What Are The Potential Advantages of Gaming in Crypto for Operators and Players?
Cryptocurrency casinos and online casinos that utilize crypto as a payment method have become more popular in recent years. This is not just a fad. Crypto can be a valid and even advantageous way to conduct transactions, both for the operator and players.
Its all about reduced transaction fees, which can then be passed on to the player in the form of rewards and bonuses.
- How do online casinos utilize cryptocurrency?
First all of all, its important to understand that when people talk about Gaming in Crypto, they could be referring to one of two different ways in which online casinos utilize crypto.
Crypto games The first type is an online casino that runs entirely on crypto, from the deposit method to the actual games. In this case, every bet made and every chip on the table is wagered using crypto.
Crypto payment methods The second way in which online casinos utilize cryptocurrency is as a deposit and withdrawal method, alongside traditional banking and payment apps. This is much more common, as major operators and bigger online casinos want to provide as many options as possible. Following the deposit, funds are usually converted into the local currency.
Both of these types of online Gaming in Crypto offer a similar solution, allowing for the use of popular digital currencies for gaming. If youre going to use a crypto-exclusive casino, then be sure to check the credentials of the site, as the licensed sites tend to offer both.
- Popular cryptocurrency payment methods
Many online Gaming in Crypto will allow for payment using several digital currencies. The most common are Bitcoin and Ethereum. The latter is becoming more popular, as Ethereum casinos offer lightning fast transactions.
Here are some of the popular cryptocurrencies used at online casinos:
Bitcoin
BTC is the pioneer of cryptocurrency and still the most popular on the market. It is likely to be accepted at any online casino that uses crypto. It is, in fact, relatively stable compared to smaller coins, although it can be volatile at times.
Nevertheless, Bitcoin is certainly the most dominant cryptocurrency on the market, especially in bitcoin gaming, as currently, 60% of all transactions made with Bitcoin are related to casino activities. The reason behind this lies in the coins ability to lower transaction costs, process instant payments, and enhance security, alongside the many monetary benefits that bitcoin casinos provide to players themselves, such as welcome bonuses, referrals, crypto-exclusive promotions, and more.
Ethereum
ETH is becoming very popular in the online casino space, as it aims to offer even lower transaction fees and transactions that are validated quickly. This is why Ethereum casino sites are on the rise, as they tap into the power of Ethereums blockchain technology and reduce the associated fees while depositing and withdrawing on the platform.
Other Coins
Bitcoin Cash, which is a derivative of the Bitcoin blockchain, is another popular choice, as is Litecoin. Tether, which is a type of stablecoin, works well because its value is kept in line with the US dollar.
Casino tokens
Online casinos that use crypto for betting on games will sometimes have their own token. Players deposit using popular crypto choices and then receive tokens to play with on the site.
- Advantages for casino operators
You might think that casino operators are just jumping on a fad when it comes to using cryptocurrency as a payment method, but this is simply not the case. The company benefits from several advantages that crypto can offer, most of which add up to lower costs.
Transaction fees are often lower for cryptocurrency transactions than they are using traditional methods, even more so as crypto coins find ways to scale while providing lower fees. Theres also no need to pay the commission costs associated with going through a payment app.
This is especially relevant when it comes to overseas transactions, as the costs of conversion and fees is particularly high. This can be cut out entirely using peer-to-peer crypto networks.
From the operators perspective, transactions that occur on the blockchain are very secure. Its very difficult, almost impossible to hack a sophisticated blockchain. The result is less fraud and again less money spent.
One of the potential problems with cryptocurrency is that transactions are less regulated than with traditional methods. Legitimate online Gaming in Crypto will welcome changes if they bring fair policy.
- Advantages for players using crypto
Many of the benefits that the operator is seeing are the same for their customer. For players, lower fees and faster transactions are very welcome. With crypto, theres no need for the funds to be held for hours or days.
Players can also keep track of the transaction on the blockchain, so they have no doubt its coming through.
Theres also a lack of third-party verification needed for crypto deposits, with less need for identification and multi-factor authentication. Instead, transactions are verified on the network. This is more convenient for players.
However, this could all change with coming regulations, which could make the usual sign-up process obligatory with all payment methods. Although this would take some of the convenience away, it would make for a more legitimate gaming environment.
The main advantage for players using cryptocurrency at online gaming is the increase in bonuses. As mentioned, the operators tend to pay less for crypto transactions, so they will often pass some of this down to encourage players to use Ethereum and other coins. This often includes additional crypto deposit bonuses, as well as jackpots for crypto games.
Text source: BuyUcoin Blog
