Crypto’s Current Role in Online Gaming

The past year in the crypto world was unprecedented. We have witnessed explosive growth in the industry and countless new businesses formed. It seems that many people are becoming wise to the potential that cryptocurrency presents. One massive sector that is rapidly integrating this technology is online gaming. In many ways, the combination of crypto and gaming is creating an entirely new industry in its own right.

As places around the world like the US push more positive legislation for both online gaming and cryptocurrency, it’s natural that these two worlds would eventually collide here in a big way. For instance, sportsbooks like Borgata offer 100% deposit match bonuses for new users and could tailor these types of welcome offers for crypto users. There are many ways they could integrate cryptocurrency on the back end as well. In fact, sportsbooks and casino platforms that offer cryptocurrency transactions are some of the fastest-growing platforms around.

How Blockchain Technology Makes Online Gaming Better

There are numerous ways that blockchain technology and cryptocurrency are enhancing the online gaming experience. While cryptocurrency makes for a convenient way to deposit and withdraw funds, it goes way beyond that. One of the most interesting ways blockchain is being used is in the concept of “provably fair gaming.”

Provably fair gaming is a technical concept that was designed to ensure fair play in online casinos. Online gaming sites often utilize random number generators (RNGs) to determine the outcome in games. Blockchain provides a way to check the authenticity of these RNGs and ensure they are being used. This makes a more transparent space for everyone.

New Betting Sites Are Sprouting Up

Since blockchain technology and cryptocurrencies first started gaining mainstream exposure, there have been countless gaming platforms launched that are centered around this technology. These include Nitrogen Sports, Cloudbet, and numerous others. Online gambling has been projected to become a $127 billion dollar a year industry by 2027 and cryptocurrency will certainly make up a large fraction of that amount.

Even older and more established online gaming platforms like Bovada and BetOnline have started to accept cryptocurrency in recent years. This demonstrates that users are becoming more interested in the growing technology as the years go on and are starting to prefer it over other payment methods.

The Online Poker Renaissance

When online poker first started, it was the first evolution of the game we had ever really seen. Online poker became a huge success, and led to massive growth in the poker industry overall. Now with the conception of crypto poker in recent years, it’s almost as if we are witnessing a rebirth of the classic card game yet again.

In the same way as other online gaming platforms, crypto poker sites use provably fair gaming practices to ensure that their online games are trustworthy. The industry has grown so large that some platforms have stated that they purchase upwards of $100 million in bitcoin every month just to pay their patrons.

Best Blockchains and Tokens to Use

With so many different options for online gaming with crypto, you may have a wide variety of tokens that are available to use. Some sites may only operate with a few different tokens, or be set up to only accept one. If you have your pick of them, here are some of the best options to consider using.

Bitcoin: Of course, Bitcoin will almost certainly be the leader and best option to use for the foreseeable future. There are many reasons for this. Being the most popular crypto, it has the most widespread adoption. It may be the only option for withdrawals on a platform, even if they accept several tokens for deposits. However, there may be some downsides to using Bitcoin. If the network is congested it can take extra time to confirm and send your transaction. This can also affect how much you pay in fees for the transaction.

Litecoin: Another popular option, Litecoin is both faster and cheaper than Bitcoin. It has a dedicated user base, but is less popular among gaming platforms.

FunFair, Wagerr, CoinPoker: Of course, there are also many tokens that are specifically designed for online gaming. These tokens normally have their own platforms and should be used on these platforms if given the opportunity as you are normally given discounts and other benefits for using them.

Carolyn Coley is a blockchain reporter. She joined Smartereum after graduating from UC Berkeley in 2018.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.