Monday, April 15, 2024

Bitcoin influence on online gaming

Since the introduction in 2009 bitcoin attracts constant attention in the economic world. Referred to as cryptocurrency, digital cash, electronic money or similar, the idea exceeded anyone’s expectations and became a true phenomenon. It is especially popular among people living in technologically advanced countries where it can really prove its usability. One of the sector that particularly fell in love with bitcoins is online gaming.

The universality of digital cash and its advantages make it applicable in a lot of industries. Merchants and vendors from various business sectors have accepted the concept. As for the internet gaming, there are plenty of poker websites for real money out there, as well as great variety of online casinos and other gaming entertainment. Many of them continuously present new and innovative methods for depositing and withdrawing funds, just to stay on top and improve client’s satisfaction. In addition to some of the popular currencies like dollars, euros or pounds, the software sometimes enables more ways of exchanging currency to reach local markets around the world. Operators have also adapted quite quickly to the most recognized cryptocurrency.

The relationship started when traditional casinos tested the waters with electric currency, introducing it slowly to customers as a way to buy some small items. Nowadays, online establishments that have fully accommodated bitcoins as a payment for pretty much all transactions are popping out across the great wide web with tremendous speed. With some statistics setting the number of unique users of electronic wallets close to 6 million (and growing), there really is no doubt about the profitability of this market here.

The reason for the satisfactory state of affairs is pretty straightforward. First of all, the whole concept is based on the peer-to-peer system, which means the transactions take place directly between interested parties, with no intermediaries needed to come into play. It enables the processes of money exchange to be easier and anonymous. That is a huge value for self-aware users in modern world. Gamers should be the ones to especially appreciate the fact that bitcoin deposits or withdrawals will not make any entries to their bank or card statements. The fees connected with such transactions usually amount to zero or close to zero. Negligible in comparison to more traditional methods involving credit or debit cards, or even online payments systems such as Pay Pal. It may sometimes result in better odds and higher payouts offered to players by some operators, and consequently increased attractiveness towards the ones that do. The money exchange is typically un-reversed, that is why there are no chargebacks. This contributes to the safety factor as well. Then, there is also a matter of ubiquity. As long as you have internet access, you can fund your account on any device you like, computer, tablet or smartphone.

Nothing comes to mind for the moment that could jeopardize the future of bitcoin in online gaming. There may still be some issues with this innovative concept, hence no guarantees of any kind can be assured. However, some say that regardless of it all, bitcoin is perfect for the internet gaming industry, and will always find a secure place there.

Elliot Preece
Elliot Preece
Elliot is the Editor at ABCMoney. He manages a team that writes and contributes to many leading publications across a number of industries.

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