Bitcoin Keeps Gathering Momentum
In a market as competitive as online gambling, any flexibility that Operators offer players could be the distinction between success and failure. It’s no longer enough to provide high-quality games, attractive bonuses, promotions and support services; they also need to offer more convenient banking options.
Conducting transactions is considered a necessary evil for online gambling businesses. They are essential to converting customers but pose an issue to players who don’t have credit cards, players who prefer to stay anonymous, or who are not comfortable linking to a 3rd party payment processor. Cryptocurrencies like Bitcoin are making transacting online more seamless; and online casinos as well as other internet-based businesses are recognising the benefits cryptocurrency has to offer.
A Flexible Cryptocurrency
Bitcoin requires no credit or background checks, and the blockchain technology it’s built on allows anyone with an Internet connection to make trackable and secure payments. This is especially valuable in the developing world, where many people don’t have access to conventional banking options. When you consider that an estimated 2.5 billion people fall into this category, it’s obvious that Bitcoin would open up huge markets for the online casino sector, as well as many other industries.
Developing countries could all benefit from the paradigm shift that Bitcoin offers. New territories mean greater revenue for companies, and in volatile political climates, currencies independent of formal Exchanges are very appealing. Bitcoin may also offer greater stability in developed economies like the United Kingdom and the United States, following the shock of Brexit and the 2016 elections results..
For online casinos, Bitcoin is a new way to process deposits, and for players it means being able to wager smaller amounts – as little as 0.01 of a coin unit value – without incurring third-party fees. This means players hesitant to wager larger amounts on casino games can now come to the party, and spend within their budget, ultimately opening up a whole new market of micro-gamblers.
Bitcoin’s blockchain technology also allows for faster withdrawals, which is appealing to the fast-playing, high-rolling players of today. All in all, Bitcoin looks like a game-changer for online casinos and other online businesses as it continues to gather momentum and to perform well across the web.
Slow But Steady Growth
While Bitcoin has impressed businesses with its flexibility and potential for a less economic restrictions, it will not replace traditional currencies overnight. Many people still mistrust virtual currencies, and until the price of Bitcoin stabilises this is unlikely to change. In addition, legislation often has to scramble to keep up with technological developments, further impacting adoption of Bitcoin.
Online casinos are always looking to improve player experience, and by adding new payment mechanisms, new acquisition opportunities are presented.
The barriers between the physical and virtual world are becoming more permeable, and virtual currencies are predicted to become even more widespread in 2017. They continue to attract those open minded about their money.