The rapid evolution of the iGaming sector has started to attract the attention of gamers around the world with a positive sign of driving the implementation of cryptocurrency in gaming. Blockchain technology continues to be among the trending technologies, as cryptocurrency Bitcoin makes remarkable breakthroughs. The acceptance and use of cryptocurrency are circulating around the world because of its benefits to businesses.
In the past few years, the gambling industry in Portugal has gradually started implementing blockchain technology on casino games. Among other cryptocurrencies, Bitcoin has always been the leading digital currency at an enormous rate. In 2017, cryptocurrency was at its peak, as it became popular all over the world due to the increased rate of Bitcoin.
However, it was long before things started to change in 2018 when the rate of cryptocurrencies went down, especially Bitcoin. But recently, cryptocurrencies seem to be back on track, as almost every business is eager to make use of the Blockchain technology. And amazingly Bitcoin has achieved at the beginning of 2021, reaching a whooping rate of over $30,000 for 1BTC, which is the first breakthrough from cryptocurrency in its history. The blockchain network is more than other services, which can boost transparency in gambling transactions.
Implementation of Blockchain Technology in iGaming
The implementation of blockchain technology in gaming will be a leading way for Bitcoin gaming to get popular. Portuguese casino sites like the casino online Portugal and other casinos, which have implemented the blockchain technology will not only have an increased worth but also increase revenue. Considering the benefits of blockchain technology, the iGaming Drive could be at its peak in the next few years after its implementation.
The decentralized, immutable, and transparent nature of blockchain technology is what the iGaming industry needs. Similar to cross-chain technology, the implementation of blockchain technology will popularize the use of cryptocurrency globally, as well as allowing the development of different varieties of cryptocurrency games.
Potential of Blockchain to iGaming
Blockchain technology has been implemented in different businesses and iGaming is not an exception. And based on the nature of Blockchain, it will definitely benefit the gambling industry a lot more. With the benefits that gamblers in Portugal won’t have to be subjected to unnecessary verification processes that might require personal documents. Apart from that, people can always gamble anonymously, as all that is required is to sign up and deposit a certain amount of digital currency.
Other agencies, which have implemented the use of blockchain networks in their business are bound to switch to its anonymity of processing transactions. This means that people wouldn’t have to disclose their personal information while performing monetary transactions. And by the looks of it, the implementation of Blockchain to iGaming will boost the adoption of cryptocurrency.
The huge amount of fame that cryptocurrency has gathered is still growing, as different parts of the world are still getting familiar with it. Blockchain in the iGaming industry has increased the estimated worth of the world’s gambling industry to be over $500 billion at the end of 2021. However, based on the idea of Martim Nabeiro here, who’s an expert in guest post topics, the future of gaming is still undetermined and will likely change.
The Blockchain network will make remarkable changes in the gambling industry by allowing unregulated betting platforms. People who reside in countries where gambling is restricted will have the chance of placing a wager on their favorite games with a cryptocurrency.
After evaluating the benefits associated with Blockchain in the gambling industry, the future of iGaming is filled with positivity, along with the chance of driving the mainstream adoption of cryptocurrency.