Cryptocurrency betting is gaining popularity, and more people are interested in using it for their online gaming. Some websites include Bitcoin gambling, while others already accept deposits and withdrawals in several cryptocurrencies. This trend will continue through 2021.
It’s no longer enough for your gaming platform to simply accept Bitcoin transactions. Some users may wish to migrate to fiat currency, so you should be able to process transactions in a variety of coins, including:
- Bitcoin Cash
The cryptocurrency was once considered a niche market, but it has since gained widespread acceptance and adoption. You can be paid in cryptocurrency, purchase a house with cryptocurrency, go grocery shopping with cryptocurrency, and, of course, gamble with cryptocurrency. People’s perceptions of technology have improved as a result of this introduction of technology to daily activities. It is now known as something of worth, with advantages, and that is stable and reliable. Read on to find out why integrating crypto payments into your site is a must…
Cryptocurrency betting is expected to increase in popularity.
Due to its decentralized existence, those seeking a higher degree of privacy in their financial transactions are increasingly attracted to cryptocurrency betting. Virtual currencies like Bitcoin, Monero, Ether, and other cryptocurrencies have risen in popularity, particularly in the online crypto gambling industry.
Players and operators are becoming more conscious of the advantages of crypto gambling as we reach 2021. Bitcoin gambling casinos and sports betting sites that embrace crypto payments increase their client base and use it as a selling point. Many sites and startups would also demonstrate a willingness to accept cryptocurrency as a legitimate type of payment.
Several factors that are especially beneficial to the online gambling industry have contributed to its popularity and acceptance. Instant purchases, low fees, and anonymity are all factors in its continued success in infiltrating the iGaming industry. As a result, an increase in players attracted to Bitcoin gaming is likely to occur, resulting in increased revenue across the board.
Cryptocurrency betting has a lot of advantages.
Bitcoin and crypto sports betting is the way of the future, with many advantages for both operators and participants.
Both operators and online betting license holders should suggest integrating cryptocurrency payments into their online gaming platforms in 2021. Here are a few of the significant advantages of accepting cryptocurrency payments for your gaming company.
Low Transaction Fees and Cost-Efficiency
Providing crypto payments on your online gambling platform has many advantages from an online gaming license holder’s viewpoint. Although retailers can also receive better traditional payments, many of their revenue is lost due to payment service provider fees. However, when it comes to cryptocurrency payments, things are a bit different. Some of the most common crypto payment gateways charge as little as 0.5 percent, substantially less than their fiat currency counterparts. You can channel a large percentage of your sales into a payment system that saves you many funds on transaction fees by allowing crypto sports betting payments on your platform.
Transactions that are both instant and borderless
Your customers are unlikely to all be from the same country. As a result, accepting cryptocurrency payments helps you provide instant cross-border payments and transfers to your foreign client base. The transaction is stable, permanent, and private, and it takes only a few seconds to complete. The best part is that everyone can send crypto payments, even if they don’t have a bank account or a credit/debit card, making online shopping and gaming more available to anyone.
You don’t have to wait for your cryptocurrency transaction to be processed or cleared, and you won’t have to pay any foreign fees. Anyone with access to the internet can send a cryptocurrency transaction whenever they want, to whoever they want, and for whatever amount they want.
Cryptocurrency and Bitcoin Gambling: Anonymity and Accountability
All online crypto casino transactions are recorded on the blockchain, which is a decentralized, immutable ledger. This means that once a transaction is done, it cannot be changed, edited, removed, or altered in any way.
This dramatically decreases the risk of fraud, identity theft, and counterfeit payments. Crypto payments provide an additional layer of encryption for both online gaming license holders and players.
There are no chargebacks on cryptocurrency purchases.
Chargebacks cost businesses a lot of money. When a customer pays with a credit card, receives the object, and then reports the charge as fraudulent to get a refund, this is what happens. For online crypto casino payments, there are no such threats. They can’t be altered or reversed once they’ve been registered on the blockchain. That means a chargeback cannot be issued without the company’s permission.
Fresh waves of technophiles
Millennials, whose purchasing power is rising as they enter their thirties, are especially fond of the market. Cryptocurrency payment options will allow you to reach out to this forward-thinking and progressive demographic and entice them to use your services. For those looking to enter the cryptocurrency industry, incorporating cryptocurrency into the company is a wise step.
Given all of the advantages mentioned above, we can anticipate a substantial increase in the number of crypto payments in the coming years, especially in the gaming industry. Bitcoin gaming transactions accounted for up to 50% of all Bitcoin transactions as early as 2013. Since then, the success of Bitcoin has skyrocketed. These figures illustrate that integrating cryptocurrency into any iGaming framework is no longer an option but rather a requirement.
Cryptocurrency betting was once considered a niche market, but they are now commonly embraced and used. You can be paid in cryptocurrency, purchase a house with cryptocurrency, go grocery shopping with cryptocurrency, and, of course, gamble with cryptocurrency. People’s perceptions of technology have improved as a result of this introduction of technology to daily activities. It is now known as something of worth, with advantages, and that is stable and reliable.
However, simply offering Bitcoin transactions on your iGaming platform is no longer sufficient. You must process transactions in various coins, including Etherum, Litecoin, Monero, DASH, and Bitcoin Cash.