Cryptocurrency: the potential of digital money in the gambling industry

Cryptocurrencies have become really popular in the world market, experiencing rapid exchange rate growth. These two factors have caused the ubiquitous spread of digital currencies in various online payment systems. Users resort to mining to obtain Bitcoins, Litecoins, Ethereum, and other electronic coins. As the number of digital coins of each cryptocurrency is limited, the exchange rate of coins in respect to world fiat currencies is constantly growing. Traders earn good money in financial markets due to price fluctuations. Online casino owners have paid attention to the popularity of digital money and offer players to place bets and get winnings in some cryptocurrencies.

In the next few years, cryptocurrencies like Bitcoin are going to rise, both in terms of a store of value, as well as a medium of currency. However, cryptocurrencies can improve the experience. Firstly, money does not get deducted in the form of governmental commissions and other taxes. Secondly, the entire process is much more secure than any other form of payment. If you wish to know more about cryptocurrency payments in the gaming industry, please read this guide.

Cryptocurrency and gambling:

When Bitcoin appeared on the world market as a monetary unit, many financial experts were skeptical and predicted a gradual depreciation to cryptocurrencies. However, things developed in the opposite direction. Now 1 BTC is bought for almost $3,500, and according to experts, the exchange rate will grow in the next few years. Prudent online casino owners have appreciated the huge potential of digital money and offer users to gamble for cryptocurrencies.

Entertainment and gaming software has reached the point where bets in digital money are quite acceptable for users and online platforms owners, and they are profitable for modern operators. An impressive part of online casinos has included Bitcoins on their gambling platforms. Time will eventually show the effect, but cryptocurrencies have a future in the gambling sphere.

Benefits of using Bitcoin for providers:

People who are interested in gambling entertainment not only as players but also as gambling business owners and partners benefit from using digital money. The very opportunity to get the won assets in cryptocurrencies attracts more and more cryptogames supporters. The benefits of using BTC are as follows:

  • Expanded gambling industry market and increased target audience.
  • Comprehensive geo-targeting – virtual Bitcoin casinos can attract gamblers from different countries to the game.
  • Customers can use cryptocurrencies everywhere, which is no less convenient than electronic wallets, and therefore, the resource traffic is growing.
  • Reduced costs for founding a virtual casino – online platform owners benefit from accepting bets in Bitcoins.
  • The minimum commission fees for transactions with digital money, which is an order of magnitude lower than in other payment systems.
  • No commission fees allow operators to offer users good payout ratios.
  • Key-ready online casinos accepting Bitcoins offer a higher payment threshold and there is no chargeback.

Carrying out transactions with digital currencies (depositing or cashing out) does not imply a chargeback being a problem for gaming entertainment providers. The completed Bitcoin transaction is considered final. The absolute anonymity of cryptocurrency transactions, which are hardly traceable by any systems, is a huge advantage. This feature is beneficial for players and online casino owners as it simplifies the process of founding the gambling business when payments and cash-outs are carried out in digital money.

Advantages of casinos working with cryptocurrencies:

When choosing a turnkey gambling business format, many entrepreneurs order the option which supports payments and cash-outs in digital money. It is equally important for users to have high-quality software in gambling rooms, convenient ways of replenishing the game balance, and good cash-out transaction processing speed. Cryptocurrencies fully provide these demands to the target audience. The ideal payment options which make online casinos, working with cryptocurrencies, more advantageous are listed below:

  • Instant transactions.
  • No commission fees.
  • Transparent prize withdrawal algorithms.
  • Players control their funds.
  • Bitcoin transactions anonymity.

An online casino supporting the digital money game format has great advantages over other virtual platforms. According to financial experts, digital currencies will soon reach their maximum potential. Consequently, the benefits of the gambling industry interaction with cryptocurrencies are more than obvious.

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Mashum Mollah

Mashum Mollah is an entrepreneur, founder and CEO at Viacon, a digital marketing agency that drive visibility, engagement, and proven results. He blogs at MashumMollah.com.

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