Bitcoin currency is appearing more and more in our lives. But what does the meteoric rise of Bitcoin mean for online gamers?
If you don’t know, Bitcoin is a revolutionary system of financial transaction. The system is based on the concept of a digital ‘cryptocurrency’.
That means it’s a currency that only exists virtually in the digital world. There are no notes or coins.
Bitcoin has no central regulating and issuing authority like a government currency. It is a global system of exchange where every transaction is conducted online by highly secure internet cryptography.
Whether they’re heading for a leisurely session of Gates of Olympus on Jackpotjoy or a quick hand of poker in your lunch break, many online gamers are welcoming the arrival of Bitcoin into their world.
It offers a convenient new way of doing financial transactions with the online casinos.
At the same time more and more casino operators are offering to accept bitcoin as a verified payment system.
Bitcoin offers great advantages for both sides.
That’s why industry experts think it could well be a major part of the future of gaming.
The gaming industry is often among the pioneers in new ideas and technology. That has helped it enjoy such a huge boom in recent years.
The gaming industry has been quick to recognise that these new crypto-payment systems can offer secure, flexible ways of paying and receiving money.
Recent surveys have found there is a big demand among players too for using some sort of anonymous but universal cryptocurrency like Bitcoin.
Some players still have worries about Bitcoin’s safety. It sounds intangible but in fact cryptocurrencies are an extremely safe way of trading – because they are built on very secure cryptography systems.
Blockchain technology ensures that these financial systems are completely immune to any interference from thieves, governments or prying eyes.
For gamers switching to Bitcoin is easy. Players can simply buy or sell Bitcoin at any time.
If they have an online casino account they can then use it immediately to pay for extras within any game, like extra lives or spins. There’s no wait for approval or sluggish bank transfer time.
Increasing numbers of casinos are accepting Bitcoin transactions. It makes their payment systems simpler and more streamlined.
For players the main benefits of using Bitcoin at online casi nos are:
- Payments can be instant so you get to the games you want very quickly.
- Bitcoin is global – so you can play anywhere with no worries about exchange rates.
- Blockchain tech means that illegal trading and hacking is impossible.
- Bitcoin has no hidden fees or interest. It’s better value for money than credit cards. And there is no wait for money to be moved.
- Data and transactions are protected by Bitcoin’s security system. Cryptocurrency uses different secret addresses for every transaction.
Game developers have been quick to use Bitcoin as part of their new offerings to online players. Some of the best Bitcoin games include:
- Bitcoin Hero – designed to give players a chance to learn about the world of Bitcoin trading
- Bitcoin Blast – a fun game involving matching Bitcoin symbols and colours
- Altcoin Fantasy – a trading simulator to play at how trading with cryptocurrency
Cryptocurrencies and blockchain technologies powering them are still being developed – but it is clear among gaming industry experts that they have huge potential.
As millions of players are now enjoying online gaming there’s a huge potential market that could help the growth of Bitcoin. And online casinos are a perfect environment for the use of cryptocurrency.
Industry experts expect Bitcoin will help the casino industry grow even faster.
Overall then, there are strong benefits for players to using a Bitcoin casino:
Bitcoin transactions are decentralized and not linked to personal information. So players can remain anonymous.
Bitcoin transactions are secure (and irreversible) to prevent fraud.
Bitcoin transactions are quick and easy. They are attractive to online gamblers who may not have access to traditional banking methods.
Some Bitcoin casinos offer bonuses and promotions specifically to encourage the use of Bitcoin as a method of deposit.
It’s always wise to note that Bitcoin prices can fluctuate rapidly, making it challenging to calculate the value of your winnings or losses.
Ultimately, whether or not a Bitcoin casino is better than a traditional online casino depends on a player’s preferences and priorities.
In terms of fairness, reputable online casinos that accept Bitcoin currency typically use very advanced security measures, such as encryption and random number generators, to ensure fair play and security.
But it is still important to do your research and choose a reputable online casino, regardless of the deposit method you choose to use.