Benefits of Cryptocurrency for the Gaming Industry

Thursday January 23, 2020

In general, there are numerous reasons as to why consumers should make the switch from traditional payment methods like credit cards and cash to cryptocurrencies like Bitcoin. These benefits certainly extend to gamers, both offline and online. But they also have many benefits for the casino industry as well.

Another Way to Pay Online

The online gaming industry, in particular, is always thinking of new ways to keep gamers invested and delighted. They approach this goal in a variety of ways, from hosting massive online tournaments and global gaming events, to regularly releasing new games with thousands of winning combinations through their innovative reel layout, introducing AI customer service chatbots to help resolve issues or incorporating cryptocurrency acceptance into their offerings.

So far, most mainstream casino sites aren’t yet accepting cryptocurrency for gaming, but many small online casinos are. Bitcoin is the favored cryptocurrency, and the casinos that accept it allow gamers to use it for placing bets on different games. Mainstream cryptocurrency acceptance is likely not far behind because of the numerous benefits it provides both casinos and gamers, besides better customer experiences.

Better Customer Experiences Offline

The offline gaming industry, on the other hand, has seen more mainstream acceptance of Bitcoin. In particular, casinos in Las Vegas like the D Hotel and the Golden Gate Hotel & Casino are accepting cryptocurrency payments for gift stores, hotel rooms, and restaurant purchases. At the moment, cryptocurrency gaming is not allowed, but casino guests can use Bitcoin ATMs in the casinos for crypto trading. Another casino, Circa, is expected to accept cryptocurrency when it opens in Vegas later this year.

For Las Vegas casinos, cryptocurrency acceptance is a great move due to the city’s proximity to Silicon Valley. This will bring in more tech-oriented gamers and offer them another way to use and have fun with their cryptocurrencies. Plus, as established with online gaming, customers like to have options, and this allows them to have just that.

When it comes down to it, cryptocurrency is much more efficient to use than other payment methods. The middleman — the bank or credit card company — is removed, so there’s no need for gamers to worry about delays, canceled payments, transaction/transfer fees, or extra fees (such as for instant access). With cryptocurrency, you’re in control. Everything is straightforward and fast.

Improved Security and Anonymity

Security is vital for both casinos and gamers. Casinos want to not only protect their own business, but they want to make sure that their guests feel safe gaming with them. As for guests, they not only want their payments to be secure, but they want to know that casinos are making efforts to secure all of their personal information. Cryptocurrency is thus a great solution for both casinos and guests because it is far more secure than traditional payment methods. Each transaction is a unique exchange, making identity theft much, much harder.

Further, because cryptocurrency is virtually untraceable, it’s a great choice for gamers who want to remain more anonymous online and offline. This will allow all of your payments to be far more private, unlike using more traditional payment methods. For example, with cryptocurrency, a bank or credit company wouldn’t have access to your entire transaction history. But cryptocurrency’s privacy also protects your personal information from thieves, too.

A Global Currency

Another major benefit of cryptocurrency, especially for those who like to travel all over the world for gaming, is its borderless nature. There are no exchange rates or interest rates, and you don’t have to worry about high associated fees for using it in different countries. With it, you also don’t have to worry about your bank or other banks at all.

Combined with more efficient and secure payments, cryptocurrency’s global appeal makes it a strong contender for global tournaments and general gaming, besides setting it up to be the preferred future currency for gamers and beyond. So, it’s safe to say that its future looks bright.