Cryptocurrencies growing in popularity as a payment method for iGaming

Cryptocurrencies growing in popularity as a payment method for iGaming

Bitcoin and Ethereum have become a winning combination on several online casinos, more specifically in Curacao where most of them are situated. These digital currencies have definitely become hotter than ever, even though they are quite volatile in nature.

A popular game platform provider named SoftSwiss published a detailed report of the specifics for more than 300 of their brands, but it also detailed how well the casino industry has prepared itself for cryptocurrencies (where they can be used). In the EU games can only be played with traditional currencies like the euro, for example.

The PDF document that can be downloaded through SoftSwiss home page revealed some really interesting numbers, especially concerning the growth of Bitcoin during the period between 2020 and 2021. Here we could see a rise from 3,3 billion to 6,5 billion euro – just for the amount of deposits made by players.

The state of crypto in online gaming during 2021

During the first, second and third quarter of 2021 Bitcoin peaked enormously in value. This was also the reason for most of the deposits made with the currency. The solution for ETH and BTC has actually been in place since 2013, at least in many online gaming sites that cooperate with SoftSwiss as a provider.

We are also quite sure that these digital currencies will become the future of games played with money, just by looking at the data alone. SoftSwiss provided some graphs that showed an increase from 15,7 % during Q3 of 2020, up to 43,3 % during the same period of 2021.

What currencies will online gaming use in the future?

If we look at most of the markets in the world, one thing is clear: they are trying to regulate themselves as much as possible. This only means that currencies which cannot be tracked or controlled by individual countries will be in high demand during the years to come.

Some countries have quite loose rules for online based gaming, while others have taken a much stricter approach. We wouldn´t be surprised if the lawmakers of New Zeeland decide to restrict gaming in the future, just as many others have opted to do. For now it is still possible to enjoy games at online casinos of your choice, but this was also the case for many other unregulated markets before new gaming laws came into place.

Cryptocurrencies have become a solution to this issue, but they also serve as a modern currency that isn´t affected by other nations and their economies, or politics for that matter.

Author

🤓Frank

A seasoned veteran with years of igaming experience. A local to New Zealand land based casinos, Frank will teach you the ins and outs of all things online casino, diving deep into the subjects of casino bonus, freepins, online pokies and $1 NZ deposit bonus.