Cryptocurrency has risen rapidly towards mainstream acceptance. Whether it is the security or the convenience of usage, more and more people are flocking towards crypto. Why wouldn’t they when they can make transactions without the middleman?
The benefits are even more impressive when you combine crypto’s security and privacy with tried and tested betting strategies such as the crypto dice strategy. With a decentralized currency that isn’t affected by institutional restrictions, playing your favorite casino games across different operators is easier than ever. With this payment method, it’s super easy to deposit. Plus, some operators offer bonuses for depositing that make using crypto to deposit into your gambling accounts the best option.
Why don’t we look at some potential uses of cryptocurrency in gaming?
From a business perspective
As a business owner, crypto’s decentralization means fewer fees for every transaction, and when you’re running a business, every single cent counts. However, there’s more to crypto for business than just being a cheaper option. Let’s look at some of the advantages in detail.
Introduction of cheaper microtransactions in games
As previously mentioned, transactions using cryptocurrencies incur fewer fees for the business and the player. That means, as a business, you can pass on the savings to your customers. When customers notice that they aren’t paying as much, they’re more likely to return.
Crypto transactions are also instantaneous, so there’s no need to wait for funds to be released. That makes accounting easier because your profits are visible immediately instead of assuming they will be there once the bank clears them. You can run your business and maintain your digital wallet, all in real-time.
Sale of transferable digital assets between titles
For operators running multiple gaming websites, the ability to offer the same digital goods across different platforms is a game changer. This means you only need to implement the offering once instead of placing it in each title individually. This can save a lot of development time and costs.
This also helps keep customers happy because it gives them the impression that their purchase has more value than they thought. For example, if you run three different casino-related websites and you offer custom skins for gaming tables, players will be happy to find out that their purchase is compatible with all three sites.
Even if they don’t already have an account at your other websites, they are now incentivized to because they know they can use a custom item.
Offering quicker, more direct transactions
We talked about instantaneous transactions earlier in the context of cost savings, but we haven’t really focused on speed for speed’s sake.
As an online casino operator, you want your transactions to be as fast as possible so players can return to their game immediately. There’s an element of instant gratification that most online casino players are after; you can help deliver that with crypto. For every second that a player has to wait for a transaction to clear, the less likely they are to stay and play again.
Part of that speed comes from the direct nature of the transaction. Decentralized finance means banks and other financial institutions are not facilitating things for you; everything is between you and your customer. Regardless of who’s paying who, everything immediately goes where it should with crypto.
From a player’s perspective
Now that we have looked at cryptocurrency’s potential uses and advantages from a business standpoint, let’s look at how it can benefit you as a player. There are quite a few uses and benefits unique to players, and these experiences can make or break your impression of an online casino operator.
A safer way to buy and sell assets
Using established cryptocurrencies such as Bitcoin and Ethereum for buying and selling gaming assets is much safer than doing it with fiat money.
This is because there is little to no chance that the money involved is counterfeit, and there’s no need to wait for funds to clear. Everything happens right then and there, removing doubts as to whether the other person has truly sent their part.
As a buyer of digital goods, using crypto to pay for the item ties it to your digital wallet. Sellers won’t be able to turn around and say you skipped out on paying them because the ledger is there to prove them wrong. You don’t have to worry about account hijackers emptying your account; as long as you keep your digital wallet information safe, your digital items will be safe as well.
Anonymous casino gaming experience
The beauty of using crypto when playing casino games online is its anonymity. If you were to use a traditional bank account or credit card, your entire financial network could see your activities. You might want to keep your casino transactions private, but that’s impossible when a third party is involved.
With cryptocurrency, you don’t have to worry about that. Whatever happens stays between you and the casino. The ledger is there if you need it, but it’s for your eyes only. You don’t have to worry about your personal data being sold or stolen by hackers in the case of a breach either.
Even if you don’t mind an institution knowing your activities, you might not appreciate the amount of personal data some third-party financial apps use. There’s no reason why a third-party payment processor should have enough data about you to profile your interests.
A more stable, buyer-controlled market
It’s hard to truly determine market trends when prices are affected by fees levied on consumers by the banks. Depending on the marketplace platforms, users typically face costs from at least two providers, each charging for using their product. Though understandable, hidden fees artificially inflate the market because extra expenses must be absorbed.
As cryptocurrencies are decentralized and are not subject to third-party fees, the price trend you see is as accurate as it gets. If you’re selling a digital asset, there’s no need to make sure that your price is “all in” as all extra fees are already included in the price. As a result, the price you pay is what everyone agreed on.
No more currency conversion headaches
If you have ever completed any transaction with an international entity, you know how annoying it is to deal with currency exchange rates. The US dollar is relatively stable regarding conversion, which can be helpful for US-based players, but for those in another country, having to convert their currency into something else is not only confusing and time-consuming but also expensive.
This is because exchange rates can change anytime during the day, so you’re at the mercy of your own timing if you’re using fiat money. Time zones and sudden events can affect the direction an exchange rate is going; if you’re unlucky with a weaker currency, you lose more value than expected.
As cryptocurrency is a global entity, you don’t have to worry about exchange rates. Its decentralized nature means it does not rely on the banks’ whims when it comes to its value. What you see in your wallet is what you get; you can send it to a business halfway across the world, and the value stays the same. There’s no confusion and no overpaying to cover any conversion mistakes.