The online gambling market is one of many industries benefiting from cryptocurrency technology. The impact of currencies like Bitcoin and Ethereum on economies around the world cannot be ignored anymore, so it is only natural that they are facilitating big changes in other industries.
Today, we’ll specifically take a look at games offered by online casinos, such as slots, poker, and roulette, which are developed by software engineers and then licensed by the operators.
However, in some cases, these offerings have different variations and styles designed specifically for each operator, audience type, or niche. It’s not uncommon for operators and game developers to collaborate to create unique games to be offered in the online gambling space. Keep reading as we explore how cryptocurrency facilitates innovation in games.
Fast-Paced Games
Enjoying casino games like roulette doesn’t have to be time-consuming, which is something the online gambling industry understands very well. In fact, accessing games like online roulette is now easier than ever, as even while using traditional payment methods, the thrill of the game doesn’t change.
However, such fast-paced gambling games are now made even faster with the use of cryptocurrency, as it allows for instant deposits of funds and withdrawals.
Playing online roulette for real money is possible with just a few clicks on your web browser from the comfort of your home or on the go. This is what makes the online experience exceptional, because as long as your device, smartphone, or PC, is connected to the internet, you will be able to enjoy your favorite roulette games.
What’s more, due to the lack of physical limitations, players can enjoy other variants of roulette, such as American Roulette, European Roulette, and the classic ones, amongst other casino games.
Other attractive features of online roulette include bonuses and promotions, some of which are exclusive to cryptocurrency players, while others are universal.
And, due to crypto’s lower transaction fees, users paying with this currency will typically enjoy higher match bonuses along with other increased rewards. If eligible, these are credited to the player’s casino account instantly, which the player can then use to play more games.
New Possibilities
Cryptocurrency is more than just a digital currency, it’s a part of the bigger blockchain technology that can be programmed to a certain degree. The applications as a whole in the modern world are limitless, from combating fraud to the creation of assets like NFTs. The Ethereum network is a good example of what’s possible: a decentralized network where people have full control over their assets and creations.
The integration of cryptocurrency in the online gambling world has witnessed a huge growth in the number of daily players. One major reason why this is possible is because any individual who owns cryptocurrency can bet on their favorite casino game with just a few clicks. Although this sounds simple, a lot is going on here.
First, crypto transactions are not limited by geographical barriers. In cases where banks handle payments, there’s a complex procedure involved that not only slows down transactions but also charges hefty fees. Also, there’s always a chance that a banking institution can deny the transaction.
In the case of cryptocurrency, the peer-to-peer payment system only needs permission from the person who wishes to transfer money. The process is carried out by a network of decentralized computers within a few minutes and is much cheaper than traditional banks.
This has encouraged crypto bettors to be more actively engaged in online gambling. The frequency of players returning to such platforms has also drastically increased as a result.
This is allowing game developers and operators to create more unique games that cater to all kinds of players. Some online casino games of today might go by the same name as their real-life counterparts, but these offer an array of innovative features not found in brick-and-mortar casinos.
Although traditional gameplay is still the main part of these online games, the new features and accessibility offered to all types of players are what make them appealing.
Overcoming Traditional Challenges
As stated earlier, cryptocurrencies allow individuals to make faster payments and receive funds within minutes. Slow transactions and complex procedures still plague traditional banking systems. Thus, crypto’s seamless transactions make players enjoy the game more as they don’t have to worry about banking institutions or government entities.
Moreover, cryptocurrency payments offer financial anonymity to users at no additional cost. It goes without saying that operators also benefit a lot from lower fees in cryptocurrency transactions.
Finally, the geographical restrictions and the limits imposed by banking systems have made cryptocurrency a preferred choice for international payments. That said, some countries are more crypto-friendly than others, so it’s best to look into this in advance.
Wrapping Up
The uses of digital currencies and their technology in the daily lives of average people are numerous. But it’s important to keep in mind that the technology behind cryptocurrency is still evolving. Thus, even though aspects like privacy and security provided by blockchain technology are unmatched, it’s not flawless.
As such, we advise beginners to do plenty of research on any services and products related to cryptocurrencies, like Bitcoin. Though cryptocurrency is enabling innovation, it has its own set of challenges to overcome, so we will just have to see how this is solved in the coming years.
