Despite it’s introduction to the world in 2009, Bitcoin is still to manifest itself as a currency in everyday life. However, the one area it really has made an impact in is online gaming. Gaming and bingo sites have always utilized the newest technology, so it is little wonder that they embraced the online virtual currency with open arms. However, no one could have predicted just how big an influence this new form of technology would have on the gaming industry, especially online bingo and gambling sites.
What is making bitcoin so popular in the online gaming industry
Privacy and Anonymity
Players from all across the world are being lured into online gaming and bingo by the anonymity and privacy that Bitcoin can offer them. Because it is not tied to any central banking authority or treasury, the transactions that occur are pretty much anonymous. This leads to a level of privacy and freedom that is important to many gamers.
What is Bitcoin
Many gaming sites that use Bitcoin ask for next to no personal information, so that the people who are using the virtual currency cannot be tracked. Some bingo and gaming sites ask for ID, in the form of passports, driving licenses or scanned utility bills. With an increase in identity theft and hacking, many users may feel vulnerable allowing a faceless website to have this amount of personal information, so it is not difficult to see why a relatively unregulated currency is attractive.
The Ease and Speed of Transactions
Bitcoin is incredibly easy to access and use, making it attractive to online gamers. When using a regular fiat currency, there is often a fee that a gambling or bingo site will need to pay to be able to accept and pay out money, which is more often than not passed on to the players. Bitcoin means they can avoid these fees, leading to a completely free process for all involved, or at the very most, a tiny charge which is a fraction of what you would pay if you were using a credit card. It is also, in most case, completed in a very short period of time. With traditional online casinos and gaming sites using only fiat currency, the amount of time to it takes to cash funds out incentivized players to keep large bankrolls online. As well as posing a substantial risk to the player, it also can cause some inconvenience to the player as their money remains in a fixed account for and out of their reach for some time, especially if they want to play in between withdrawals. It also requires the player to trust the online casino or bingo site they are playing on. The fact that players using cryptocurrency can move their money quickly and efficiently means there is never a need for their money to be left at a casino and are able to use their funds in different places if they choose.
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More people in more places can play
Because governments and banks have no control over Bitcoin and where or how they are spent, there is very little in the way of legal jurisdiction when it comes to using it in online gaming. Many banks won’t authorize payments to or from these sites in countries where gambling is not legal, so Bitcoin is a valid way of getting around it and getting and making payments. More and more sites are appearing to use Bitcoin, making it accessible to more people.
Bonuses and Promotions
Thanks to more players and lower fees, online casinos can generate extra revenue, and this is often passed on to players through bonuses, promotions and cash back incentives. They can also offer higher payout percentages a lot of the time. While these can vary a lot due to the volatility of the currency, decent and regular incentives can really pull the players in.
We do not really know yet where Bitcoin might lead us in the future, and its use in gaming still has a very long way to go. It is a currency that many people are still not aware of, or aren’t confident in using. What we do know, however, is that Bitcoin and other forms of cryptocurrency technology have had had a significant impact on online gaming already. It does not seem to be showing any signs of slowing down in terms of the privacy, accessibility, and freedom it gives players and will eventually become a widely accepted currency within the industry.