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Bitcoin in the gaming industry

Bitcoin in the gaming industry. Is it here to stay? Leave a comment

Alistair Dalli

There is no doubt that blockchain crypto currencies have begun to revolutionise the world of online gaming.

Online casinos are very savvy when it comes to technological developments and the rise (and brief fall) of Bitcoin has been on everyone’s lips within the industry. The question which is constantly being asked is, is it here to stay?

What we do know so far about blockchain technology is that it is already enhancing the iGaming landscape in many ways. Bitcoin and many other currencies went through a crash in the early months of 2018 from a high of around €12,000 to the current price (April) of €6,400. It is on the rebound and most analysts predict that it will continue to rise again.

Bitcoin is driven by the market, demand pushes its price up and some of its biggest backers are the igaming industry.

In a nutshell, Bitcoin allows almost instantaneous financial transactions to take place through blockchain technology. This is a boon for the igaming industry which wants to give players a seamless experience.

Bitcoin allows just that, make an instant deposit or an instant withdrawal to your virtual wallet and you are good to go. The fact that it is based on blockchain also means that the possibility of fraud is negligible.

Blockchain-powered solutions have made online casinos simpler and more cost-effective to run, which is why the virtual currency is likely to gain more and more traction in this sector.

Blockchain is a public ledger and is completely transparent, meaning that all players can see all related information, meaning that anonymous transaction data is available to view.

The rise of crypto-gambling sites is another interesting phenomenon. Traditional sites still need a bank transaction to fill up credits. Crypto sites, on the other hand, are being designed around blockchain and rather than having to adapt to technology, they are ready made for it, accepting Bitcoin and other forms of crypto currency over traditional means.

Bitcoin in the gaming industry

Blockchain technology can be is being utlitised by iGaming sites to code what are being termed as smart contracts.

These involve secure transactions between stakeholders. The way it works is how blockchain is founded “if computer a, b and c agree that computer d has paid computer e, then it must be true”.

This is very similar to the way online gaming sites work in general. For example, a smart contract can pay out winnings to you if your poker hand beats the house. On the other hand, if the roulette ball doesn’t land on the colour you bet on, the casino wins and takes your stake.

20 years ago, we still went abroad with travellers cheques but these days we take out own bank cards with us to make purchases abroad. We can even use them to make online purchases.

Bitcoin is still going through growing pains, but crypto currencies are the way of the future and there is no doubt that Bitcoin is a trailblazer and will continue to play a big part in Igaming.

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