Why Crypto Is So Often Used In iGaming

If you take a look at the current iGaming space, you'll see that cryptocurrency has a much bigger presence within it. iGaming platforms all over the world accept digital assets alongside or even instead of fiat currency. This means that crypto users have yet another avenue to spend their tokens with ease, and this creates use cases for various ecosystems.

But why has iGaming embraced cryptocurrencies so much? The truth is that cryptocurrency has much to offer for both the iGaming platforms themselves and their users. Some of the reasons are highlighted in this article:

Privacy

These days, many of us are concerned about our privacy online and how our data is being used. As such, we often lean towards privacy-preserving options that keep both our money and data protected. Luckily, cryptocurrency does just this when used on iGaming platforms. Typically, when you sign up on any sort of gaming platform, you'll have to supply different forms of identification, such as your government-issued documents and proof of address.

But when you use cryptocurrency, you can often bypass this process. This is because you only need to connect your crypto wallet to the platform and make deposits or withdrawals as needed. Without creating a traditional account, you can keep more of your sensitive details to yourself as you play.

If you choose to do this, make sure you pick the highest quality wallet you can get your hands on. Say you want to play using Dogecoin, for example. In that case, you'll want to look at resources such as crypto expert Jose Aquino’s 99Bitcoins best Dogecoin wallets guide to take your pick.

Control

Another reason many iGaming consumers choose cryptocurrency is that it gives them more control over their assets. A common concern while playing iGaming titles is that wager amounts will be restricted by your financial institution. If you are using a traditional bank, you might have limits placed on how much you can wager or how often you can make payments. Even if you only have to confirm your identity or go through other authentication processes, this slows down your game time and can be a bit frustrating.

Cryptocurrency does not deal with this issue because it is fully decentralized. This essentially means that no one, not even your crypto wallet provider, can restrict your activities at any given time. You can wager as little as you want and can do so as often as you want, whenever you want. Even those who don't plan to do a lot of wagering still enjoy this option because it gives them full control of their experience. And as long as consumers continue to crave control, cryptocurrency will continue to have a place in iGaming.

Greater Profit

Both iGaming operators and players also flock to cryptocurrency for the chance to make a greater profit. Consider it this way: fiat currency does not see dramatic rises and falls in value the way cryptocurrency does. If you wager $100 and win $120, the value of the currency you hold and its buying power has not likely shifted. But it is possible to wager a bitcoin, win two bitcoins and have the value of a single token become double what it was initially. Many looking to take advantage of Market swings turned to iGaming because it is a quick way to multiply their holdings. If the customer wins more tokens, they could possibly profit in multiple ways.

The same applies to the iGaming operator, as receiving wagers in the form of cryptocurrency means that they could double or even triple their profit without doing anything other than holding the tokens. Cryptocurrencies based on a proof-of-stake consensus, like Ethereum and Solana, can also be staked to earn interest or used in yield farming. Either way, the crypto industry offers several different ways to profit from the various tokens within it. As cryptocurrencies like Bitcoin continue to reach price highs initially thought impossible, more tokens of every kind will become a hot commodity for the iGaming sector.

Transaction Speed

When playing iGaming titles, few things are more frustrating than having to wait for several minutes or even hours for your deposit to be complete and missing out on playing your favorite title. Worse still, you could win your iGaming title and then have to wait a long time for the deposit to be completed. Both cases represent a major pain point for IGaming users, which is slow transactions.

This is often due to centralized financial systems needing to complete several layers of approval. It's even worse if the payment is being made across borders because then, you could wait several days. The good news is that cryptocurrency takes care of this issue, as many tokens are known to have lightning-fast transactions. The fastest cryptocurrencies settle transactions within seconds, and this means no waiting around to either deposit your money or cash out your winnings.

As long as transaction speed continues to be an issue for iGaming consumers, cryptocurrency will continue to see use cases within the industry.

Lower Fees

Besides withdrawals and deposits taking a long time, another possible frustration you could face is being charged a high amount in fees. Depending on the payment method you use, you could end up paying a significant amount, and this could eat into your winnings or reduce the amount you have to wager. This is yet another reason why cryptocurrencies are finding use as you can complete crypto transactions while paying next to nothing in fees. In fact, tokens like XRP and Litecoin have prided themselves in not only completing transfers very quickly but sometimes sending millions of dollars while charging pennies in fees.

This means that consumers can save their precious dollars when playing iGaming titles and have a better experience. This is fueling the demand for cryptocurrency within the space, and it shows no signs of stopping.

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