Living in the technological era is a new level of opportunities and availability. This is a great way to access things and activities that previously have been limited. It is also a great way to get started with some of the best practices and experience new features of the technological aspect.
One of the best suggestions for technological development was the cryptocurrency, especially Bitcoin, which is gaining popularity with rapid speed now. Multiple industries have adopted the Bitcoin payment methods, and they are planning to adopt it soon. Not only is it the new word in the financial sector, but also in every industry and business the cryptos figure in.
For several years, the gambling industry became one of the biggest supporters of Bitcoin payments. Several contributing factors have defined this. One of the factors is additional safety, the security of the funds, and course transparency.
Many online casinos have implemented Bitcoin payment methods on their platforms, which has gained hundreds of new players.
One of the most significant advantages is that Bitcoin transactions can stay anonymous, and people who don’t want to have a black mark in their bank history convert digital money to digital currency and are free to do whatever they want, in this case, gamble online.
The currency’s popularity also encouraged new casinos and developers to introduce new products to the market, which as the Bitcoin casino and Bitcoin games. Those are the games based on blockchain technology, which is the base of Bitcoin. The system is safe and guarantees fair gameplay, which is essential while taking a high risk during gambling.
IGT joins the Bitcoin gang
It has been announced this week that the world’s largest online casino game provider, International Game Technology Plc, is on the way to joining the Bitcoin band and Bitcoin users.
It has been official that the provider is willing to offer cryptocurrency as a payment option on casino games. This means there will be many more available Bitcoin casino games in the global market soon. This is excellent news for the online casino operators, as well as for punters.
Initially, the new initiative shall only touch several games, though the company plans to expand its options to different games. The increased popularity of crypto payments and Bitcoin users only encourages the company to take a new step forward.
The news became official earlier this week when the company received a patent for transferring cryptocurrency between a player’s gaming-establishment account and an external cryptocurrency account.
This is one more clear example of technological advancement in many ways. That means players could move Bitcoin into their virtual wallets on a slot machine using their phones.
The company’s representative commented on the recent news and stated, “IGT secured this patent to bolster its industry-leading patent portfolio in anticipation of any possible future direction in regulated gaming involving cryptocurrency.” Phil O’Shaughnessy, IGT’s spokesperson, commented.
New audience, new opportunities
This action taken by the company may reflect on an entirely different segment rather than the ordinary players with cryptos. This is a better opportunity for the younger audience to cut the way through. This audience is between 21 and 40, and this is due to several reasons.
First of all, Bitcoin is especially popular among millennials. Those are not simple words, but the statistics made by the official representatives. The pandemic has increased the interest of millennials in Bitcoin even more. According to the research, 44% of the people participating in the survey are willing to buy Bitcoin in the following five years.
The second reason for that is the drastic positive change in price. Bitcoin reached its highest peak in December of 2020. No one would have expected this during the severe pandemic, though it is accurate and we all have witnessed almost quadrupled the price of Bitcoin.
Consequently, the shares of the companies that have been at least somehow engaged in crypto business or overall support Bitcoin payments have increased accordingly.
Bitcoin is overall one of the most used currencies in the world. And there are valid arguments behind it. Despite the economic crisis and the volatility of the other currencies in every country, Bitcoin is still going strong. As it is decentralized, no specific party is engaged in regulating it, which was highly efficient and helpful during the pandemic.
While Bitcoin isn’t’ widely used in transactions, some users have been known to buy expensive cars, houses, and other luxury items and materials with crypto assets. It is a great way to spend a lot of money, stay not noted, and avoid taxes. The crypto payment popularity in online gambling has also reached new levels.
Up until the news of IGT receiving the patent, the crypto users had to convert their holding into cash, which was available in the special crypto ATMs. They would be located on the casino floors so that guests did not have to bother too much.
Though, last year Nevada Gaming Commission made it even more accessible and introduced a cashless way of payment. This lets players transfer funds directly from smartphones or any other gadget to the gaming machine.
According to IGT’s announcement, players can enjoy the cashless payment system and use a Resort Wallet loyalty card to deposit funds for the slot machines.
