It has already been more than a decade since the first cryptocurrency has appeared. From the invention bitcoin of bitcoin in 2009, we have now more than 2000 cryptocurrencies in existence. Some of these cryptocurrencies are now being used as payment for different services.
The concept of cryptocurrency is not new to both players and punters as virtual money has existed in the gaming world for a long period of time. That is why when cryptocurrency starts to be widely used as a payment method, it didn’t take long for iGaming companies to go with the trend. The online casino industry is one of the sectors that benefited the most from cryptocurrencies.
Decentralized transaction
Cryptocurrency transactions are run on a decentralized peer-to-peer network. This means that there is no third party involved – not even central banks or any government bodies. This is the main reason why blockchain and the iGaming industry are a natural fit.
In countries such as Thailand that has a very strict rule in all forms of online gambling from sports betting to playing an online slot or onlinecasino-thai (Sic Bo game), banks and other financial institutions do not transact payment to and from the gambling website. Players here have to look for alternative payment methods. The cryptocurrency might be the best option because government laws don't bound it.
In crypto payment, both the iGaming operators enjoy a level of privacy. All transactions are completely anonymous. The users don’t need to link their credit or debit card in order to make payments. What’s more, the users don’t need to reveal their identities.
Provable fairness
Trust has always been an issue in the iGaming sector. There is a lack of trust on the part of the users partly because of the low level of transparency into wins and losses. The lack of transparency can be changed with blockchain technology due to automated transactions.
If the players use cryptocurrency and win in any games, they will then receive their winning in his wallet automatically. On the other hand, if they lose the system transfers the bet to the operator’s wallet. What’s more, every transaction made using cryptocurrency form wins to losses, and payouts are all recorded permanently in the blockchain ledger. This then can be verified by any user. They can confirm if the online gaming paid out all that was due.
Regulators can audit and monitor bet faster
Since all the transactions are recorded in a blockchain ledger that can be accessed publicly, regulators can easily audit and monitor all the gaming transactions. The officials can easily know whether the rules are being followed or not. They can easily spot those websites that violate their gaming contract.
Not to mention, and data recorded in blockchain can never be altered. The blockchain can be used as proof or source by anyone.
Faster payment method
Right now, cryptocurrency remains to be the fastest payment method in iGaming industry. Deposit transactions can be done in a matter of seconds. For withdrawals, players can receive their winnings hours after the request. To compare, withdrawals using online banking will take a few days before the amount you want to withdraw finally reaches your account. You also need to consider holidays in withdrawing.
No/low fees
Most gaming websites do not require any fees for the transaction of deposit and withdrawal. But if they do, it usually a small amount. Anyone can transact using cryptocurrency wherever they are in the world. No hefty fees are guaranteed for any transactions, even if it’s a cross-border payment.
More secured payment
Blockchain is built with high levels of encryption and decentralization to protect all the users. The technology is also considered to have the best security features in the digital world. Blockchain network is using a code that is extremely hard to cheat, if not literally impossible. Not to mention your personal data or credit/debit card information is not linked to the transaction you made. There’s no way for someone to get their hands on your data.
