Despite cryptocurrency and iGaming existing in the same space since the birth of the first cryptocurrency, this method of payment has yet to be taken up with the level of enthusiasm that industry experts predicted. There are numerous reasons why a global uptake has not yet occurred, but there also appear to be numerous benefits that could ensue if it did happen. Here we’ll explore some of the possible changes that could happen if the iGaming sector readily adopts cryptocurrency.
Access for Everyone
Established iGaming companies already have their own technology in place for dealing with transactions, which is certainly one of the reasons that many are reluctant to add cryptocurrencies as a payment method. If the original method is already working, then why confuse matters? It’s a sensible reaction, but there could be enormous benefits to using cryptocurrency as a payment method.
Online poker already has a few positive assets over a traditional setup, including the fact that keen players can play in more than one hand at once, but the ability to deposit and withdraw using cryptocurrency could add another advantage to the list for many players. Gamers who are playing in countries with national currencies that are not accepted by some online providers, or currencies that are experiencing times of turbulent value, can have serious difficulty accessing the games that they enjoy. The ability to pay using a cryptocurrency such as Bitcoin would enable a whole new base of players to become customers of the companies providing that service.
Obtaining new customers is a primary focus for almost all iGaming companies, so whilst the inconvenience of adding the ability to pay using cryptocurrency is a valid consideration, it should surely be outweighed by the potential to reach new customers in emerging markets. Early adopters of cryptocurrency could position themselves as market leaders in countries that are new to the world of iGaming, a title that many would be eager to gain.
The Ability to Improve
When it comes to improving at gaming, there are many different methods that people can use. Some people like to whittle the game down to its bare bones and work on one key skill at a time. Other people might choose to dedicate an hour or so of their time each day to practicing difficult levels. One thing that has been proven to drastically help with gaming skills though, is knowing exactly where you most need to improve. Someone could be spending hours practicing their hand-eye coordination, but the skill that they’re actually missing is time management. Surprisingly using blockchain technology, as seen in cryptocurrencies, could help to answer this key question for players.
Every time a transaction is made using a cryptocurrency, data is stored permanently. Thanks to cryptocurrencies like Bitcoin having a log that is visible to the public, people could look up all of the information about transactions that they made. During a game of Pokémon Go, someone might be tempted to buy something to revive their Pokémon after a difficult battle. If they did make the purchase using cryptocurrency then a record of the transaction would be stored. If players accessed this data then they would see that perhaps they should be picking simpler battles for this particular Pokémon. The same might apply to someone who routinely underperforms at online poker, but isn’t quite sure why. It could be that after a long day at work their concentration is lower and they find themselves making silly mistakes more often. From the log of transactions, it would be clear to see that the losses were coming later in the day and the wins earlier. This sort of information could really help gamers to make better decisions whilst gaming and even improve their skills.
Genuinely Owning Assets
One topic of debate that is prevalent in the entirety of the online gaming industry is the owning of in-game assets. If a player makes an in-game transaction to buy an asset then currently there is no proof of ownership, except that the purchase appears in the game. If blockchain technology was used however, then a sort of contract would be formed. These contracts are known as smart contracts and can be used as a permanent proof of purchase for players.
A smart contract is made automatically when a blockchain transaction is made. As mentioned before when talking about fair gaming, all blockchain transactions are automatically recorded, so the purchase of an in-game item can be proven. Not only this, but the recording made is irreversible, meaning that nobody could tamper with it. Although this may seem like a minor detail, there are some in-game purchases that can be expensive, so having demonstrable proof of ownership would likely be incredibly important to most players.