Future of Bitcoin in Online Gaming Industry
2017 became the year of cryptocurrencies, and, to be more exact, the year of Bitcoin. It was in 2017 when Bitcoin (BTC) that cost just 1,000 USD reached for a record level of 19,783.21 USD.
Impressive growth for this cryptocurrency is a telling example that Bitcoin for many is the future of monetary system. There is quite opposite viewpoint however which asserts that the cryptocurrency has got no future at all. Anyway, its dramatic BTC price growth means that the cryptocurrency is unlikely to extinct in the short term.
With such high demand for Bitcoin (BTC) none of the industries would like to stay away from the benefits its operations imply. But which one will turn to be the most gainful is challenging issue. According to some estimations, the gambling industry will derive more benefits from using Bitcoin (BTC) and operations with the cryptocurrency.
Study conducted by Casino Reports demonstrates the over 50% of all operations with Bitcoin in 2013 related to gambling. Starting from 2014 this industry involved 3.7 million bitcoins which makes about 37 billion USD. In addition, experts predict that bitcoin will keep growing on and spread across online and gaming business. But why bitcoin is that popular among gamblers?
Bitcoin is the future of money in online gaming
When using credit or debit cards one can face problems with privacy and personal data/. Although this can be acceptable for online games, this matter is crucial one for gamblers. For instance, banks may get access to your transactions: and you are found to be a gambler you are very likely to be denied for mortgages or loans. Card data, personal information of card holder can be accessible for third parties which threatens the owner’s security while bitcoin provides for 100% anonymity and eliminates the risks mentioned above. You need only recipient name and bitcoin wallet to perform a transaction. This proves that neither you ID, nor credit\debit card number, nor home address will be given to third parties. This is one among numerous reasons for Bitcoin having the future in the world of online games.
Second, commission fees for bitcoin are either tiny or just lacking. And of course, there are not taxes. Why? Because there are no mediators or financial institutions that would trace operations and charge fees.
Casino operators win either
Bitcoin provides to many benefits for both gamblers and operators. Using bitcoin facilitates financial operations drastically.
Traditional means of payment offer chargebacks while bitcoin does not. That is why each player has to check everything attentively before depositing as once a transaction is completed, there is no way to get your bitcoins back. So online game operators won’t face players who demand compensations or chargebacks. Moreover, with Bitcoin operators are protected against scam by players.