Cryptocurrency is on the rise with more individuals choosing crypto payments over traditional currency payments. Cryptocurrency started with Bitcoin in 2009.
Since then, other cryptocurrencies have emerged on the market including Ether (ETH) and Binance Coin (BNB). Some of these cryptocurrencies can be used in several venues and on different platforms including online casino canada.
Due to the emergence and popularity of cryptocurrencies, more and more online gaming platforms have begun to offer crypto payment options. The very first online casino to do so was BitCasino which was created in 2014.
As its name indicates, the online casino allowed gamers to use bitcoins instead of traditional currencies. The casino’s success paved the way for the development and creation of other crypto casinos.
Nowadays, some gamers even go as far as only playing on platforms that accept cryptocurrencies. They consider non-crypto casinos to be old-fashioned and outdated.
But why are crypto payments so popular? How are they managing to seduce so many gamers and revolutionize the gaming world’s payment options?
This article will explore the different reasons behind the success and popularity of crypto payments in the gaming industry. This article will also explain why players prefer to pay with cryptocurrencies rather than traditional currencies.
Reasons behind the popularity of cryptocurrencies in gaming
Gamers tend to choose the crypto payment option on gaming platforms for a number of reasons, as listed below.
- Quick transactions
Regular transactions with non-cryptocurrencies can be very long and can take several hours or up to several days to be completed. This delay is caused by banks who have to oversee the transactions and communicate with the receiving bank or party.
During that transaction time, gamers cannot play, which can be very frustrating for some. However, with cryptocurrencies, transactions are immediate.
Gamers can play as soon as the transaction is made and no longer have to wait several hours or days to start their new game.
This feature is particularly useful for busy gamers who have little time to play and want to make the most of their gaming sessions. It is also useful for gamers who make a living by streaming their gaming sessions or testing out new releases.
For them, time is of the essence which is why long transaction fees are a real hassle for them. Crypto payments allow them to save time and spend more time gaming.
- Easy and less expensive transactions
Many gaming platforms offer crypto payments in an easy and accessible way. Therefore, crypto payments are easy and accessible to gamers.
They are no longer complex and obscure method payments reserved to the most tech-savvy individuals. They are as easy to use and accessible as other forms of payment on gaming platforms.
Crypto payments are also less expensive than traditional transactions. The transaction fees are a lot more interesting and advantageous than conventional currencies.
This is because cryptocurrencies and crypto wallets are decentralized which means that individuals do not have to pay different banks and credit card companies for their transactions to be processed.
Using crypto payments is particularly beneficial for gamers who regularly purchase new games and/or deposit large sums of money into their gaming accounts. Using cryptocurrencies will help them save money in the long term by lowering their transaction fees.
- Quick withdrawals
As with transactions into one’s gaming account, withdrawing money from a gaming account towards a crypto wallet is much faster with cryptocurrency.
Withdrawals are immediate with cryptocurrencies and wallets which means that gamers no longer have to wait hours or days to receive their earnings.
They can retrieve their earnings from their crypto casino or crypto gaming platform and see their funds instantly transferred to their crypto wallet.
- More secure than other forms of payment
Crypto payments are considered by many to be more secure than other forms of payment and currencies. This is because crypto wallets and crypto casinos do not share as much of your personal data and information as more traditional casinos, banks and e-wallets do.
For those interested in preserving and securely storing their personal data and sensitive information, cryptocurrency is a good option.
Furthermore, using crypto payments helps keep your transactions anonymous. These transactions will not show up on your bank statements.
Cryptocurrencies are also considered to be safer because they are decentralized and therefore less likely to be subject to fraud or theft. Payments are secure and usually require users to authenticate themselves through a two-factor authentication process to confirm their transactions.
Final thoughts
This article explored the success and popularity of cryptocurrencies and crypto payments in online casinos. As mentioned in this article, many gamers prefer to pay only with cryptocurrencies due to the many advantages that these types of payments offer.
From cheaper transaction fees to more secure payments, crypto payments are a great option for gamers all over the world.
