who liked how cryptocurrency radically reduces exchange rates and 66 % crypto-heightened security.
In addition in an interview with AffiliateCon Virtually Live, Olle Dickson of BitStarz said: “Players who might have been sceptical about crypto at the beginning have started to adopt the use of cryptocurrencies, and we don’t see them going back to fiat." So looking at the growing crypto adoptions proves that cryptocurrencies will be widely used in the future not only in the gaming industries.
The Role Of Cryptocurrencies In The Online Gambling Industry
Gambling statistics indicate that there are tens of thousands of players engaging in this activity each week, leading even reputable websites to accept cryptocurrencies as payment in order to accommodate the growing demand. Since online casinos began accepting bitcoin payments in 2012, gamers have preferred using these digital assets to fund and withdraw their earnings from their preferred gaming sites. Ever since other digital currencies have followed the trend. As a result, this has given rise to several crypto casinos, including Tether, Litecoin, Bitcoin Cash, and Ethereum. Online gamers enjoy playing on these cryptocurrency casinos thanks to their vast casino features. These casino features include exceptional anonymity, top-notch security, and appealing design. As more people take advantage of these benefits, the gaming business continues to increase in popularity. In fact, reports show that the estimate of crypto gambling currencies was worth around $1 billion in 2021. According to gamblinginsider.com cryptocurrency in online gambling is expected to grow and is projected to grow to 646 million by 2023.
The adoption of blockchain technology by casinos has resulted in an expanding user base. It is likely that more and more traditional and online casinos will offer cryptocurrency. This way, casinos can overcome the lack of personal interaction that affects the industry.
According to the leading company in crypto gambling Softswiss, a report from 2022 shows continuous popularity and development in crypto gambling. The results show the sum of bets in digital coins in Q1 2022 doubled (by 116,7%), compared to the same period in 2021.
To conclude cryptocurrencies have transformed the gaming and gambling industries immensely. Apart from the few disadvantages, these digital assets guarantee a transparent, fair, secure, and speedy gaming experience. Thus, players can be sure to enjoy more generous bonus offers and promos, safer gaming environments, instant deposits, and faster payouts.
Interested in offering virtual currency payment options?
