– By Elijah Golding, mr.play Partners
One common denominator for our generation is the rise in cryptocurrency and the interest it is attracting. Recent studies show that around 75% of online gamers would be happy to exchange their virtual assets for a currency that they could use to buy and sell on other platforms. True convenience in its finest form.
How Does Cryptocurrency Work in iGaming?
Users can obtain ‘crypto’ via something known as ‘wallets’, these digital wallets are like virtual bank accounts where one can buy or sell cryptocurrencies via these exchanges from wallets. For example, when a user wants to send cryptocurrency units to another user, they send it to the digital wallet of that user.
In iGaming, monetising is done in the form of in-app purchases, in-app advertising, and affiliate or referral marketing. Nowadays, there are online Bitcoin casinos that have adopted payments in cryptocurrencies, where players can play or trade using their new, digital assets – and every online casino has a crypto banking method option on offer.
Benefits of Cryptocurrency in iGaming
The gaming industry is slowly starting to accept the insurgence of cryptocurrency, solving minuet transactional issues and frauds that players can encounter online.
Let’s take a look at some of the benefits of using cryptocurrency in iGaming:
Transactions Made Simple
A perk of cryptocurrency is that it doesn’t come with any bureaucratic problems. By removing the middleman, it allows players to enjoy their favourite games at their own pace whilst making the process of exchanging crypto units instantaneous and efficient.
Play Anywhere, Anytime
The use of cryptocurrency allows gamers to play from anywhere in the world, minus the exchange rates. It provides the option for gamers to play without having to give away their identity or even provide an email address. It allows gamers to pay and withdraw their funds faster from anywhere without any restrictions, and much, much faster.
It’s Safe and Secure
Security is a must when gaming on the internet. When gamers make multiple purchases online, trust is an essential thing. The Blockchain, a leading technology in online games prevents illegal trading of digital assets. It also terminates the hacking and stealing of keys by creating an immutable ledger and eliminates the duplication of keys. It helps players to remain confident about the smart contracts that ensure they are making secured and safe payments.
More for Your Money
Cryptocurrencies are a lot more cost-effective than credit cards, bank transfers, and even PayPal. The use of bitcoins involves no hidden charges, and there is no waiting for your money to move. The use of cryptocurrency particularly in iGaming, eliminates handling fees and exchange fees because it is a ‘peer-to-peer’ transaction between the users, more-or-less cutting out the middlemen. Meaning that users get more for their money.
Your Identity is Never Compromised
When playing online, sometimes your money may be secure, but your personal details may not. If you are not comfortable or interested in sharing your personal information, then cryptos are the ones for you.
We all love a bit of convenient gaming, but we can’t always get what we want. iGaming usually comes with its speedbumps and we have come to terms with that and made our peace with it. But today with cryptocurrency, anything is possible and the convenience and freedom it allows you is unparalleled.
Also, if you ever get bored of iGaming you can always trade it. But that’s not for us to decide.
Talk to us if you would like to know more about cryptocurrency and how you can use it with mr.play Partners.