Blockchain & iGaming: The Emergence of Native Tokens in Online Gambling Sites
Blockchain technology has had a profound impact on the online gambling industry in recent years. One of the latest developments in this area is the emergence of native cryptocurrency tokens tailored for specific gaming ecosystems. Offered by some of the best crypto casinos online, these tokens not only facilitate fast and smooth payment transactions but also drive player engagement to a whole new level. So, what exactly are they, and why do they matter?
This article explores the transformative world of native cryptocurrency tokens in online gambling sites, exploring their characteristics and benefits.
The introduction of Bitcoin, Ethereum, Litecoin, and other popular cryptocurrencies has brought about faster, more secure, and hassle-free transactions in online gambling. The many advantages of these digital assets have inspired some online gambling sites to develop their crypto tokens. These native tokens are created for use within a particular gambling site's ecosystem. They are usually built on existing blockchain networks like Ethereum (ERC-20), Binance Smart Chain (BEP-20), Solana, etc.
The beauty of these native tokens is that they operate like any other cryptocurrency in online casinos. They are actual cryptocurrencies that have real value outside the gaming platform. So, you can buy them on some of the best exchanges online and then use them to fund your casino accounts. Once credited, you can use the tokens to play exciting titles, including table games, slots, Jet X game, roulette, etc. Similarly, when you rake in some winnings from the site, you can use the tokens to process a withdrawal.
Recently, more casinos have started to adopt the native token model. The table below shows information on some of the top casinos that have developed their own crypto tokens. Native Token Gambling Site Blockchain network $BC BC.Game BNB Smart Chain (BEP-20) $ROLL Rollbit Ethereum blockchain $DICE Mega Dice EOS blockchain $WIN WINk (formerly TRONBet) TRON $BFG BetFury BNB Smart Chain $LBLOCK Lucky Block Ethereum chain
Native cryptocurrency tokens is that they offer distinct benefits over traditional fiat and sometimes, regular cryptocurrencies. Let's examine some of their advantages.
One of the most significant benefits of native crypto tokens is that they facilitate swift and hassle-free payment transactions like any regular cryptocurrency. Users can easily use these coins to move funds in and out of their gambling sites without any unnecessarily complex barriers or delays. These tokens are also known to feature reduced transaction fees.
Like regular cryptocurrencies, native coins also improve the security and privacy that players can enjoy when engaging in their favourite gambling activities. Thanks to its cryptographic encryption, the blockchain technology inherently provides a safe gaming environment. Also, while they typically reserve the right to request it in some situations, gambling sites with native crypto tokens don't make KYC verification a mandatory process. This allows for a more anonymous gaming experience.
A core feature usually found with some of the best gambling sites that provide native crypto tokens is the integration of staking and yield opportunities. This allows players to use their native digital assets to earn passive income by locking them into smart contracts. The casinos also benefit from this, as it aids the development of the crypto ecosystem, driving growth.
Sites with native crypto assets are also known to provide specialised and innovative loyalty and rewards systems driven by their tokens. While these rewards programs generally vary from one site to another, they usually work around the usage of the native coins. The goal is to get players to process deposits with the coins and use them to play games. In return, players get to enjoy incredible rewards in the form of more tokens.
A recent growing trend in crypto gambling sites with native coins is the promotion of governance rights within the decentralised gambling ecosystem. This provides token holders with rights to vote on certain key issues on the site, such as which games to feature or what feature to develop next.
Despite their exciting innovative potentials, the integration of native tokens on online gambling sites is not without its risks, challenges, and hurdles. Regulatory uncertainties of the blockchain ecosystem are one of the biggest hurdles to the all-around adoption of native cryptocurrencies. This is because different jurisdictions have varying opinions regarding the usage of cryptocurrencies.
Other challenges here include: Volatility of tokens
Smart contract risks
Liquidity concerns
Scalability issues
The emergence of native cryptocurrency tokens is undoubtedly the next evolutionary phase of blockchain's innovations in the iGaming industry. Many gambling sites, such as BC Game, Lucky Block, Mega Dice, and many others, have adopted this model. This is no surprise, as the tokens allow gaming sites to build self-contained ecosystems that benefit both the sites and casino players.
While the innovation has some challenges and risks, the future looks promising for native crypto tokens on gambling sites. And we can expect even more platforms to embrace this trend in the coming years.
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