The integration of digital currencies and blockchain into the world of gambling continues to grow as more companies see the benefits of the technology. As it stands, several retail and online gambling businesses already allow their users to deposit funds and withdraw their winnings using crypto. That was just the beginning though.
Now even companies that were left behind are joining the bandwagon. The latest to do so is International Game Technology Plc, a renowned slot and casino technology developer. The company has built up quite the reputation for being an innovative developer of world-class products and it is about to extend its reach by adopting crypto.
According to recent industry reports, the company kicked off 2021 by patenting a method for crypto users to add funds into their casino gaming accounts. The United States Patent and Trademark Office received the patent for a system that will allow any player who has crypto to add those funds directly into their accounts.
High Hopes for Crypto and Cashless Payments
As mentioned earlier, crypto is certainly moving at a pretty fast pace. As such, it is pretty easy to see why IGT is already doing what it can to ensure that it does not remain behind. This new patent will likely play a huge role in bolstering the gaming solutions developer’s already polished portfolio.
The patent filing shows that the crypto payments will be in Bitcoin (BTC), Bitcoin Cash (BCH), and Ether (ETH), all of which are arguable the most popular digital currencies on the planet. Starting with them is, of course, very logical but we are very optimistic that even more digital currencies will be supported when IGT eventually moves on to the next stages with its patent.
Perhaps the most notable push for this development is the growing demand for cashless payment systems that grew immensely since the start of the COVID-19 pandemic. IGT has even recently announced that it received regulatory approval to allow players in the state to use its Resort Wallet to make cashless deposits when playing slots.
It is, however, not all about reducing contact and allow for safer experiences during such times. The direction that regulated gaming is taking in the United States as well as in other global markets is possibly going to involve crypto. That said, International Game Technology’s early moves will be very beneficial to its plans for the very dynamic and rapidly growing gambling industry.
It goes without saying that 2020 was one of the most challenging years of the past decade. The coronavirus pandemic wreaked havoc on people’s lives as well as the operation of lots of businesses around the world. Now, even though things are beginning to get back to normal, it is safe to say that some of the effects of the virus will linger on for a better part of 2021.
Still, lots of businesses managed to find ways of operating through the pandemic and delivering useful products and services to their customers. Online gambling operations were some of the ones that kept moving forward despite all that. Some sectors such as crypto gambling even managed to pull off some pretty impressive launches.
Here are two of the most notable ones from December 2020 that are likely to make even more waves this year:
Loot boxes are generally quite popular in mainstream gaming and this is the very first time that they are coming to the crypto community. These will thus benefit from the transparency and trustworthiness that CoinsLoot’s services and products boast of. Its provably fair algorithm is also set to significantly benefit the new system thus opening doors for yet another very innovative use-case for crypto.
“Our customers have been asking for classic crypto games, as they have traditionally played elsewhere, and we are more than happy to oblige. Our ongoing priority is always going to be adding features that matter to our customers. In this instance, it’s to provide a one-stop-shop for them to play all their favorite crypto games,” a Cloudbet spokesperson commented.
Among the amazing new arcade games that the operator’s customers can look forward to enjoying are Aviator, Dice, Mines, and Plinko. All these are based on fan-favorite titles that have been around for over a decade which means that they should catch on pretty quickly. In fact, Cloudbet added these after getting lots of customer requests for them.
2020 has been filled with a lot of highs and lows – well, mostly lows. One of the sectors that showed its might throughout this year was internet gambling. While the transition to online gambling activities was mainly catalyzed by the coronavirus pandemic, experts were already projecting a lot of good things for the gambling industry.
Unsurprisingly, there was a significant surge in the demand for online gambling services and this not only resulted in significant revenue bumps for the sector but also saw the launch of a ton of amazing innovations.
Some of the areas that we have seen a ton of impressive developments are in the gambling dApps scene which is just beginning its journey. While the numbers that these new forms of gambling apps are attracting are still not quite as big as what traditional iGaming solutions offer, they come with a new or untapped audience that is definitely going to push the industry forward.
The main attraction of the dApps is that they offer something that other traditional mobile apps are not able to – that is, they allow the users to play from anywhere using their smartphones. We are headed towards a future where crypto-powered online gambling will be the norm. Thanks to the robustness of the new solutions as well as the fact that they are very hard to censor gambling dApps have a massive following that is expected to grow even bigger in the coming years.
Key Innovation Areas
Digital currencies and other elements of the crypto sector are being championed as the future of online gambling. The promise of a ton of new opportunities and possibilities is primarily driven by the belief that more innovative use-cases and applications of the technology will be realized along the way.
