How Bitcoin Benefits the Online Gaming Industry

Even though cryptocurrency is relatively new in comparison to the history of online gaming, the bitcoin has made a number of positive changes to the online gaming industry and it looks like it may be here to stay. While many of us are familiar with the advantages of using bitcoin for a variety of online businesses, unless you’re a hardcore and frequent online gamer, the benefits of cryptocurrency has probably been overlooked. Whether you’re into online sports betting or playing online poker, here are some ways that the bitcoin has changed, and improved, the online gaming industry:

Security

Living in an “online world” making multiple purchases every day on everything from basic needs to leisurely activities like online gambling, security is crucial, but many of us may overlook whether or not we can trust a specific site with our money. Unless you are trained to spot some “red flags”, an insecure site may go undetected and we aren’t aware until our money and personal information is compromised. Cryptocurrency, on the other hand, is one of the most secure ways to pay. Although the bitcoin hasn’t always been the most secure form of payment, improved software and increased user knowledge (such as keeping your online wallet safe) has proven to be one of the best and most secure ways to spend your money.

Anonymity

Security and anonymity often go hand in hand, but unfortunately, it’s not always the way it goes when spending money online. Your money may be secure, but your personal information may not. While many online gamers may have nothing to hide and maybe quite proud of their status throughout certain online gaming communities, others may not feel comfortable or interested in sharing anything about themselves. As a consumer, you should always have the option as to whether or not you want your personal information shared or not; cryptocurrency gives you one less thing to worry about.

More For Your Money

According to an online casino blog, online sports betting offers some of the biggest payouts and thanks to bitcoin, getting the most out of your winnings is possible. Traditionally, credit cards, bank transfers, and using services like PayPal are not as cost effective as the bitcoin. In short, the bitcoin was created as online currency and it works better than anything else, plus, there’s no hidden fees for using bitcoin.

An added bonus to using bitcoin is that there’s little to no waiting for your money to move. For instance, how many times have you had to wait for your payment to be “approved” before you could play a game? Additionally, if you’re awaiting winnings, you’ll get them more quickly than having to wait for money to be transferred to your bank or into an account (such as PayPal).

Widely Accepted

Remember the good old days when certain credit cards were widely accepted everywhere? The bitcoin has replaced this seemingly archaic form of payment and is accepted across the globe. You can play internationally without worrying about security or even exchange rates.

Cover Image via Kathy