The Use of Cryptocurrency in Online Gaming
A cryptocurrency is a type of digital or virtual currency that is secured by cryptography. A lot of cryptocurrencies are decentralized networks and operate on blockchain technology. Cryptocurrency is impossible to counterfeit or double spend, which makes it highly secure. The fact that it’s also decentralized also frees it from interference by governments and banks.
One industry that has begun to embrace cryptocurrency is the online gaming industry. Some operators of casino gaming and other forms of online gaming have started to allow cryptocurrency as a form of payment. Below is a look at cryptocurrencies as a form of payment, more specifically in the gaming space, and at some of the advantages cryptocurrencies offer players.
Cryptocurrencies as a form of payment
Several industries are beginning to welcome cryptocurrency as a form of payment. As you might imagine, some businesses in the tech sector have been quick to enable payments in cryptocurrency. Big names in this regard include Microsoft, mobile carrier AT&T, domain registration company Namecheap and the streaming platform Twitch.
The food and drinks industry has also seen some household names take to cryptocurrency. If you’re a customer of Burger King, Subway or KFC, you won’t necessarily have to rake around in your wallet for your credit card anymore.
Clubs in the world of sport are making life easier for their fans, too, by facilitating payments with cryptocurrency. Fans of the Dallas Mavericks can use digital currency to pay for game tickets and merchandise, and anyone wishing to buy a ticket for the Miami Dolphins lottery can now do so. Soccer club Benfica, who are based in Lisbon, Portugal, also allow their fans to pay for game tickets and merchandise in cryptocurrency.
These are just a few examples. You’ll also find some businesses in air transport provide cryptocurrency as a payment option.
Cryptocurrency in the gaming industry
The online gaming industry understands the importance of keeping up with technology and developments in the tech space. That’s why it’s becoming more and more common for online casino operators and other gaming operators to offer cryptocurrency as a payment method for their customers. Online blackjack is one casino game for which players can pay in cryptocurrency.
In the world of video gaming, gamers are making the most of cryptocurrency as well. Some games run on blockchain technology, and gamers are also using cryptocurrencies to make in-game payments.
Casino gaming on mobile
Of course, advances in technology now make it possible to play games on mobile phones, which has become very popular. The convenience mobile devices offer means that players can participate in gaming anywhere in the world as long as they can access the internet. They can play on the move or from the comfort of their own homes, rather than be stuck behind a desktop computer.
Many online casino providers are now available on mobile, and these providers invest heavily in cybersecurity measures to protect their players. Operators use sophisticated encryption technology so that no one can view or access personal information or details of the transactions between players and operators.
Attraction of digital wallet and digital currency usage
The fact that operators take such great care to protect players is attractive to anyone who is initially reluctant to play on an operator’s site. Another popular option with players is the use of digital wallets, such as PayPal. Instead of providing financial information such as bank account details, players can simply supply an email address which is linked to their bank account and use this to make payments from their account or collect payments.
Traditional bank and wire transfers can take several days, which is frustrating for players who have won and must wait patiently to receive their winnings in their account. Some players have found, however, that using a digital wallet speeds the process up for them.
Benefits of using cryptocurrency as a form of payment in online casinos
Just like users of digital wallets (some of which also hold cryptocurrency), cryptocurrency users experience fast payouts. It’s almost instant, actually, because there is no third party involved in the transaction. This is good for the player, who can make the most of their winnings sooner, but also for the operator, who can enjoy an enhanced reputation. Being slow to pay out winnings can damage the brand reputation of operators.
It's not just the speed of transactions that’s convenient for players. When using traditional banks, the transfers may incur high fees. The use of cryptocurrency allows players to enjoy more of their winnings by applying lower fees, if any are necessary at all, to the transfer.
The use of cryptocurrencies also offers players a high level of security and privacy. They don’t have to give their name or any personal details when withdrawing their winnings. This protects their details from hackers.
Cryptocurrency offers players enormous safety and convenience when making a payment, whether in a casino or at a business or establishment in other industries. If you want to feel more secure when making a payment, you might wish to consider using cryptocurrencies.
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