Identifying growing areas of a business and capitalizing on them to make money is one of the critical reasons successful business owners remain successful. The internet has transformed our lives since the turn of the 21st century. For instance, iGaming companies have completely changed the landscape of casino gaming.
Today, we will examine how the industry has continued to adapt and how you can now use digital assets such as cryptocurrency to play your chosen game. Websites such as dappgambl.com allow you to deposit cryptocurrency, and then you can play a broad range of casino games.
The emergence of iGaming as real competition to their land-based casino counterparts has been in the works for quite some time. As more of us use our smartphones for multiple hours a day, the iGaming industry has evolved and adapted by designing casino games that are more accessible and have better graphics.
The cryptocurrency casino industry continues to grow. It is gaining momentum as a secure and efficient alternative to traditional digital casinos. In addition, cryptocurrency casinos provide a viable payment alternative to having to pay with more universally known payment methods, such as credit cards and bank transfers.
What is cryptocurrency?
Bitcoin is the most well-known and prominent cryptocurrency in popular culture. The definition of a cryptocurrency is simply a digital asset designed to work as a medium of exchange that uses cryptography to secure its transactions.
These transactions are logged on a public ledger which is accessible to anybody. The ledger cannot be amended, and each “block” within the blockchain is secure. The reason cryptocurrency is so innovative is that this blockchain record completely negates the need to have a bank oversee a transaction for security purposes.
One of the other key selling points is that it is a system that does not rely on any central authority or government. This is where the term “decentralized” stems from.
The original cryptocurrency was devised in 2008 by Satoshi Nakamoto. The Bitcoin whitepaper is one of finance’s most revolutionary and innovative designs. Over a decade later, nobody knows whether Satoshi is one person or a group of people. Many rumors and cases have been put forward for dozens of individuals, but nothing has ever been confirmed. You’d think we will find out one day, but the case seems cold.
Since Bitcoin was first devised, there are now thousands of cryptocurrencies, some other popular cryptocurrencies include Ethereum, Litecoin, MATIC and Solana.
The most popular cryptos for iGaming
With regards to cryptocurrency casino gaming, Bitcoin is still the most widely used digital asset people use to place wagers. Some altcoins, such as Ethereum, are used too. Gambling with cryptocurrency is a market that continues to expand, and there are several reasons for this.
One of the key reasons is that you can connect your wallet to the casino provider and deposit your cash instantly. You don’t need to provide sensitive details, and you don’t need to provide financial details, such as bank details or credit card information, either.
This appeals to many gamers looking to deposit their cryptocurrency instantly without encountering issues with payment methods such as bank transfers. Even though most of these transactions go through without any issues, it can sometimes take hours to resolve if you have a problem using your bank account. This isn’t just for deposits but applies to withdrawals too.
You don’t have this issue with cryptocurrency, as once you connect your wallet, your cryptocurrency is sent to the provider immediately.
Other cryptocurrency gaming
iGaming with cryptocurrency is a much bigger market than that. Following significant developments in the world of cryptocurrency and blockchain technology, there are now games you can play that specifically use in-game cryptocurrencies and tokens.
Certain cryptocurrencies are gathering colossal momentum in this space. Crypto gaming is yet another new feature of an exciting and emerging sector. Some of the cryptocurrency gaming tokens that attract millions of dollars of volume every single day include:
- Decentraland (MANA)
- Enjin (ENJ)
- Sandbox (SAND)
Now that thousands of cryptocurrencies are available, there are dozens of gaming tokens you can take a look at, as well as the projects they underpin. This market will continue to grow over the next few years. Many analysts predict that some of the more prominent cryptocurrency gaming tokens will reach market caps in the billions of dollars.