There is a beautiful relationship blooming between Bitcoin and the world of IGaming. In fact, some industry experts go as far as calling it “a match made in heaven”. Due to Bitcoin’s nature of enhancing finance and payments, the popular digital currency – and its underlying technology – will keep making media headlines. iGaming is a business where Bitcoin’s qualities can truly shine.
iGamers Are Attracted To Bitcoin For Various Reasons
When it comes to iGaming, there is one thing all players have in common: they want funds to move from their account to the platform’s account as quickly as possible. Using a credit card is not always an option and there are high fees associated with each transaction. Bank transfers can take days, if not weeks, to clear, which ruins the fun.
Bitcoin, on the other hand, allows for nearly instantaneous transfers of value all over the world, at a fraction of the cost. One of the major benefits of this system comes in the form of players being able to cash out their account balances in near real-time, providing an additional layer of security for all parties involved; Keeping the customer happy is rule number one in any business and the iGaming sector is no exception.
But there is much more to Bitcoin than just quick payments, as the cryptocurrency allows iGaming players to establish a certain level of user privacy. Such a feature is appreciated more by some players compared to others but in this day and age of user data harvesting, any level of privacy is more than welcome.
CoinGaming.io CEO Tim Heath stated:
“Bitcoin is the payment choice for the connected generation of digital natives seeking digitally connected entertainment. For them, everything is and needs to be on-demand, with value and helpful services that make lives easier. Hail a cab, use Uber. Looking for companionship, open Tinder. Bitcoin provides that adjunct for on-demand gaming experience and gratification. For those brands that stick to fiat based legacy payment systems and do not embrace Bitcoin, then it is likely they will miss out on servicing the most connected generation in human history.”
Speaking of the most connected generation in human history, Bitcoin allows iGaming platform operators to target a global audience like never before. Rather than being forced to support various local deposit methods, Bitcoin is a currency that works in identical fashion all over the world, regardless of country borders.
The Numbers Confirms The Success of iGaming and Bitcoin
Success in the iGaming world would not be achieved without the support of consumers looking to spend Bitcoin. According to statistics, estimates show how roughly 40% of all Bitcoin transaction volume relates to online gambling. With over 150 Bitcoin-only casinos, combined with hundreds of gambling sites accepting Bitcoin, the future looks bright for digital currency and iGaming.
TAIN CEO Christer Fahlstedt explained the situation as follows:
“Bitcoin originally came onto our radar back in 2012 and we were immediately intrigued by this fascinating technology. At TAIN, we have always been looking at upcoming developments in the online gambling space which is why we have integrated Bitcoin fully into our platform and can offer a full range of online gambling services utilizing Bitcoin to all operators on the TAIN platform. The ease and simplicity of Bitcoin transactions are shaking up the way we transact online. At TAIN, we feel very positive about being on board with this exciting 21st-century innovation.”
There is no denying that Bitcoin is a force to be reckoned with in the iGaming business. With more and more platforms openly showing their interest in cryptocurrency transactions, both sectors will benefit. Bitcoin is set to disrupt the financial world as we know it, and the iGaming market is just the first step along the way.
Source: Press Release via Email
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Also published on Medium.