When bitcoin was launched in 2009, not many people seemed interested in it and only a handful of them actually found the idea of bitcoin appealing. However, fast forward to today’ time and there are almost 5 million users using this cryptocurrency. It has, in fact, gained more popularity amongst the online gaming platforms. In the gaming industry, Bitcoin isn’t just useful in itself but the innovative technology of blockchain that comes with it is equally beneficial.
Mentioned in this article are all the major advantages that users get by gaming with bitcoin.
Positive Influence on Users and Developers
The Bitcoins benefit not just the gamers but the developers too. This is also perhaps the major reason as to why the number of gaming sites grew in 2016. Bitcoin’s technological potency and the digital currency’s uniqueness fit in ideally with the lucrative gaming industry.
Another major benefit that Bitcoin offers is the aspect of remaining completely anonymous while making any transactions. Bitcoin is decentralised and hence the amount that is used to pay for the items isn’t traced by a banking authority. This way, each and every proceeding can be finished on an anonymous level. Of course for gamers freedom and privacy is an essential factor and when gaming with bitcoin, gamers can be secure about the fact that their transactions are entirely safe.
If you know how to store your bitcoin properly, it would prove to be one of the safest cryptocurrencies. All you need to do is make sure that you have kept your valuable coins away from the various online wallets, are using strong passwords and have smartly kept most of the bitcoins in the cold storage. Take for instance, that you use the credit card for making payments on gaming sites. But, if the gaming site gets hacked, there are high chances of your credit card details being stolen. However, with bitcoin, this risk is eliminated as long as you keep the private key secure.
Optimised for Gaming Sites
Bitcoin was designed for online use and hence this cryptocurrency makes for an ideal solution when making payments on gaming sites. In this age of technological advancement, bitcoin acts as digital cash and hence cumbersome payment modes like credit cards and banks are no longer required. Bitcoin, which is optimised, eliminates the need for those payment modes and guarantees a superior level of safety, privacy, ease of usage and efficiency.
Bitcoin payments are unbelievably fast and most of the transactions take minutes to be confirmed. This compared to the bank payments which can take anywhere between three to five business days to be completed, gaming with Bitcoin does seem to be a better option. By using bitcoin, gamers can immediately withdraw their winnings or fund their gaming accounts. If not instantly, gamers do get access to their funds within 24 hours which is far better than waiting for 5 days at a stretch.
Other than all of the above, bitcoin is cost-effective and is widely accepted which makes it so popular amongst gamers. This way, you would also be able to keep more from the winnings when withdrawing from the site making it a win-win situation for you.