The sphere of cryptocurrency is widening, turning from a niche industry into one that is becoming a mainstream payment option for various sectors.
One of those is iGaming and the gambling industry at large, and this is largely due to what blockchain technology offers. Cryptocurrency offers unique features that fit well with the profile of many online gamblers and the needs of the iGaming world.
Cryptocurrency provides anonymity and almost instantaneous transactions, making it the perfect fit for online players. On top of that, the fees for transactions are far lower than many traditional payment methods. There are many more reasons why cryptocurrency has become the choice for online betting sites in the past few years, particularly the offshore sites – accounting for around 50% of the $500 billion industry.
We will guide you through the benefits of cryptocurrency gambling and shed light on the blossoming relationship between iGaming and digital currency.
The Benefits of Cryptocurrency
The fast-moving world of digital currency has seen unprecedented development in 2021, from companies like JPChase Morgan and Mastercard investing in payment systems to the pioneering cryptocurrency Bitcoin reaching a market price upward of $68,000.
The success of crypto is largely down to it’s inherent value. Major coins like Bitcoin (BTC), Ethereum (ETH), Litecoin (LTE) and Solana (SOL) have become important investment assets and can be used as a payment method, notably in the world of online casinos and gambling.
In many countries, Bitcoin and other major cryptocurrencies are not issued by a bank, or protected by government legislation, which has resulted in the concept of decentralised finance (DeFi). The concept of ‘DeFi’ currency is very appealing to newcomers, as well as long term crypto enthusiasts. There are plethora of appealing aspects about crypto, but here are just a few:
- Transactions carry low fees (often no fees at all)
- Payments are confirmed…
