Why Bitcoin Payments are Gaining Popularity in Online Casinos?
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The days when crypto was regarded as a fringe interest at best and a joke at worst have long since passed. We are now at the stage of acceptance, as more and more industries begin to allow people to make and receive payments using currencies like Bitcoin.
One of those leading the charge in bringing crypto to the mainstream is the gaming industry. We should not be surprised by that, as it is a tech-based sector that thrives on innovation at all levels.
This embracing of Bitcoin and other cryptocurrencies would seem to be helpful to both the gaming providers and the players. Just how popular is it becoming as a way of transacting money though? Keep reading to reveal some interesting facts.
The Rise of Bitcoin in the Gaming Sector
The rising acceptance of Bitcoin in the gaming sector is playing out in two different ways: the inclusion of it as a further payment method at existing sites and the emergence of new ones that deal solely in crypto. Both represent a significant step forward in it becoming a mainstream concern.
At the moment, new gaming sites specialize in Bitcoin transactions and accept payments in many new crypto assets. There are some major established gaming sites that have added it to their methods of payment, but there is still some real resistance to doing so.
It is the online gambling part of the sector – particularly casinos – that potentially has the most to gain. Bitcoin is just one of the payment options available though and each has its benefits and drawbacks. These are the main options
- Bank transfer
- E-wallet
- Crypto wallet
Bank Transfer
It is a method that involves sending and receiving money by having it transferred directly into or out of your bank account. Casinos usually differ by the currency they trade in, so if you’re playing at a New Zealand online casino you’ll play with the NZ dollar. It is an option that is typically used for traditional currencies, like Euros or a particular national currency.
It is still probably the most common way that people deposit money and receive winnings when playing at online casinos. The primary benefit is that it is very fast, but the fact that standard currencies are being used also provides people with a comeback against theft or fraud, due to regulation.
Despite remaining the first choice for a lot of gaming industry customers, it does have definite drawbacks. The biggest drawback is that players have to submit their bank details to the site they are playing at when they set up an account.
They also have to provide other personal information. All of that puts users at risk of falling victim to hacking, identity theft, and other cyber-crimes.
E-Wallet
It means companies like PayPal and Neteller. As a payment method, it is nearly as common at online casinos and other gaming sites as bank transfers now and is offered by virtually all sites.
It is a highly efficient method and instead of providing bank data to the gaming site, it is given to the e-wallet operator. PayPal is extremely security conscious, but the same hacking threat still exists.
Crypto Wallet
Storing any crypto coins like Bitcoin in a crypto wallet and making gaming payments using them is the third method. The biggest benefit of it is that absolutely no personal or banking details are needed. It gives the user a feeling of greater security and trust.
Bitcoin transactions are not vulnerable to fraud either as they are stored on blockchain registers that cannot be altered. However, the lack of regulatory oversight means that if a gaming site fails to pay in full or on time, the customer does not have much protection.
Are Bitcoin Payments for Online Games on the Rise?
That absence of the regulatory framework governing standard currency transactions is something that an increasing number of gamers seem unconcerned by. Given that Bitcoin payments mainly apply to the online casino sub-sector, perhaps it can be easily explained.
People are attracted to the idea of playing online casino games due to the thrill and entertainment. The non-existent regulation is therefore seen as just another acceptable level of risk that is counterbalanced by the security that Bitcoin anonymity provides.
Users have also identified the regulation issue as one that is preventing more established casinos and gaming sites from embracing crypto payments.
It is not just the providers either. Many countries have made online casino Bitcoin transactions illegal, precisely because of the complete lack of regulation. While that remains the case, it will probably struggle to rise any further in popularity.
Bitcoin payments for online games are more popular than they were a few years ago, but barriers are still there.
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