Peter Smith
The iGaming industry refers to the online casino market, which features a range of games, including slots, live casino, and lotto games. The iGaming industry has seen numerous innovations emerge and impact the sector, and cryptocurrency has followed a similar path. The iGaming industry is a relatively new phenomenon, having first emerged in the late 1990s.
The advancements in technology have enabled this seamless transition from traditional casino games, such as blackjack and slots, to be played online. In the iGaming industry, multiple crypto casinos enable players to deposit and wager using cryptocurrencies. This article will highlight the role of cryptocurrencies in the iGaming industry and their impact on the sector.
The Growth in Cryptocurrency
Cryptocurrency was introduced to the world only recently, having been first launched in 2009. The first cryptocurrency, Bitcoin, has amassed significant popularity since its inception and remains the most popular cryptocurrency today. Cryptocoin initially gained momentum slowly and experienced a significant surge in popularity in the mid-2010s. In the first year after its release, Bitcoin traded as low as six cents. The growth in Bitcoin, in particular, has been astronomical, with the cryptocurrency now trading at just under £90,000.
Bitcoin and cryptocurrency first gained attention from the concept of decentralised money. People were drawn to the idea of censorship-resistant money as an alternative to traditional banks that had dominated the financial landscape for a long time. The first real-world Bitcoin purchase would be one that programmer Laszlo Hanyecz would regret forever. The transaction involved 10,000 Bitcoin in exchange for two pizzas. To put this first purchase into perspective, 10,000 BTC in today's market would be worth around £896.37 million.
Bitcoin's rising value and the increasing media coverage made the currency an exciting yet risky investment. As the coin gained popularity, other cryptocurrencies emerged, including Litecoin and Namecoin.
In 2015, Ethereum was launched, a decentralised open-source blockchain network that enables developers to create and run dApps without relying on external factors. Its smart contract functionality has made it the second most valuable cryptocurrency behind only Bitcoin. The introduction of Ethereum changed people's perspective on Bitcoin, with individuals beginning to view cryptocurrency as more than just a means of exchange.
The first major boom in cryptocurrency occurred in 2017, as it transitioned from being a niche to a mainstream topic of conversation. Bitcoin was the pioneering factor that drew attention to cryptocurrency, rising from a value of less than £1,000 to just under £20,000. The primary cause of the price rise of BTC was the hype generated by mainstream media, as well as the fear of missing out among the general public. Following the growth of Bitcoin, thousands of new cryptocurrencies and ICOs were founded.
The present era has seen Bitcoin reach new heights previously thought of as unachievable. The growth comes as more companies begin to accept the transaction method of cryptocurrencies, including some casino platforms. As an example of the growth of cryptocurrencies, countries such as El Salvador and the Central African Republic have listed Bitcoin as a legal tender.
Crypto Casinos and Their Growth
A crypto casino is an online casino platform that accepts cryptocurrency for deposits and wagers on the site. The sites allow gamers to wager virtual coins, such as Bitcoin and Ethereum, on classic casino games. The websites also enable gamers to withdraw funds back into their casino wallet. Crypto casinos are unique in that they often utilise blockchain technology to record bets and results. Many crypto casinos have advanced, now allowing gamers to play slots and a variety of lottery games on these sites, in addition to traditional casino games. As cryptocurrency is a digital currency, crypto casinos offer significantly faster transaction speeds, allowing players to deposit or withdraw in minutes to hours.
Final Thoughts
Cryptocurrency is a unique example of how technology can evolve to be useful in everyday life. The method of payment is becoming more accepted on a wider scale, increasing the popularity of the digital currency. Although Bitcoin is the largest cryptocurrency by some margin, new coins are being invented each year, and some have developed a notable reputation in their own right. Cryptocurrencies like Ethereum have demonstrated that cryptocurrency is more than just a method of payment; it can also provide smart contract functionality. Crypto casinos are a modern innovation in the iGaming industry, allowing gamers to deposit and wager with their virtual currencies. The virtual currency enables faster transactions and a more private gaming experience compared to standard casinos.
Peter Smith
