Online gaming is an industry that was once considered niche and isolated to hardcore gamers who liked to escape from the outside world, Now it has become a mainstream sport that garners the attention of millions of gamers worldwide. One thing that has enabled the gaming industry to consistently keep up with the times is its ability to leverage the power of many of the new technologies that enter the arena, pumping new life into a forever-evolving industry to the satisfaction of customers.
One significant change in the industry over the past few years has been the introduction of cryptocurrency. Although there is still some hesitation around the widespread use of this completely revolutionary currency, it has been able to find its feet within the gaming industry and prove itself to be a worthwhile addition to casinos. In this article, we’ll be delving into the topic of cryptocurrency and discussing whether or not it has improved online casino gaming – and to what extent. Keep on reading to find out more.
Cryptocurrency is predominately used to facilitate easier and faster payments online which, considering the casino game industry revolves around the transfer of money, the introduction of crypto was a natural fit. In new cryptocurrency casinos, players can make bets directly with their chosen cryptocurrency at the poker table, or deposit money into the Bitcoin slots online to try their luck on the spinning wheels.
Most online casinos now accept regular, flat currencies or most of the larger cryptocurrencies – like Bitcoin, Ethereum, Litecoin, etc. This means that players no longer have to worry about transferring their funds into an accepted currency and incur some of the transaction fees that often come into play with traditional currencies. As we’ll explain throughout this article, there are many reasons why the use of cryptocurrency is to the benefit of both the players and the game developers.
Many gamers are now choosing to exclusively play in casinos that provide cryptocurrency payment, forcing other casinos to offer the same service or risk losing customers. This change in payment preferences has not been something that has happened overnight, in fact, it comes in response to demands that gamers have been making for years – they want more accessible, efficient, and faster online payments.
Here are just some of the main reasons why gamers prefer using cryptocurrency in online games:
One of the main perks of using a cryptocurrency rather than something like GBP or USD is that you don’t incur high processing fees. For example, if you live in the UK and all of your money is in British Pounds, you will have to pay a small sum of money every time you want to deposit money in a casino that’s based in the US and uses American Dollars. The amount of money may be very small, but over time this can add up when you’re playing in the casino every day.
When you use a cryptocurrency, on the other hand, you don’t have to pay any money when you want to deposit funds into an online casino. If the casino that you’re playing at accepts cryptocurrency, you can transfer money as frequently as you want and never have to worry about paying more than you want.
Facilitating international payments has been a sore subject for gaming providers for years. Of course, they want to make their games more accessible to the masses, but getting the backend sorted for this type of operation can be a huge challenge. As more states start to legalize online casinos, sorting these processes out has become even more of a priority for game developers.
Opening up a game to players across the world normally means tighter regulatory requirements, and a more extensive payment processing platform to deal with the range of currencies you’ll be dealing with. With cryptocurrency, all of these problems are a thing of the past as you just have to worry about one, centralized currency that doesn’t get impacted by pesky middlemen.
We all know that it’s important to stay safe online, but we don’t always have control over what happens to our data when we give it over to a company. If you’re transferring money from your bank account, you’re unknowingly providing a lot of important information that could be extremely valuable if it got into the hands of the wrong people.
Cryptocurrency operates off the blockchain platform, which is a completely anonymous platform – you never have to provide any identifiable information about yourself. So, when you’re depositing funds into an online casino, you are only giving over the information that you want them to know about, nothing else.