Has cryptocurrency gained momentum with online gamers?
Last year (2017) was a historically significant one for Bitcoin (BTC) and other cryptocurrencies, including Litecoin, Ripple and Ethereum. Cryptocurrencies experienced mainstream adoption and rapid growth, and some projects raised millions of dollars through Initial Coin Offerings (ICOs). One market that has been especially affected by the cryptocurrency movement is online gaming.
Online gaming platforms are increasingly employing innovative technology to protect their customers. Similarly, many online gamers have viewed the emergence of cryptocurrency as a convenient way to safely enjoy online competition. Online wagering sites are platforms where customers are particularly keen on avoiding scams and making wagers in a safe and secure environment.
Players have discovered that using Bitcoin enhances their privacy and comfort level. Because Bitcoin is pseudo-anonymous, it provides a great deal of protection to customers seeking to make online wagers without being identified or having their personal data shared over the Web. Even further, cryptocurrency casinos permit you to sign up, play and withdraw funds without providing any form of personal identification. Also, punters can use cryptocurrency to play from anywhere in the world, shielded from the purview of jurisdictions where gaming might otherwise be legally prohibited.
Cryptocurrency – Show Me the Money
The use of cryptocurrency in online gaming also expedites jackpot payouts, player rewards and the funding of casino accounts. It might take you days or even weeks to withdraw funds from a regular online casino, but Bitcoin transactions typically take no longer than 40 minutes, with most reconciled instantaneously). Players are also drawn to the attractive fee structures offered by cryptocurrency gaming sites, many of which charge no fees at all.
Accuracy and Fairness
Another reason for the rising popularity of crypto gaming is the fact that these online financial transactions are provably fair. In fact, there are several “provably fair verifiers” that you can use to safeguard the fairness and accuracy of your games. For this reason, many online gamers consider cryptocurrency sites to be much more transparent than regular online casinos.
Players have used Bitcoin in online gaming ever since the currency’s inception. In fact, Bitcoin wagers accounted for over 50 percent of all Bitcoin transactions in 2013. And Bitcoin gaming has continued to rise in popularity ever since; there are now hundreds of cryptocurrency gaming destinations on the internet. According to The Bitcoin Strip, a website that tracks statistics across all cryptocurrency casinos, from May 1, 2014, through May 1, 2017, Bitcoin casinos and altcoin casinos raked in 3,864,131 BTC from 25.17 billion wagers made within this period. This amounts to 266 wagers per second, or 2.45 BTC wagered each minute. Looking at the data another way, from 2014 through April 2017, roughly 3.7 million BTC was wagered using Bitcoin, equating to USD 4.5 billion.
Even though the use of cryptocurrency in the online gaming market continues to rise, it’s a small fraction when compared to the entire global online gaming industry (which had a volume of a whopping $45.86 billion in 2016). But anticipated ICOs will likely expand cryptocurrency’s proportion of the online gaming market.
Some have declared cryptocurrency to be the “future” of money while others have claimed it is merely a technological fad that will evaporate over time. Either way, one thing is for sure: the recent uptick in demand for cryptocurrencies and the resulting media buzz both indicate that the end of cryptocurrencies won’t be happening any time soon. Watch this space!