Cryptocurrency’s Importance in the iGaming Industry

Opinion | January 13, 2019 By:

Cryptocurrencies have come a really long way from their initial invention back in the day. Today it’s quite hard to imagine living in a world without them, as they have taken it by storm. Imagining it may prove even harder for those who were able to benefit from it immensely. Over the years of its development, the technology has branched out in pretty much every digital industry of the modern world. Being so closely aligned to finance is what made it so desirable for those mentioned industries to welcome it with open arms. Most of the companies involved were either e-commerce stores, website managers, advertisers and etc.

But the digital currencies have one more trick up their sleeve. The online gambling industry is rapidly adapting to cryptos.

Are cryptos the key to safety?

Gambling itself is very dangerous and is never associated with any skill in most cases. The most popular online gambling games being slots is a testimony to that fact. It all goes down to random number generator (RNG) and is way riskier than placing a long-term trade during a bull market. But let’s say you have already acknowledged the risk, and you don’t gamble for money, you do it just for fun. Is gambling with bitcoin safe and possible for you?

Yes, gambling with digital currencies is very much possible. Quite a lot of companies have already devoted themselves to be crypto gambling providers online. One of which made it on the list the top companies to keep an eye on in the future. The popular Nordic gaming portal highlighted these companies, paying extra attention to Unikrn’s potential in developing a gambling empire with cryptocurrencies, more specifically, it’s tailor-made token.

In most cases, it is even safer to deposit with cryptocurrencies on your gambling account because of the following reasons.

Fewer commissions & more security

Nearly all of the online gambling providers offer less of a hassle when it comes to depositing with cryptocurrencies. As you are aware you need to beef up your account on a gambling website and play through that. These companies in most cases develop their own tokens and encourage their users to deposit using them. In most cases, the deposits happen by buying these cryptos with other cryptocurrencies, such as bitcoin, and using them on the platform.

This does help the tokens grow a bit, but are limited in their use. In addition, the transactions made with cryptocurrencies are always faster and easier than with fiat currencies. Imagine this, if you deposit with fiat currencies, a withdrawal may take a week, which will prompt you to gamble even more and wait for a big chunk to be withdrawable. With crypto withdrawals, you avoid the lure of the game and escape with the profits you have made in time. It’s actually a good way to restrain yourself.  

Clear history

By a clear history, I mean your bank transactions. I’m pretty sure you’re already aware that your bank constantly monitors your transactions. Even if it doesn’t monitor it, it has the database of pretty much everything you’ve spent money on through online transactions.

With this information, they calculate whether or not a customer is eligible for a loan (credit score). It may not come as news, but if you use their card to deposit on gambling websites, it immediately damages that score. Therefore it makes you less likely to be given a loan. Now, I’m not saying that you should fall slave to the bank’s whims; having to apply for a loan is never a good thing. But imagine if it’s an emergency, or if you have some kind of a business idea that needs some initial capital from the bank, the gambling history will damage that severely.

With cryptos, it’s completely different, as you’re not using a middleman at all. You transfer the coins directly from your wallet, and nobody will know you did it. This keeps all of your transactions anonymous, and your credit score intact. I’m going to say it again however, gambling is never advisable for the sake of making money, if you’re going to do it for fun though, be very aware of the risks involved, there’s no predicting how it may go.

If you’re going to play, might as well use bitcoin

I am not endorsing gambling in any way, on the contrary, I’m urging you to look away from it and address safer and more reliable streams of income. However, if you’re keen on gambling anyway, and are aware of the risks and have acknowledged them. . If you’re going to gamble, might as well use cryptocurrencies to hide it from any unwanted eyes. With this, you can enjoy yourself, while still staying on the safe side no matter what.