Halving on the Bitcoin blockchain could potentially boost the economic development of iGaming projects, transparency in their operations, and user trust.
Bradley Peak, Blockchain Expert, prepared for SOFTSWISS an analytical piece on the impact of Bitcoin’s halving on the activities of crypto-friendly iGaming projects. As a key effect, the expert highlighted the potential increase of BTC, one of the delayed effects of halving, which will have a positive economic effect on iGaming brands.
Moreover, the halving event will affect the growth of the cryptocurrency market and the level of crypto adoption. Against this backdrop, iGaming platforms will expand their payment options with other cryptocurrencies to reach a broader range of users. Such a trend will lead to a growing number of use cases of digital assets in online casinos and the development of innovative gaming models based on Web3 and smart contracts.
In turn, greater adoption of automation and decentralized technologies will lead to higher operational transparency of gaming platforms and increased player trust.
As an example of Web3 already being used in iGaming projects, positively impacting the transparency of their operations and the trust level of players, there’s cryptographic technology called Provably Fair. Read more about it in a special material by CP Media.
In addition, the further growth of crypto adoption will contribute to intensifying the development and implementation of digital assets market regulation, which will inevitably affect the iGaming industry. In particular, we should expect the updating of licensing requirements, player protection measures, and mechanisms for combating fraud and illegal activities.
As advice to representatives of the iGaming industry, Bradley Peak suggested the following:
- to deepen competencies in working with digital assets;
- to pay special attention to security issues;
- to consider gradual integration of crypto payments.
Regarding the last recommendation, the expert suggested free integration of the CryptoProcessing payment service, which is part of the CoinsPaid ecosystem and one of the largest crypto payment providers. According to Peak, the company’s services allow for a phased introduction of cryptocurrencies, providing an opportunity to assess players’ interests and adapt existing business processes accordingly.
The Bitcoin halving took place on April 20, 2024, with BTC finally overtaking gold as the most scarce asset in terms of issuance.
