In this article, you will find the new possibilities that cryptocurrency has brought to online pokies.
Impact of Cryptocurrencies on iGaming
There are many notable impacts of cryptocurrency on gaming, and it does not stop there, there will be more evolutions in years to come.
Cryptocurrency has influenced online gambling in the following ways:
Reliable and Convenient Payment Option
Cryptocurrency provides a decentralized and secured transaction method for players. This allows them to use digital currencies to make their deposit and withdrawal transactions on online gambling platforms. Gamblers in Australia now make use of cryptocurrencies as an alternative payment option, as you can read more about here; https://www.statista.com/topics/8519/cryptocurrency-in-australia/#topicOverview
Anonymous Transactions
Players of poker in Australia who prefer to keep their anonymity can make transactions without fear.
Blockchain technology offers advanced security and privacy options that protect the confidential information of players online. This way, personal and financial information cannot be accessed by third parties.
Blockchain Technology Innovation
Cryptocurrency has impacted online gambling in Australia and across many countries in the sense that it has accelerated growth and development in the blockchain system. Players in gaming platforms enjoy fair gaming and transparent payouts. This doesn’t give chances for exploitation or fraud.
Fast and Hassle-free Transactions
Blockchain technology allows for speedy transactions. The use of cryptocurrencies like Bitcoin, Litecoin, Ethereum, Tether, Bitcoin Cash, Dogecoin, and others, makes deposit and withdrawal transactions faster without any problems. Payments are processed within minutes which makes it faster than other methods. Immediately your payment is processed and confirmed by the site, your funds are paid into your wallet and it reflects instantly.
Little to No Transaction Fee
Unlike other payment options that require additional transaction fees, cryptocurrency allows players to maximize and increase their winnings by not adding surcharge fees to their transactions. Players enjoy the benefit of cost-saving while retaining a greater portion of their profits. This is particularly beneficial for frequent online poker players and high rollers, such that they can engage in more transactions without losing a particular percentage of their winnings to surcharge fees.
Globally Accessible
Players globally can access online gambling sites and play their favorite games without worrying about how to get their payments. Cryptocurrency is an accessible payment option that breaks the financial barrier between people from other countries and online casinos. This is an advantage for both the gaming sites and the players. Players from across the world participate in the games as well as enjoy the benefits that the site has to offer while increasing the audience of the casino. Moreover, there is no currency conversion which makes it a better alternative.
Most Accepted Cryptocurrencies in online poker sites platforms
Online gambling platforms have preferences when it comes to accepting digital currencies which means that the acceptance can vary from one site to another. For more information, please check comparison sites that highlight the subject like https://www.casinoaus.net/online-pokies/ to discover popular titles to play. Some popular cryptocurrencies include Bitcoin (BTC), Ethereum (ETH), Dogecoin (DOGE), Tether (USDT), and Litecoin (LTC). But remember to read the terms and conditions before starting playing, in some jurisdictions gambling with cryptocurrencies is illegal.
Disadvantages of Cryptocurrencies in Online Gambling
As much as using cryptocurrency in online gaming transactions has its positive impacts, there are challenges faced by players while trying to use them.
Unpredictable Change in Market and Price Manipulation
One of the challenges faced by players and gaming operators in the use of cryptocurrencies as a payment option is the fact that the market is volatile. Cryptocurrency is susceptible to price manipulation through unethical means for personal gains. The price and value can fluctuate and go down within a short period causing a feeling of uncertainty. This will affect the winning balance of the player as they lose money due to the fluctuation.
The operators are affected as well in the sense that the casino management might have a hard time fixing the fees for wagers.
Lack of Awareness
Many players might not be familiar with the concept of blockchain technology as well as the convenience and other advantages it has. They might prefer traditional methods of payment because cryptocurrency may seem too complicated and confusing to understand.
These are a few of the challenges being faced by casino operators and players. With proper user education and advanced protocols to detect and prevent price manipulation, these challenges can be well attended to. Market prices can be monitored in actual time to discover any suspicious price manipulation to create a safe environment for players that use cryptocurrencies.
Conclusion
Without a doubt, the integration of cryptocurrencies into gaming has many benefits, but in the same way, there are some challenges. Regardless, there is always room for improvement as it is still evolving and striving toward being accepted by a larger audience. For example, it needs more promoting ethical gaming which we highlight in this article; https://ragezone.com/2022/10/18/fair-play-blockchain-powers-sustainable-experiences-and-content-via-ethical-gaming/. Also, players must understand the terms and conditions of the cryptocurrencies accepted by the online gaming platforms before they proceed.
