How does the iGaming sector fuel up crypto adoption?
Cryptocurrencies have been becoming more and more popular in the past two years. We are seeing constant developments in the world of blockchain technology, which then helps cryptocurrencies take a step further and become more widely accepted by the general public.
But pure blockchain developments will not be enough to take cryptocurrencies in front, and there should be a few sectors that take up the role of being ones that fuel the adoption of this digital revolution. The iGaming sector is one of these sectors and without them, cryptocurrencies might not be where they are today. But how does iGaming help one of the fastest-growing financial and technological markets to grow, and what are the reasons behind this? Let’s find it out.
Role of iGaming in crypto adoption
One of the biggest challenges that cryptocurrencies are facing is usability. While you can use cryptocurrencies very comfortably inside the blockchain ecosystem, once you leave this ecosystem things become very tricky. There are businesses that accept cryptocurrencies, but the number of them is really low, and in most cases, these crypto payment systems are set up in a bit tricky way, which results in people not using them and sticking to traditional fiat.
iGaming space is where things change. Cryptocurrencies have become very helpful assets for the iGaming industry and in return, the iGaming ecosystem has become a fule for the adaptation of these digital assets. Gambling regulations have been becoming tighter and tighter in recent years, which resulted in many people being unable to place bets on sports or play casino games. But since cryptocurrencies are decentralized assets, iGaming companies have started to accept them and with that, they will still be able to oblige to regulations and still give a lot of people the ability to partake in betting activities.
These mass adaptations of cryptocurrencies in iGaming space have given blockchain developers the ability to monitor how their systems are working on a mass scale and make necessary changes. For example, bitcoin casino Coinplay accepts over 50 cryptocurrencies and has become a hot destination for gamblers. With this big interest, a big number of crypto developers are keeping an eye on this casino in order to monitor how their operations are going on and if there are any challenges when it comes to depositing and withdrawing these cryptocurrencies. This gives these developers huge samples to work with, which is used in upgrading blockchain systems and understanding how to better adopt cryptocurrencies to the masses.
Challenges faced by the iGaming sector
iGaming sector has been a crucial part of blockchain technology development and adaptation of cryptocurrencies, but this does not mean that they did not have to face any challenges. iGaming space is closely regulated by the government and financial agencies which are trying to keep this sector on a big leash. While cryptocurrencies have given iGaming space the ability to operate without being suffocated by regulations, they also brought forward ideas for new regulations regarding cryptocurrencies.
A lot of countries have started to regulate cryptocurrencies in some way and most of these regulations are firstly aimed at online casinos that accept these digital tokens. While this is a bad thing for crypto and iGaming, the reasons for this can be easily seen and understood. Criminal activities have been rising in the iGaming scene, with millions of dollars washed every day, this has become a hub for criminals to gather and move money around. But despite this, this sector still continues to fight and aims to put crypto on the top of the pedestal.