Cryptocurrencies like Bitcoin, Ethereum, and others attract more and more people. Before 2017, it was mainly known to those in the IT space. But now crypto is becoming mainstream, just as the internet did 20 years ago: it’s not something strange anymore. More and more people hear about bitcoin and other cryptocurrencies every day.
According to different surveys conducted by various companies, from 13% to 27% of Americans have known about Bitcoin. Millennials tend to be more familiar with this technology (40%) than older generations (17%).
Millennials also have a much higher willingness than their elders to invest in the cryptocurrency online gaming industry (25% vs. 5%). Moreover, more and more people are showing their trust in different cryptocurrency exchanges, like OKX, to trade various cryptos online.
Cryptocurrency Now Trending Globally
You might agree that now the whole world is talking about Bitcoin. The price of BTC has reached $31,750 in 2022. And before that, it was just $1,000 at the beginning of 2017. Since then, it has multiplied and attracted millions of new users interested in cryptocurrencies, blockchain technology, and mining.
Bitcoin also paved the way for many other cryptocurrencies to appear on the market. No wonder Bitcoin is so popular today! Yet, in 2007, when Satoshi Nakamoto published an article about his invention on a cryptography blog, almost no one believed in this cryptocurrency and blockchain technology.
It was mainly known to those in the IT world who understood Bitcoin and its working. Since then, everything has changed dramatically; cryptocurrency came into the lives of ordinary people because they saw a potential profit from investing in it.
Cryptocurrency and Blockchain Technology are Penetrating Different Industries
Currently, there is a growing demand for crypto in the online gaming industry. Moreover, the number of video games accepting payments in cryptocurrency is increasing.
Here are some examples:
- War Riders: is a blockchain-based deadly vehicle combat game that allows players to buy and sell digital cars using cryptocurrency. The most expensive car in the game costs more than 400 Ethereum coins (worth $9,48,000).
- CryptoKitties: one of the first applications built on Ethereum blockchain; it’s not a traditional video game as you cannot control your character’s actions but similar to Pokemon cards, you can purchase, breed, and sell digital cats. The game recently sold a new kitty for 600 Ether coins which equals $1,422 thousand.
- Blockchain Cuties: an RPG adventure game where each player owns their character, which they can customize by purchasing accessories or weapons. The portal stores all items on smart contracts where they, from then on, belong exclusively to their owner, who can freely trade them with others using cryptocurrency such as ETH or Bitcoin Cash (BCH).
Adoption of Crypto Payments in the Online Gaming Industry
It’s hard to argue against the idea that cryptocurrencies and blockchain technology are the future of finance. The online gaming industry is no exception. There is still a long way for online casinos and payment processing companies to fully adopt crypto as a payment method, but there are many positive aspects for them to do so.
For players, crypto payments would make withdrawals from casino sites much faster. For casinos, accepting cryptocurrency could potentially attract more players. In terms of security and convenience, cryptocurrencies are superior to conventional payment options in many ways. The use of blockchain technology ensures that payment transactions cannot be altered or reversed.
Cryptocurrencies can also be sent globally instantly during the day or night with minimal fees. Players can even buy crypto instantly using their debit card at some online casinos, making it even easier for them to start playing casino games in cryptocurrency.
Casinos Are Accepting Cryptocurrency Payments
There is a glowing recommendation for casinos to accept cryptocurrency payments and improve their promotional strategies. Casinos can do it by offering rewards in cryptocurrencies, such as Bitcoin and Ethereum.
Casino operators can purchase cryptocurrencies on the web using fiat currencies or obtain them from existing holders. Once the casino has acquired its preferred currency, they need to find an online merchant service provider that accepts cryptocurrency payments.
For example, “CoinGate,” a cryptocurrency exchange, accepts payments in 50+ cryptocurrencies on behalf of online merchants. The fees associated with these transactions are usually small, but they depend on the size of the transaction, so it’s worth discussing this point with your chosen payment processor.
To pay in crypto at an online gaming site, you need to select “Bitcoin” or “Ethereum” as your payment option and enter your desired amount. Then, you will see a pop-up box that displays your deposit address and a QR code for that address if you want to send money using your mobile wallet app (this isn’t necessary when sending from a desktop/laptop).
Casinos Are Gaining from Crypto Payments
Casinos that have already started accepting virtual currencies have realized an increase in profits, while other casinos are still studying its potential benefits before they decide to incorporate it into their payment options.
If you have a list of casinos that accept Bitcoin, you may be wondering about the benefits of using cryptocurrencies for online gambling. You will be happy to learn that there are many advantages to using virtual currencies when playing online casino games. Here are some of them:
- Withdrawals do not need to pass through financial institutions such as banks so that players will get their winnings faster.
- Since Bitcoins and other cryptocurrencies are decentralized, you can send them anywhere instantly.
- Players’ identities are protected from fraud or hacking because you cannot reverse or stop the Bitcoin transactions once the blockchain network confirms them.
- There is less paperwork involved with payment processing since no credit card statements or bank statements are required. In addition, most virtual currencies allow transactions between two parties without an intermediary, such as PayPal or MasterCard. However, they usually charge transaction fees which can be high if processed by multiple intermediaries before being received by your favorite casino.
Cryptocurrency Allows Faster Deposits and Withdrawals
The online casino and gaming industry has been a significant beneficiary of the cryptocurrency revolution. The introduction of Bitcoin and other cryptocurrencies has completely changed the landscape of online gambling, with more and more people recognizing their unique value proposition, particularly regarding speed and convenience.
Both Bitcoin and blockchain technology have made it possible for players to make deposits or withdrawals without waiting for days or even weeks for the transaction to go through. No intermediary is taking a cut from the trade, making it much faster than when using fiat currency. In terms of added security, there are far fewer opportunities for fraud or theft due to the decentralized nature of blockchain technology.
Also Read: How to Master Playing Spades Fast?
Experienced Casino Gamers Are Enjoying Crypto Benefits
To know the impact of cryptocurrency and blockchain technology on online gaming, we need to understand how cryptocurrency works. First, you need to get a Bitcoin wallet. It’s like a credit card or Paypal account with a unique address for each transaction.
When you make a purchase or deposit at an online merchant, they will credit your online casino account, and when you want to withdraw your funds, they will debit them from your wallet in real-time. That’s because the network uses an electronic ledger known as the blockchain to record every transaction made with bitcoin wallets worldwide.
Cryptocurrency transactions are fast and take as little as ten minutes for funds to appear in your mobile casino account. The fees involved are also minimal compared to other payment options such as credit cards and bank transfers. Other payment options can cost up to 5% of the amount transferred while taking several days before they reflect in your gaming account balance.
In addition, there is no personal information required, so there is no risk of identity theft when using this payment option. While with credit cards, thieves can use stolen details for their ends, including making purchases at online casinos without authorization from card owners.