THE BLOG
09/02/2016 03:39 pm ET Updated Sep 03, 2017

The Rise Of Bitcoin And Its Influence On Online Gaming - Why Operators Should Use It

Bitcoin has been enjoying a preposterous and an unbelievable journey since its origin in 2007, reaching noteworthy peaks and crossing obstacles before finally becoming a mainstream concept. This is the place where Bitcoin sits presently as hard-nosed administrative measures and reputed applications still afford the credibility of this crypto-currency. There is a change in the industry from those dark days when Bitcoin was leveraged as a tool for laundering money to buy illegitimate items from the popular yet infamous Silk Road. Clearly from the threshold of extinction, it has risen like a Phoenix and can now be deemed as a viable currency with humongous potential.

Influence of online gaming and the rise of Bitcoin

Perusing the success of Bitcoin, the first question that comes to mind is whom should Bitcoin thank for their success? Well, considering Bitcoin's recent growth and popularity, it has much to thank the online gaming realms. In 2015, traditional casinos in Las Vegas started accepting Bitcoin for buying small items before they introduced it as a more acceptable payment option. Currently the online slot makers and such other games are even introducing Bitcoin payments, driving immediate withdrawals and deposits and making it simpler for the players to manage their bank payments.

With this in kind, there can be many similarities drawn between virtual reality and Bitcoin. Both were fanciful concepts initially which enjoys ups and downs since their origin. Both the concepts also direly needed practical application guide their development and online gaming offered this through VR headsets and Bitcoin. This even allowed the regulators to create guidelines which create mainstream technical concepts.

Bitcoin has successfully made a scene in the online gaming industry

With the inception of Bitcoin, the online gaming industry eventually experienced the promising market for Bitcoin gambling. Currently Bitcoin makes its presence felt more strongly and the newly found market reaches its stage of maturity with the advancements of technology. Customers have increased manifold and gaming sites tripled in number within the last 3 months.

This was purely predictable because Bitcoin seems to be perfect for the industry, particularly due to its benefit to the gambling operators on the web. There are some, who believe that even though Bitcoin fails to taste success in the mainstream market, yet it will definitely find a secured place in the arena of online gaming. The future success of Bitcoin is uncertain but its impact on the business perspective of online gaming is huge and gamers should add Bitcoin technology to their gaming services more than ever as they ought to benefit.

Valid reasons behind operators using Bitcoin

The uniqueness of Bitcoin lies in its technology and this is what makes it perfect for the market and lucrative for the stakeholders of the online gaming industry like affiliates, players and operators. Keeping in mind the Bitcoin innovations which are beneficial for gaming operators, it gets clear why more and more Bitcoin casinos, poker rooms, sports betting websites and gaming sites were launched in the industry. Here are some valid and worthy reasons to use Bitcoin.

  1. Starting off with a Bitcoin gaming business is simpler than engaging in the online gaming industry which is operated through fiat, in terms of market, time, operation expenses and setup costs.
  2. Transaction fees are zero, if not zero, then negligible as compared to the fees that you're familiar with in the online gaming industry. Operators can offer better odds and higher payouts due to the absence of hefty fees.
  3. You can widen the market reach through Bitcoin as anyone can use this peer-to-peer crypto-currency anywhere as long as he has internet access. Amongst a large pool of gambling enthusiasts, Bitcoin casinos can effortlessly attract players. Also keep in mind that due to regulations and laws, you might not be allowed to access certain Bitcoin gambling platforms.
  4. Bitcoin transactions are usually non-reversible and hence there are no chargebacks. Operators will benefit as it eliminates chargebacks, which is usually dreaded by the online gaming operators. All withdrawals and deposits are considered final with Bitcoin and it has new ways of challenging the fraud team as well.
  5. The best part is that you don't require a gambling license. Although Spain has legalized the Spanish gaming sites which wished to use bitcoins and asked them to apply for a license, yet it hasn't been still considered as a currency in the US which means there's no need of a license.

Within few years, Bitcoin gambling is anticipated to reach its zenith of success and until them there will be some more noteworthy developments taking place in this niche. The future success of Bitcoin is pretty imminent but that doesn't mean that Bitcoin technologies can only guarantee it. This is probably why gaming operators would require help in maintaining their brands and in marketing.