Widespread Use of Cryptocurrencies in iGaming

Last Modified:7 Apr 2021 12:32:54
Widespread Use of Cryptocurrencies in iGaming

During the past five years, the world of online games has witnessed a very dramatic growth.

Online casinos, poker, different betting games, and generally all the activities carried out at virtual level are placed in the category of electronic or smart games.

Every day the number of people engaged in the game industry increases. The predictions say that until 2020 the value of electronic games industry will reach more than $59,000 billion.

The Future of iGaming

Through growing the attention and interest of the people and the investors toward iGaming, the governments of different countries are seeking to set regulations in this field.

For example, there are about 700 million internet users almost half of whom participate in iGaming. Such a high percentage of participation in iGaming has caused countries such as China to start finding a solution to legalize electronic games and control issues such as incomes coming from these games.

Users and activists in the field of computer games are among the pioneers in using different technologies. Hence, they are considered the best alternative to use cryptocurrencies and Blockchain.

These people both understand the way they work with this new technology better than the others and enjoy learning this technology and being the leader in this field.

Many platforms of online games use cryptocurrencies for payments, but there is another reason which confirms the importance of entering cryptocurrencies to the world of computer games in the virtual space.

Cryptocurrencies and iGaming

Applying cryptocurrencies in the world of iGaming will be followed by facilitating the users’ payment and communication. Suppose that a user in the U.S. wants to play in gaming platforms in China.

He will surely have no problem in paying game charges. Most of the Chinese games infrastructures work with Chinese currency, namely, yuan. Fortunately, cryptocurrencies will remove such problems and the users wherever in the world can participate in games, and the worries such as paying in a special currency would be meaningless for them.

The Presence of Cryptocurrencies in Various Industries

Cryptocurrencies can easily be used in different industries and remove many of the communication problems and limitations. Their presence in the game industry is just one of the applications which they can have in the field of payment.

The critics of cryptocurrencies consider the legal vacuum in this field as one of their largest demerits. However, as it was pointed out, in the field of online games, the governments intervene and started controlling.

Their surveillance can cause more legalizing the use of cryptocurrencies and be a big step in legalizing cryptocurrencies and promoting their reputation. Cooperation of different industries with the world of cryptocurrencies is a way to develop their businesses and also promote the reputation and application of cryptocurrencies.

The interesting fact is that cryptocurrencies are international currencies and it can make them highly attractive for international applications.