Tech and Trends:- Change is in the air for the gaming industry, and it’s something that most insiders agree will benefit everyone. While some users seem to be a little nervous about using a cryptocurrency, many are not. In fact, many users can’t wait for everyone to start accepting Bitcoin (BTC).
What is Bitcoin? Well, in case you’ve been living under a rock for the last few years, BTC is a new(ish) digital currency that was created using some pretty complex and clever algorithms. Users volunteer their computers’ resources in exchange for a prize – Bitcoins. This so-called “mining” helped to create the first coins on the market, but it wasn’t until the exchanges were established and money was moving through the system that controversy started.
The infamous Silk Road marketplace sparked an online debate about whether Bitcoin should be regulated and, if so, how. While some jurisdictions have cracked down on exchanges, others have opted for what they deem “smart regulation.” Whether such a thing truly exists is debatable, but for now, online gaming websites benefit from lax rules regarding how Bitcoin is used.
The Fees Make Gambling Cheap
There are no fees for Bitcoin transactions due to its peer-to-peer design. This is in stark contrast to every other payment method on the planet. For this reason alone, Bitcoin is a win-win for everyone – casinos don’t have to incur credit card processing fees, users don’t have to pay interest on gambling debt, and they don’t have to pay fees to companies like Paypal or other online processors just to play.
And, since gambling tends to involve micropayments (small bets), this makes the entire gaming experience more efficient for users and more enjoyable.
Placing Bets Is Easier With Bitcoins
Bitcoin doesn’t have any physical boundaries. If you wanted to place a bet in Greece and then travel to Pakistan, you could, hypothetically. You could travel all across Europe and place a bet in every country or just in every city you pass through. Collecting payment is easy too.
You don’t have to worry about converting pounds to euros, or any other currency for that matter. This allows gamers to play for the long-term, keeping money in the casino, and you better believe the casinos love that idea.
There’s No Central Banking Authority
This might seem like an odd benefit, but it’s one that both users and casinos will appreciate. Because there is no central banking authority overseeing Bitcoin, there’s no possibility for the currency to lose its value through inflationary pressures. This means that both players and companies can be more certain of the value of Bitcoin over the long-term.
It also means that users can play wherever and whenever they want, regardless of whether their bank approves of the transaction.
Bitcoins Should Have Long-Term Stability
While Bitcoin investors have experienced a long roller coaster ride, the long-term outlook for Bitcoin looks good. If the currency can keep its foothold in the marketplace, its value should fluctuate very little, owing to its non-inflatable nature.
This stability may not help users out in the near-term, but it will create the kind of dependency and stability that companies and users long for. No more cashing out early to avoid currency fluctuations.
The long-term stable nature of Bitcoin also means that other long-term transactions can take place without much worry of the investment backfiring. For example, companies wanting to invest in infrastructure, avoid taxation by taxing authorities, and make quick transactions can do so using the Bitcoin platform – it’s not considered money by most jurisdictions, the “clearing” is instant, and, as long as a vendor is willing to accept it as payment, it’s valid for goods and services.
Transactions Are Transparent Without Being Identifying
Perhaps one of the greatest benefits, aside from the instantaneous nature of the transactions no fees, is the fact that everything is transparent. There is no black box, unlike every other major world currency.
Users love this sort of thing because it places all of the cards, so to speak, on the table. While you might not do this in a game of poker, when it comes to money this is the best you can hope for. At the same time, you don’t have to give up privacy to have transparency.
It seems like a contradiction until you realise how it all works. All transactions are recorded, and anyone can see them. Further, the transactions are traceable back to a wallet ID. Beyond that, however, nothing is known about the user making the transaction, where or what was purchased. And, this is something every privacy advocate loves. You simply can’t beat Bitcoin.
Kiera Hyde is an avid writer and mom of two small children. Although she’s been playing games for several years now, online gaming is her latest passion. You can read her interesting and informative posts on various websites and blogs today.