Over the past few years, I have noticed how cryptocurrency and blockchain technology have both slowly crept into the iGaming industry via the back door and have become more widely adopted worldwide in many other industries.
Many market-leading, top-tier software providers and website operators have realised the potential of these two modern technological innovations and how they can improve the games and services they offer on their platforms. They also help foster a sense of trust in the industry as a whole by improving fairness in the outcomes, enhancing security, and boosting transparency.
For example, here are a few reasons why I believe Bitcoin and other legitimate cryptocurrencies are here to stay and will become a major part of the betting industry over the coming years.
Security
- Privacy – online transactions using cryptocurrencies, facilitated by decentralised blockchain networks, help to safeguard online freedom and the very essence of online privacy, security, and anonymity
- Safer transactions – highly encrypted end-to-end blockchain transactions are safer than traditional online transactions using credit and debit cards, bank transfers, eWallets, and so on. The technology makes it near impossible for data breaches or for hackers, cybercriminals, bad actors, fraudsters, and scammers to steal your personal information or money. Even if they did somehow (although extremely unlike it) manage to hijack your data, it would be impossible to decrypt
Fairness & Transparency
- Transparency of transactions – in a similar way, blockchain technology also provides players with better transparency into the payments they make
- Quicker and more secure payments – Crypto payments facilitated by blockchain networks are far quicker than fiat currency payments using traditional online payment methods
- Lower fees and higher limits – Additionally, crypto payments are cheaper (often free, or with hardly noticeable fees) compared to traditional payment methods, and the amounts (deposit/withdrawal limits) are often less restrictive when using crypto as a payment method. Additionally, international players who join oversees/foreign-controlled sites can count on faster and cheaper transactions when using crypto
- Provably fair games – these days, market-leading studios that supply software to the industry’s safest casino sites are starting to use provably fair technology. Instead of people like me relying on international accredited testing agencies such as eCOGRA, TST, BMM Testlabs, GamingLaboratoryInternational, iTech Global Pty Limited, Global Lab Limited, and many others, that test the fairness in the outcomes of online fruit machines and classic table & card favourites for fairness, ‘provably fair technology’ allows people who play on these sites to check the true randomness (and fairness) of the outcomes themselves. It builds trust between players, operators, developers, and the industry, and means there is no third-party interference.
I live in the United Kingdom, and at the time of writing, cryptocurrencies are still not yet accepted by any UK-licensed online betting site operators. However, I strongly believe that within a couple of years from now, almost every fruit machine site with blackjack, roulette, and other similar content will accept one or more cryptocurrencies in their cashier sections.
Can I play lottery games using cryptocurrency?
Yes and no. For example, if you head over to the official askgamblers.com review site today, you can find hundreds of the latest reviews compiled by experts with up-to-date information about today’s best crypto-accepting lottery sites.
Most of their featured brands that welcome crypto as a payment method also accept multiple fiat currencies (e.g., £, €. And $) and traditional online payment methods like PayPal, Visa, and Apple Pay, meaning you can play online lotteries from award-winning providers in your local currency if you still aren’t quite ready to use crypto.
If you decide to use crypto or your local currency to play the hottest titles on a legally permitted crypto-accepting site (or even on one that doesn’t yet accept crypto), always remember to bet within your means. For example, to ensure you remain within your initial spending budget, perhaps consider using any safer gambling tools your website operator may have available, such as session time reminders and deposit limits.