Cryptocurrency has come a long way. What used to be a novel way of transacting is gradually becoming the norm as people shift away from dealing with fiat money and transitioning to all things digital. And as far as cryptocurrencies go, there is no currency more popular than Bitcoin. While it has lost a bit of momentum compared to its peak in late 2017, it's becoming clear that Bitcoin is here to stay. It still continues to gain traction, sure, but Forbes reports that even without institutional adoption, it has the capacity to reach $300,000 per Bitcoin. It's also being embraced by a slew of industries, as it's widely used in sectors like banking, real estate, healthcare, and even online gaming.
Bitcoin and its involvement in online gaming
To the uninitiated, cryptocurrency is a new kind of currency that hinges on computer code rather than physical cash. It only exists within a digital environment, and while that may alarm some people, online gaming platforms are taking advantage of crypto's open-ledger, decentralized system to carry out transactions. This is because, for one, transactions can be done without the intervention of the government or any financial institution. Additionally, everything is done fast and with complete anonymity, which is a boon for players that value their privacy. What's more, all transactions are stored in a public smart contract, rendering users and operators unable to manipulate data, resulting in transparency for everyone involved and fewer cases of fraud.
How Bitcoin is used in online gaming
It's no secret that online gaming is on the rise due to its immersive and exciting nature. This prompted operators to launch more digital games, and the emerging trend is jackpot slots paying out Bitcoin. So it comes as no surprise that blockchain-based games — games that strictly use cryptocurrency for deposits and withdrawals — could become the norm moving forward. Not only do they enable global access and allow for anonymity, but they also offer unlimited and fast daily transactions, with zero service fees to boot.
There are some slots that have actually begun paying out Bitcoin. The withdrawal and deposit process is quicker and more streamlined, which is a game-changer for players who previously had to wait a long time to receive their winnings.
Although Bitcoin e-games are currently not as popular compared to traditional ones, the potential payouts may reel players in, as it seems there's more to be won from crypto slots. Gala Spins reveals that the biggest slot jackpot from a traditional machine was $39.7 million in 2003 – roughly $56.9 million in today's money. This seems like a lot, until you consider that, back in 2013, a player known as Nakowa took home what the IAGR reports to have been $1.3 million worth of Bitcoin. By contrast, this amount doesn't seem like much, but the 11,000 Bitcoin that Nakowa won in 2013 is actually worth a staggering $128.1 million today, absolutely dwarfing the biggest jackpot from traditional slots. The potential to win more is likely to draw in more players, and with ESPN Global’s recent announcement that they will start accommodating Bitcoin payouts to make the transaction process faster and more secure, smaller operators are likely to follow suit and could drive the popularity of Bitcoin-based games.
What's in store in the future
There’s a very real chance that the online gaming sector will fully embrace Bitcoin and cryptocurrency as a whole in the coming years. Moving forward, operators and players can eliminate the inefficiencies in transacting, especially when it comes to processing payments. With more and more users shifting to online gaming, casinos are able to complete transactions without experiencing any hassles. It's also safer, faster, and generally cheaper (minimal fees are typically involved), letting players not only enjoy the enhanced efficiency but also bring home more cash than they expect.