As you may have already noticed, there are some key areas whose development will drive the industry forward. These include the support for micropayments, easier onboarding as well as the demonstration of provably fair gambling. There are already lots of efforts being pursued in this regard but it will certainly take a bit of time.
A Few Setbacks
Crypto has come a long way since the late noughties and all of the advancements in the sector have proven to be very useful. Even so, it still is not quite there yet. To begin with, mainstream adoption still seems to be a few years away at best. Moreover, such issues as blockchain scaling are still impeding broader adoption.
Ever since it launched, DAOGroup has been very aggressive in its pursuit to deliver viable and innovative solutions to a number of the problems that continued to plague the crypto space. The launch of DAOWallet was part of these efforts and this has since grown to become an integral part of the budding ecosystem.
What Is It?
As you may have already guessed, DAOWallet is a digital currency wallet. Launched in early 2020, the cryptocurrency wallet has proven to be a revolutionary product especially with regards to its position as a bridge between digital currency and fiat currency for users all around the world. The wallets users can now enjoy instant currency swaps when they are using EUR, BTC, USD, ETH, TUSD, and USDC.
DAOWallet offers two account types. One is for individuals and the other is for businesses. All of them will have access to the same core features such as being able to store their funds in cold storage. For businesses this is very useful for growth and security – the cryptocurrency wallet conducts monthly audits in order to eliminate any loopholes that may be exploited.
What This Means for Online Gambling
For many online gamblers who have been holding out on using crypto, DAOWallet gives them a very compelling reason to finally join the bandwagon. By stabilizing the prices of crypto coins, the wallet protects both individuals and businesses from volatility. They do this by simply converting all of the incoming transactions with the most favorable market.
Also worth noting is how easy it is for businesses including gambling operators to integrate with DAOWallet. As if that is not enough, iGaming operators and other kinds of businesses also get to enjoy many other perks including competitive fees for deposits and withdrawals – there are chargebacks or rolling reserve for this.
“In essence, DAOWallet offers a simple, clean solution for partners wanting to integrate crypto payments into their casino brands. We do all the heavy lifting and compliance work at our end, so operators can work hands-off on the payments side and focus on driving acquisition to a new audience of crypto users.” DAOGroup’s CCO Glen Bullen commented.
It goes without saying that the United Kingdom is one of the most lucrative gaming markets in the world. The country has spawned some of the most recognizable gambling businesses and brands on the planet – that was just the beginning through.
Thanks to technology, the UK’s gambling industry has been able to reach greater heights – this was likely expected especially considering the high demand for gaming offerings in the country. Gamblers in the country have access to some of the best gaming options on the planet thanks to the adoption of the latest gambling technologies, something that has fostered even more growth.
Just when you would think that the industry has reached its peak, there are even more technological trends cropping up as the gaming operators strive to stay competitive and appease their customers. One of the things that are growing significantly is the integration of cryptocurrencies and blockchain. There are now a good number of crypto casinos and an equally large number of operators are adding digital tokens such as bitcoin and Ethereum to their platforms. Some have even gone as far as designing their own digital tokens.
Thankfully, this massive shift can be attributed to more and better awareness of crypto-related concepts. There is a ton of readily available information that details the benefits of crypto, how it works as well as some of its drawbacks. With all that, in mind, gamblers can bow make informed decisions about whether crypto is worth it or not, and considering the current situation, very many of them are quite impressed.
Why Crypto is Growing So Popular in the UK
Cryptocurrencies and digital currencies have been at the forefront of a financial revolution for quite some time. In the world of gambling, the technology presents a whole lot of benefits that could certainly not go unnoticed.
Many gamblers in the United Kingdom have been sold on the idea due to the speed and safety that is associated with digital currencies. Making payments is a breeze and players never have to worry about having their funds withheld.
Moreover, considering the tight regulations in the United Kingdom, some players see crypto as the ultimate option when it comes to enjoying their favorite games while maintaining their anonymity. There could be drawbacks as a result of this but operators are working around the clock to fix some of those issues while retaining all of the best features. So far it is going great.
The whole world is currently feeling the pinch of the coronavirus pandemic that has resulted in major economic disruptions. That said, regardless of where you are in the world, you will certainly be affected by this in one way or the other. Both individuals and several industries are reeling from the effects of the economic slow down brought about by the virus and it gets even worse due to the uncertainty that is it is associated with.
The cryptocurrency sector has not been left behind. Just like many other industries including travel, hospitality, gambling, manufacturing, and tourism, the crypto industry has had to deal with several issues. There are lots of implications that have to be put into consideration.
After the World Health Organization (WHO) declared COVID-19 a pandemic, there was a significant drop in risk assets with the stock market reporting some of the worst stats in over 10 years. A lot of these risk assets took a hit and crypto was one of them. This can be seen by price drops that were reported for several digital currencies including Bitcoin.
