How is Crypto Transforming the World of iGaming in 2021

The Transformation of iGaming in 2021: How Cryptocurrency is Revolutionizing the Industry

Over the past couple of decades, the world of iGaming has transformed phenomenally. It has not only emerged as an interacting, global platform of online games but has also astoundingly grown in terms of technology. Especially, in 2021, a revolutionary shift has been observed as cryptocurrency integrates itself into the realm of iGaming. This amalgamation has not only elevated the gaming experience but also offered efficiencies and advantages that other forms of payment could not match.

Better Financial Security

Crypto's decentralization and security features have become increasingly attractive in the online gaming industry. Notably, it provides an opportunity for games to be fairer and more transparent. As gaming has always revolved around money, the emergence of cryptocurrency in iGaming is a seamless transition.

Money matters encounter numerous frauds and scams, and financial security becomes a paramount concern. Here, cryptocurrency steps in and offers a solution. Blockchain technology ensures transactions are secure and traceable, thus preventing any unwarranted activities. This technology reduces the risk by performing transactions directly between involved parties, eliminating a central authority or intermediary.

Anonymity

Crypto gaming renders another significant advantage – anonymity. Crypto transactions don't require personal details, providing users with unparalleled privacy. Such levels of discretion become very appealing in an environment like iGaming where high-stakes players often want to keep their identities hidden.

Global Accessibility

As geographical borders cease to exist online, cryptocurrency becomes the perfect match for iGaming. While traditional payment methods have borders, crypto has none. Players can access games globally without worrying about conversion rates or transaction fees. Regulatory discrepancies across countries also become less of a hassle as most countries do not consider cryptocurrencies as traditional money, enabling easier cross-border transactions.

Speed and Efficiency

Moving money through traditional banking systems can be slow and typically comes with some sorts of transactional charges. Crypto transactions are remarkably faster and incur minimal costs. Hence, the players enjoy quicker game plays and faster payouts.

Provably Fair Gaming

In a traditional iGaming environment, players must rely on the provided game algorithms and trust that they are fair. However, the incorporation of blockchain technology not only assures game fairness but also allows for players to verify it through what is known as “provably fair” gaming. This notches up the trust and credibility factors and hence, fosters a more transparent gaming environment.

Tokenization of Assets

Cryptocurrency enables tokenization of in-game assets that can be sold or traded on the blockchain. As a result, like cryptocurrencies, in-game assets can also increase in value over time.

Incorporating cryptocurrency in iGaming requires restructuring of existing models and considerable investment in technology and regulation. But the benefits are clear. Several companies have recognized the potential rewards and started to make these investments.

To name a few, FunFair Technologies, a decentralized gaming platform, has designed games using Ethereum's blockchain. It combines the immutability and security of blockchain with the convenience of online gaming. Likewise, TruePlay provides a platform for operators where they can create a provably fair iGaming environment through blockchain.

In conclusion, cryptocurrency's impact on the iGaming industry is multifarious and profound. The shift is complex, but cryptocurrencies' inherent attributes - anonymity, speed, security, and the potential for growth and profitability - have given the iGaming industry a new currency for operation and expansion. The advantages of integrating crypto into iGaming far outweigh the challenges. It is paving the way for a more capitalized, efficient, and transparent gaming arena. Predictably, as the adaptation continues to evolve, and even more so as it is increasingly adopted, cryptocurrency, indeed, is the future of the iGaming industry as we know it.