It seems a distant memory the time where cryptocurrencies dominated the news back when bitcoin was hitting the record highs, but even though things have been a little more silent from the public view it doesn’t mean that a lot of crypto movement is happening in the background, and one of the biggest shifts being seen recently has been the shifting adoption of cryptocurrencies within the gaming market.
Perhaps the biggest factor for the growth has been within the security and anonymity that they offer – this big push comes from a growing adoption of blockchain technologies for a growing number of purposes that traditional banking systems can’t match, something that may become particularly important for the online gambling sector. Recent changes to regulation and initiatives such as Gamstop have aimed to reduce participation options for players through self-inclusion, but given the data that is required for this it has opened the door for an anonymous alternative to take its place as casinos and betting sites not on gamstop at Max are increasingly starting to welcome crypto options in their games.
Whilst one of the many positives, this also does serve as a small drawback at the same time – the anonymity offered has left some of the regulation bodies that ensure fair play is in place a little wary as traceability has been made more difficult – whilst this is largely a concern for the initiatives mentioned above it has done little to stop to uptake amongst ordinary consumers and will likely be a trend that continues following the uncertainty over recent months due to the ongoing pandemic. Of course another challenge to overcome is within the inherent volatility present for many of the bigger cryptos, bigger swings can happen overnight that could drastically impact the price for better or for worse which requires a lot of proactivity within the gaming services to offer fair prices, and with so many different digital currencies to track there’s certainly a lot of work required in the space.
For many however the benefits certainly outweigh the negatives, the added security amongst the rapidly growing number of services certainly offers some peace of mind to newer players and more experienced players can rely on crypto to secure bigger wins too – as more adoption of the currencies take place the support and the methods to integrate it within the different services will surely come quickly as the gaming market itself is usually very proactive and quick to adjust, but the next question could be where else can growth be seen – blockchain technologies have already shown how flexible and versatile they can be without any reliance on the crypto that built the name. Other suggestions have been for many services to create their own coin or currency and work forward from there, but that’s another challenge and there’s still a lot left for businesses to understand about the crypto market before moving forward, despite the growing support from consumers and those same businesses alike.