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Over the last decade, the igaming industry has grown rapidly. Besides the endless entertainment that online gaming offers, other factors have also had a significant impact on the acceleration of the industry. In the following article, igaming expert Auli Wälkky will discuss how blockchain is boosting online gaming.
Igaming
The term igaming refers to gamers that allow players to wager on a specific outcome of a game. Some examples of igaming are online poker, blackjack, slots and other online casino games.
In Finland, the igaming industry is booming and easily accessible. If you’re not sure where to look, we trust bingo netissä. The casino directory site showcases all casinos that cater specifically to the Finnish market.
Blockchain
There are several different types of blockchain technologies. The most prominent examples of blockchain are cryptocurrencies like Ethereum and Bitcoin. In the next section, we’ll look out how blockchain and gaming go hand in hand. Here are some examples of how online casinos are benefitting from blockchain technology:
Secure transactions
When dealing with online casinos, you can often make credit card payments. Although most gaming sites install secure banking technology, fraud still happens. Casino users often make payments on desktop or mobile devices, making it easy for hackers to steal their information.
Blockchain is developed to be unhackable and as a result offers safer, more reliable transactions. When transferring funds from or to your online casino account, you don’t have to worry about third-party companies or hackers gaining access to your banking details.
Plus, when your gaming data is saved on the blockchain, there’s no way that someone can steal it. Blockchain gaming developers are also updating security measures regularly, and that’s why crypto currency companies can guarantee 100% safety.
Speedy Payments
If you’ve ever joined an online casino, you’ll know that cash withdrawals can take anywhere from 48 hours to seven days. That is mainly because an online casino is probably not based in the same country as the players.
In addition, you might also pay hefty bank fees when receiving a payment from a casino outside of Finland.
However, when using cryptocurrencies, the turnaround time for cash-outs is much faster.
Some of the top gambling sites offer crypto withdrawals in under 24 hours. Because crypto is a universal currency, there are no long waiting periods between transactions.
Blockchain gaming also benefits esport gamers, as they can enjoy fast in-game deposits. For example, when playing a game like Call of Duty, you can make quick crypto purchases and don’t have to worry about setting up a payment method.
Accessibility
Although there are several online casinos sites available, not all provide viable payment options. When a casino accept crypto, it’s much easier for players from all over the world to join casino sites.
Blockchain igaming sites also offer crypto-exclusive games. For example, some sites offer Bitcoin-only slots. These casinos make collecting your winnings quick and easy.
Collectables
If you’re a sports fan, collecting valuable online sports novelties might interest you. Blockchain has made this possible in the form of non-fungible tokens (FNTs). Some of the most valuable sports NFTs include the Statue of Lebron, the Micheal Jordan SportPunk and the Rare Diego Maradona 2020-21 NFT.
Due to high-end technology, NFTs can’t be faked or copied. There are also plenty of NFT marketplaces where you can buy or sell NFTs hassle-free.
Exchange Digital Asstets
Advanced blockchain game development has made it possible for gamers to exchange items with other players. That means you can trade your virtual gaming items or NFTs without fearing false or scam exchanges. Currently, OpenSea, Wax and Rare Bits are some of the top blockchain trading platforms.
Conclusion
In this article, we’ve discussed how the blockchain and gambling industries complement each other. With blockchain, you can enjoy a safer, faster and simplified igaming experience.