Will Blockchain Help the iGaming Industry
There is no doubting that blockchain is revolutionizing virtual reality. The major component of the blockchain system the Bitcoin, continues to adapt in accordance to the different user needs since its invention in 2008. There are many reasons why blockchain continues to succeed where others have failed. For one, the platform is decentralized and users can control all their affairs without involving a third party. It helps that the platform is also readily available and can be used anonymously. iGaming has embraced blockchain and here are the benefits it gains from it.
Security
Online gamers take their privacy and security matters very seriously. In this world, hacking an account is quite easy and can be done in a snap. Blockchain ensures technological infiltration is impossible through decentralization. Security with blockchain is a sure bet which is not the same with other similar systems.
Low Charges
Payment methods especially online ones can be quite expensive. Blockchain offers costs that are quite friendly in comparison to PayPal’s 3% fee, Ripples 0.0009 XRP fee among others. Transactions are cheaper for users when using blockchain which encourages online gaming. This in turn increases sales and profits gained in the long run.
Flexibility
Each industry evolves with time. However, the iGaming industry has to continuously change and adapt to new consumer demands and needs. This has seen to its growth in the last decade. It is this kind of flexibility that has allowed blockchain to thrive. What it offers the iGaming is continuous adapting and flexibility with changing times in the industry while delivering on consumer needs.
Accessibility
Thanks to iGaming, players around the world can enjoy their own casino game selections in accordance with their desires. In addition, they can do this at their own time while at home or at work. In countries where gambling is illegal, gamers can still play on the international platforms available. For example, the CherryCasino, one of the earliest entrants in virtual gaming, has opened its doors to gamers outside Sweden. This casino has incorporated online payment to improve withdrawals and payments and its is highly accessible to players from other countries with a system such as blockchain. The system ensures anonymity for all users across the globe.
Fits the technology adept players
The average iGamer is tech savvy and looking for a platform that can make banking easy. The current generation is looking for platforms where payments and withdraws can conveniently be completed online in a snap. Blockchain payments provide exactly that and so much more. Incorporating Blockchain into iGaming will not only attract the young and tech-savvy players but it will also make it easy for the average players to load their accounts and cash out their winnings with relative ease.
Conclusion and Final Thoughts
Online gambling is expected to continue growing for years to come. In the next few years, its’ worth is estimated to be around $100 billion by 2024. Blockchain is also growing at a similar pace. Combining the two will not only makes sense, but also makes it easier for other companies and industries to embrace igaming and Blockchain platforms/ systems. This can only translate to more users, higher profits, and bigger growth in the near future.
