The subject of blockchains in gaming is one we’ve covered before, and one that tends to come up fairly regularly in the crypto and blockchain world. Generally, conversations in this area concern specific topics like the tokenization of in-game asset, the creation of original arcade games based on blockchains, and the ability of gamers to assume real-world ownership of in-game assets.
Another topic within the broader blockchain gaming discussion that probably deserves more attention, however, is the use of cryptocurrency in existing games. This is something that comes up from time to time with regard to the wide world of online casinos in particular, and there are a few good reasons to believe that cryptocurrencies and these online casinos are a perfect match.
1 – Anonymity & Security
There are a lot of cybersecurity risks that come with virtually any internet activity, and unfortunately a lot of them have to do with various aspects of identity. According to a CNBC report on cybercrime just last year in fact, as many as 1 in 10 people are now victims of identity fraud each year — with 21% having been victimized “multiple times.”
This is not to spook anybody out of online activity, gaming, or casino gaming specifically. Rather, it’s to just underline the justifiable concern a lot of people do have when making accounts on gaming sites. Given the state of cybercrime, there can be something disconcerting about entrusting personal information and credit card payment details to a gaming site. Cryptocurrency can effectively eliminate this sort of concern on casino platforms by offering people a way to make deposits and withdrawals with security and anonymity — ultimately sharing far less personal information.
2 – Reward Options
When you think of money in casino gaming, you probably imagine the basic processes of depositing fund to play with and — hopefully — withdrawing winnings. These are indeed gamers’ most fundamental uses of money, but the best casino platforms today also tend to thrive by offering additional reward and bonus structures that can result in exciting payouts (and which give players something to aim for). Gala Spins’ online platform exemplifies this practice through its “reward games.” As one of the leading providers for slot arcades (the most common of online casino games), this site presents players with an option to choose how they reach certain rewards — and also conducts random “prize drops” and tournaments with special payouts.
Of course, all of this can be done with cash, and often is. But this existing structure also gives game providers a great chance to excite players with something a little bit different. In short, offering cryptocurrency rewards and prize drops, even in ordinary cash games, makes the whole experience more exciting and exclusive. It’s a tremendous opportunity for online casinos to generate excitement, and for gamers to pursue valuable crypto winnings.
3 – Room for Innovation
There is also something to be said for future innovation regarding cryptocurrency and online casinos. Even now, the best casino platforms tend to be the ones that have managed to adopt new technologies, present the latest games, and embrace the newest features. Innovation and advancement are crucial in the space, and any platforms that adopt cryptocurrency now will be poised to make use of new cryptocurrencies moving forward.
If the idea of new cryptocurrencies sounds a little bit far-fetched at this stage, make no mistake: This market is still developing. Even among Yahoo’s best cryptocurrency picks for investors right now, there are a few that a majority of people probably haven’t heard of — like Pokadot, Chainlink, and Binance Coin. These aren’t brand new, but they do illustrate the possibility for cryptocurrencies to continue to emerge. Casino platforms positioned to embrace the latest in the crypto world will be able to present an innovative front.
Considering these factors, it’s hard to imagine that we won’t soon see more casino sites working with cryptocurrencies. If and when it happens in any significant way, we’ll tell you all about it here at Blockchain News