Blockchain has been one of the biggest technological advancements in recent years, starting a new wave of products and services that intend to make our lives easier, safer, and more efficient. One of the most popular things that have come out of blockchain technology is cryptocurrencies, offering a smarter way to make monetary transactions without relying on the typical flat currencies that most people have become most used to.
Although there is a range of different cryptocurrencies that people can choose from, the most popular has been Bitcoin. Constantly ranked as one of the most secure and profitable cryptocurrencies, its uses have become extremely widespread. Some online stores already accept Bitcoin as a form of payment, and banks are quickly onboarding teams of cryptocurrency experts to facilitate Bitcoin payments for their customers. Another area that has been welcoming the idea of introducing Bitcoin is the online casino game industry, which we’ll discuss in this article.
The Benefits of Using Bitcoin in Online Casino Games
Bitcoin has gained significant traction in various industries, but it seems to be the online gaming industry where it has really found its footing. Cryptocurrencies have been used in online casinos for quite some time, but the best Bitcoin poker games have truly leveraged the efficiency and convenience of the popular blockchain platform. Here are just some of the benefits that online game developers can utilize when incorporating cryptocurrencies into their product offerings.
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Faster Global Payments
One of the major issues that many digital companies find when trying to expand out of their home countries is having to adapt their platforms to cope with such a large array of global currencies – normally referred to as ‘flat currencies’. Normally, when you’re paying with GBP, USD, or EUR, you may have to deal with delays, which can be a particular issue for gamblers trying to make a quick bet in the online casino.
With Bitcoin, transactions can be processed extremely quickly regardless of where the customer is located. It’s easy to convert any currency into Bitcoin which means that users can quickly make payments in online casinos, without having to worry about the complexities of traditional cross-border payments.
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Customers Can Maintain Anonymity
For most people playing in online casinos, it would be less ideal for their opponents to know much about their identities, so they like to maintain some level of anonymity when they’re making bets and collecting winnings. With traditional currencies, you have to hand over some of your most private details to make money, which can cause some issues for people who want a bit more privacy.
With cryptocurrencies like Bitcoin, all transactions are made completely anonymously, which offers a heightened level of security compared to the usual payment methods. Not only do customers not have to hand over their financial information, but they also don’t need to worry about any of their other personal information getting into the wrong hands. For many people who use cryptocurrencies, privacy is normally one of the most appealing aspects.
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Lower Transaction Costs for Payments
When you have to transfer funds into different currencies, you can expect to pay some pretty hefty transaction costs to cover the processing demands – especially when you need international transfers.
Because you don’t have to worry about dealing with flat currencies in Bitcoin casinos, you also won’t incur any additional fees for processing payments. This is a particularly appealing thing for online gamblers as it means they will be able to retain more of their winnings.
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Ensures Fairer Games
When you’re laying down your hard-earned money, you want to trust the websites that you are using to place your bets. With online Bitcoin casinos, they offer provably fair games, powered by blockchain technology
Blockchain functions on a system based on fairness, so it means that even if you’re playing a slot machine game that has completely random outcomes, you can verify the fairness of each game to ensure that it’s as random as the developers claim it to be.
This is a good thing for gamers and developers, as generally speaking, Blockchain ensures transparency, and regarding the gaming experience, it eliminates doubts about the integrity of the casino. In turn, this means that more players will come back to the casino game and spend more money.
Final thoughts
Blockchain technology and Bitcoin have slowly been taking over the gaming industry, creating a safer, faster, and more efficient experience for gamers and developers.
As we have discovered in this article, Bitcoin has allowed online casinos to become more accessible to global customers who may all be using different currencies. Similarly, it also ensures fairer outcomes and more convenient payment processing.
Together these benefits entice more players to log into their favorite online casinos and have also helped gaming providers to retain more customers and continue making a profit.