Fortunately, the assets have managed to recover some of their losses the biggest casualties have thus far been the smaller projects. While more popular cryptocurrencies like Bitcoin and Ethereum might get to recover and even see upticks in their usage, the smaller crypto projects will certainly get the short end of the stick.
To make things even worse, due to the cancellation of most social events and closure of several markets, raising capital is now much harder than it has ever been. Not only are there any meetings to discuss possible investments but the investors are also much warier about what they invest in again due to the uncertainty about the future.
All is not lost though. While the pandemic is definitely not something to be taken lightly, it has allowed for a number of stablecoins to shine. Currencies like Bitcoin are being pulled off exchanges as more people are considering them as vital stores of value that can help them get through these tough times.
Besides that, we have seen significant contributions from the cryptocurrency community towards efforts to fight and contain the coronavirus outbreak. Companies in the sector like Binance have donated funds amounting to millions of dollars towards such efforts and these contributions are bound to make a huge difference in both the long and short terms.
The global online gambling industry has been on the rise over the past several years and its upward trend is expected to last a few more years. As much as the industry is on a roll and is growing at a very fast pace, it has still been plagued by a number of challenges. Both the online gamers and the gaming operators have felt the pinch of these shortcomings. One of the most notable ones is the noticeably slow payouts that have left gamblers frustrated and the gaming operators without customers.
Thankfully, several solutions are being considered for these challenges and the blockchain is perhaps one of the most popular ones. This is simply because the technology has bee marketed as the best possible solution for challenges pertaining to quick payouts and greater transparency.
The credibility of many online casinos has been questioned despite the growing number of users and online gambling platforms. In essence, this means that both the customers and the operators are not able to fully capitalize on the growth. Features such as Trustless gaming are increasingly becoming important buzzwords in the world of online gambling and with time, they might just define how every gaming operator works in the future.
Hidden fees are still one of the biggest challenges that customers face when making withdrawals from their online casino accounts. These extortionate charges are often not justifiable and may dig deep into the players’ winnings. No one wants that.
Aside from the fact that blockchain transactions are meant to be superfast, there is also a lot of optimism that it will play a big role in reducing the fees gamblers are charged by a fairly huge margin. Digital currencies are increasingly becoming viable payment options in both the world of gambling as well as in other sectors and this perhaps the first step towards affordable transactions.
Revolutionizing Online Gambling
Online gambling has indeed come a long way since it was conceptualized and the first online gambling platforms launched. Now, it seems like the industry is ready for yet another revolution as the sector goes through massive evolution especially with regards to the operation of the gaming sites. Blockchain and crypto are becoming an integral part of our online gaming experiences and even though they are just beginning to take off, their potential impact can already be felt. Fair, transparent and affordable online gambling is making a comeback like never before.
What a time to be alive. 2020 is finally here and it is quite amazing that we can ask these kinds of questions. Cryptocurrencies and associated technologies have finally gained enough popularity and are mature enough to be integrated across a number of industries. However, does this necessarily mean that it is time to fully replace traditional online casinos with crypto-based options? Maybe.
A Decade of Massive Developments
The emergence and growth of digital currencies over the past decade was quite bizarre even though crypto enthusiasts have been preaching about the digital currency revolution for years. The gambling industry’s adoption of digital currencies and blockchain was, on the other hand, quite unexpected. Even so, the development was welcomed with open arms especially considering the huge benefits that are associated with them.
Digital currencies have been improved in a number of ways in order to ensure that they deliver on the promises of better security as well as affordability with regards to the transaction fees. They now offer tremendous advantages over tradition fiat currency.
Moreover, the integration of the provably fair gaming systems has been a huge boost for gaming operators. Needless to say, online gamers are always looking for the best ways to maximize their gaming experiences. Provably fair systems not only ensure that they are able to enjoy fair games but also assures them that their winnings will be paid out.
As you may have already discerned, all the developments and improvements have been specifically designed in order to lead the world to mainstream crypto adoption. The technology is already used widely but it certainly has not caught up with traditional financial systems. This is perhaps an issue that is related to lack of trust or simply skepticism from parties that are of the opinion that ten years might be a little too short for the technology to fully mature.
As mentioned earlier, switching to a crypto-only casino is totally justifiable but that is a decision that only the gamers can make at this point. That is, so long as they are familiar with how the digital currencies work. For online gaming operators, things might not be quite as simple. While a number of online casinos have already integrated digital currencies, only small chunks of their customer bases utilize them, at least at the moment.
