Bitcoin and other types of cryptocurrency are becoming more and more popular. This trend has especially developed in the iGaming space, where the use of new technologies is a huge part of the industry. In this blog article, we decided to look at the pros and cons of integrating bitcoin currency as a payment method for an online casino.
Since bitcoin operates within a decentralized network, there is no authority to profit from transaction fees. The only possible transaction fee within bitcoin payments is sent to bitcoin miners in order to assure the transaction. The amount of such tax is sometimes $0.04, which is incomparable with the transaction fees of banks and other financial institutions. There is no doubt that operators will quickly notice a serious financial advantage for players who do not want to lose their money on each transaction.
While traditional financial institutions require a huge amount of personal data, bitcoin transactions use a much smaller amount of personal information – only the address of the bitcoin wallet, as well as open and closed keys. It should be noted that bitcoin networks are decentralized and operate on an equal principle. As players pay more and more attention to privacy and anonymity, the use of bitcoin currency to make payments is designed to increase the attractiveness of the platform.
Due to its decentralized nature, the security of bitcoin payments has a significant advantage over traditional fiat currency transactions. Traditional financial institutions manage a single registry containing transaction information for all customers, with each bitcoin holding a series of open and decentralized registries. Therefore, any attempt to forge or change the history of transactions will be rejected, thus making individual transactions extremely secure. Given the fact that sometimes the security of traditional payments is threatened, bitcoin transactions give operators a chance to gain trust and respect from players through a new payment method.
Another advantage is that bitcoin transactions can be processed much faster than those that include traditional financial institutions. Deposits and withdrawals made in bitcoin currency almost always occur immediately. While fiat money transactions can take several days, bitcoin transactions can take several hours or even minutes. The faster players make deposits, the faster they start their game – a positive aspect for any online casino operator.
In some countries, banks and other financial institutions are prohibited from conducting transactions in relation to gambling activities. Bitcoin also allows players to make deposits and withdraw funds regardless of jurisdiction. This means that players who are not currently able to make deposits will have this option if the casino accepts bitcoin payments. In this way, operators can offer their services to a wider segment of players.
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A significant drawback is the fact that bitcoin is a highly volatile currency. Players may find themselves in a serious imbalance between the amount of fiat money that was originally transferred to bitcoin and the amount that players eventually withdrew. Some operators may find that players will prefer more stable currencies.
Several well-known security breaches related to the bitcoin system have already occurred in the cryptocurrency exchange market. Thus, hackers stole millions of dollars in the form of bitcoin currency, and at the same time a huge amount of personal data. It is important to note that these security issues are hardly different from those associated with traditional payment methods. As much as bitcoin is faster, safer and more anonymous than fiat money, it is still not perfect. Therefore, if there are any problems operators may have to deal with extremely unrealistic expectations on the part of the players.
Since bitcoin, as well as all networks and exchange systems working with this cryptocurrency, is a relatively new phenomenon in the industry, it is impossible to predict what changes and events can occur in this direction. Therefore, operators to some extent run the risk of facing questions to which no one has yet answered.
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