How Bitcoin Casinos Reshape The iGaming Industry

How Bitcoin Casinos Are Disrupting Online Gambling

Cryptocurrencies have been receiving more attention as time goes by. Many industries started implementing cryptocurrencies as payment options, including the iGaming sector. 

Many online casinos offer Bitcoin as a mainstream deposit and withdrawal method. Some have shifted entirely to provide a crypto platform where players can choose their preferred cryptocurrency for wagering. Thus, they can get crypto bonuses, deposit easily from their crypto wallets, and withdraw their winnings in crypto. 

So, how far have Bitcoin casinos influenced the industry? What significant shift has the industry experienced due to crypto’s influence? Here’s how Bitcoin casinos reshape the iGaming industry. 

Cryptocurrency and Online Casinos

Cryptocurrency started its journey with Bitcoin’s release in 2009. Back then, the asset wasn’t mainstream, and not many industries had implemented the token as a payment option. 

The iGaming landscape is a sector that actively watches the development of financial solutions. They must follow trends and cater to newer, more efficient transactions while keeping players’ preferences in mind. 

Bitcoin’s increasing popularity is one reason many Bitcoin casinos are available now. Regular online casinos that support conventional transaction methods have also jumped on board, supporting popular cryptocurrencies like Bitcoin, Litecoin, and Ethereum. 

However, the digital token offers more than just a way to appeal to players. A bit coin casino benefits significantly from the token’s decentralised nature. It allows operators to provide more secure and flexible payment options to users. 

Cryptocurrencies are known to be fast to process and less bound by geographical borders. It makes casino games more accessible. In addition, players won’t have to worry about currency conversions. 

How Bitcoin Casinos Reshape The iGaming Sector

The influence of cryptocurrencies is incredibly apparent in the industry. This is because the token offers significant advantages to players and operators. Here’s how Bitcoin casinos have influenced the iGaming industry. 

Speedy Transactions with Fewer Geographical Barriers

One of the online casino players’ concerns when playing is withdrawal times. Traditional payment methods can take a while to complete. As there are intermediaries, the institution must verify each transaction, which can take a few banking days. 

Bitcoin and other cryptocurrencies are decentralised, so payment processing takes much less time to finish. Players can enjoy instant deposits and withdrawals, as cryptocurrencies generally only take a few minutes to verify a payment. This provides a better gaming experience for players. 

In addition, cryptocurrencies are less bound by geographical borders. Users can purchase and transact with cryptocurrencies with a working internet connection. They won’t have to worry about exchanging their currencies or finding an online casino that takes their local currency. 

Heightened Security

Security is crucial in online casinos. Players would find the most secure platform as they would have to store sensitive information when registering and making payments. On the other hand, operators would like to assure players that they can provide ample protection. 

The use of cryptocurrency can be one way to increase players’ security. The blockchain technology backing cryptocurrencies enhances transparency, security, and immutability. Once it confirms a transaction, no parties can alter or reverse the transaction. This prevents fraud and chargebacks, two issues that traditional payment methods often face. 

Bitcoin and other cryptocurrencies also offer higher anonymity. Players must share their detailed financial information when transacting with traditional payment options, but this isn’t the case with cryptocurrencies. 

They will not have to share the information with the operator; no intermediaries will read the players’ data. Overall, this reduces the chance of breaches and identity theft. 

Lower Transaction Fees

Transaction fees can be painful for users and operators alike. Traditional payment methods can charge a hefty sum, especially for international transactions. Players who often transact quickly rack up a large sum from the fees alone, which impacts the amount of winnings that players receive. 

The lack of intermediaries in cryptocurrencies affects fees, too. As no intermediaries are necessary to handle the transactions, it reduces crypto transaction costs. Players won’t have to share a part of their winnings to pay for fees. Meanwhile, operators won’t have to pay as much for processing fees and can increase their profitability. 

Provably Fair Gaming

Every casino player, online and land-based, has likely questioned at least once about the fairness of the games they’re playing. Online casino games tend to rely on RNG or Random Number Generators. It’s a mechanism that produces all casino games’ outcomes to ensure each round is genuinely random. However, many players still doubt RNG’s fairness, thinking that there would be parties capable of manipulating the result. 

The blockchain entering the game helps confirm fairness for players’ peace of mind. Crypto-based casinos usually utilise a ‘provably fair’ gaming model. This model allows players to verify their wagers' outcomes through the blockchain manually. Thus, operators can build transparency and trust with their customers. 

Without the blockchain, traditional casinos can’t offer provably fair. Thus, Bitcoin casinos have changed how players gain better transparency and trust in their chosen casino sites. 

Technological Innovations and User Experience

Like other digital innovations, bitcoin casinos grow alongside technological advancements. Many platforms incorporate more than just cryptocurrency use, as Bitcoin casinos allow users to use the blockchain more. 

The provably fair system mentioned above is one example. The blockchain’s fair algorithms have become a tool for operators to provide more transparency. Players can manually verify the games’ fairness and every wager they’ve placed only when the platform has implemented the blockchain onto its platform. 

Besides the provably fair system, operators can enhance the user interface to appeal to players. The blockchain is often connected to a more modern generation. Thus, Bitcoin casinos ensure they put more effort into designing the interface to make it more attractive. With modern web design technologies, it’s possible to give players a more engaging experience on the side. 

Bitcoin casinos also started a trend where operators offer exclusive games only cryptocurrency users can access. They offer heightened immersion and a more unique gaming experience than traditional casinos. 

With the development of VR (Virtual Reality) and AR (Augmented Reality), online casinos are treading a path towards an immersive, interactive metaverse. They can be one step closer to mimicking the real-life atmosphere of a brick-and-mortar casino. 

Decentralised Casinos

As cryptocurrencies become more mainstream, decentralised casinos are gaining more attention. Decentralised casinos are platforms operating fully under blockchain networks. This means they utilise smart contracts instead of a centralised authority during transaction management. 

Decentralised casinos offer a peer-to-peer experience, allowing players to interact directly with the platform without dealing with the middleman. Without a specific company or operator, the operation relies more on code. Thus, they give players more control over their funds and betting experience. 

As mentioned, decentralised casinos can offer better transparency. The blockchain records all transactions and betting outcomes. This increases the operator’s accountability and ensures fairness to all users. 

Decentralised casinos, or dApps, are still developing, so players haven’t seen their full capability. Still, they have shown the potential to completely reshape the iGaming landscape by eliminating the need for intermediaries.