We cannot deny the fact that digital currencies like bitcoin are cheaper to use for transactions thanks to their decentralized nature. Still, using these currencies as the only form of payment on the sites is a very risky bet for the gaming operators. Even so, it is quite commendable that it is something that can be discussed at length unlike the case a few years back. So, yes. 2020 can be the year you fully upgrade to crypto gambling. It is all up to you.
Recent reports have implied that Telegram messenger is set to begin testing TON (Telegram Open Network) its blockchain network in September. The company’s owners raised a whopping $1.7 billion in March in an Initial Coin Offering (ICO) that is one of the most successful ones of all time. Part of the proceeds from the ICO have been used to develop the platforms blockchain network which is aimed at building a universal blockchain infrastructure based on its speed as well as the inclusion of smart contracts. It is therefore very easy to see why many people are so excited about this.
The testing phase of the crypto platform is set to kick off in September and the blockchain nodes will be available as open-source alongside other blockchain database management tools like consensus and shards – these will allow a test-run of TON.
TON is slated to process transactions faster and more efficiently than both Bitcoin and Ethereum while at the same time rivaling widely accepted payment options like MasterCard and Visa. To make it even better, the platform will also be compatible with Ethereum (ETH) when it launches and hopefully, other cryptocurrencies will get support along the way. Very promising, right?
While the TON platform may seem like a solution to a ton of problems, not everyone is convinced that it is what it claims to be. According to a report detailing how terrorists have been using digital currencies, there has been speculation that the release of TON and the associated Gram token pose a significant security threat to the United States’ government.
“If Telegram receives a court order that confirms you’re a terror suspect, we may disclose your IP address and phone number to the relevant authorities. So far, this has never happened. When it does, we will include it in a semiannual transparency report…”
Telegram’s chief executive officer, Pavel Durov, has been very adamant when it comes to compromising the security of the messaging platform. However, he has cooperated with governments after terrorist attacks were reportedly coordinated using the app. Now, there is even more scrutiny being directed at the company because of its TONPayments – there is a considerable amount of certainty that this will make it very easy for terrorists to raise funds for their operations all without a trace.
TronBet, one of the world’s leading blockchain-based platforms, has done a great job in its effort to bring blockchain technologies inherent anonymity, security, and transparency to the online gambling space. The company’s goal has always been to democratize an industry where the users have often raised concerns pertaining to arbitrary behavior from service providers.
The team behind the disruptive company has recently published details of its newly rebranded business model. This planned migration from platform’s native cryptocurrency ANTE to its new cryptocurrency WIN. The plans have already begun to materialize with 5 percent of the newly minted WIN token set to be released on August 8 on Binance. This move is part of the projects Initial Exchange Offering (IEO) which, in the world of blockchain startups, is the equivalent of Initial Public Offerings (IPOs).
WIN, the new cryptocurrency, has been designed to allocate winnings from TronBet’s house-edge along with profits from its advertising revenues to token holder. This is one of the world’s very first distributed earnings model that leverages blockchain technology. As expected, from now henceforth, the platform will be rebranded as WINk and the platform’s broad range of crypto gambling products and services will enjoy formal trading licenses from the government of Curacao and Costa Rica.
TronBet arguably only comes second to Bitcoin when it comes to being one of the world most successful blockchain-powered products. However, the TronBet is setting some very ambitious goals with the major rebrand that is currently on the way. Their plan is to take the platform to a wider user-base as it leverages strategic partnerships with both Binance and BitTorrent. The latter was just recently acquired by Tron for a whopping $126 million.
Now, as far as its strategies are concerned, the project has plans to expand its development so that it can accommodate payment for its services through the more traditional banking methods like credit cards and eWallets. In essence, TronBet’s transition from ANTE to WIN is set to change a number of aspects in the company’s business model over the long-term. In addition to that, the transition is also set to allow for a greater chance for the token’s price to rise fundamentally over time instead of relying on the same speculative movements that define price in the broader crypto environment.
It goes without saying that blockchain technology seems to be one of the leading ways of bringing much-needed improvements to the online gambling industry. In fact, some analysts believe that crypto and blockchain are going to completely redefine the space. TronBet clearly knows about this and it is working quite hard to ensure that it is a part of this revolution.
Every day the BitcoinSlots.us editors hunt the web for the best legitimate free spins and bitcoin slots bonuses around. The attitude with which we approach our work has always been the pride of the team as we LOVE keeping our readers abreast the latest deals while keeping the shadier ones away from the spotlight. If you see a bonus that we haven’t yet, tell us!
Even thought we take pride and genuine joy sharing our latest findings for bitcoin slot deals, it is imperative that you seek professional advice should you see signs of gambling addiction in yourself or someone you know. Organisations worldwide and online can provide a fantastic and reliable source of advice to help you or someone you know recover with friendly, impartial advice.