Crypto payments keep penetrating all spheres of our life, including the entertainment industry. No wonder this method brings a lot of advantages to both parties of the transaction.
Cryptocurrency was originally developed as a tool for creating an open and transparent financial system. It was meant to become an alternative to centralized systems of banks and their intermediaries. But this idea still has a long way to cover before its implementation. Nevertheless, there is a lot of progress in adopting digital money as a means of payment for goods and services. According to the coinmap.org portal, there are 18770 vendors accepting cryptocurrencies.
While most venues are just beginning to pay attention to cryptocurrency, gaming portals like Tower dot bet are now taking advantage of it. Online casinos that once risked building a business around Bitcoin or adding cryptocurrencies as a regular payment method are still working successfully. Of course, the Bitcoin exchange rate has greatly influenced the growth of interest in virtual currencies. And even if we disregard the charts with the price of BTC, the willingness of the gambling industry to accept digital coins is explained very easily.
Digital money can be used in any country. Online casinos are not officially available in every location. It is not a rare case that gamers are forced to specify a different region in their profile and link fake names and addresses to their account. Moreover, different e-wallets are popular in specific countries. For example, PayTM is widespread in India, China uses mainly AliPay, while American and European countries opt for PayPal. Crypto payments solve this geographic problem of e-wallets. Thanks to cryptocurrency, transactions can be freely made by people all over the world, including developing countries. Users will not need to resort to various shenanigans and fear that they will be banned for it. Since online gambling is focused on the global market, it is a good argument in favor of using cryptocurrency.
Anonymity is another indisputable advantage of blockchain, the technology underlying cryptocurrency. A user does not need to provide their personal data to make transactions. Within the Bitcoin blockchain, not the names and surnames of senders are recorded, but the digital addresses of wallets and the amount of payment.
It is a known fact that banks have access to information about their users’ transactions. If transactions contain a large number of payments to gambling sites, they can be declined. A bank may simply refuse to process a transaction. In such cases, cryptocurrency is the optimal solution. A blockchain wallet cannot block a transaction. On the other hand, the blockchain does not use the services of third parties. So, transactions take place directly between the operator and the player. It means that banks are deprived of the ability to track the gambling activities of their clients.
Very low commissions
When payments are made via credit cards or traditional bank transfers, a lot of processing companies are involved in the transaction. All of them charge a fee. Credit card processing fees vary between 0.05% and 5%. Digital coins are decentralized, and no bank verification is needed.
Cryptocurrency payments are sent directly from the sender to the recipient. This eliminates all intermediaries and significantly reduces costs. The commission usually ranges from 0% to 1%. So, using it as a method of payment allows you to save funds. For example, when paying in Bitcoin, the median transaction fee is $13. The Bitcoin network also allows you to pay less, but such transactions will take longer (depending on the total number of transactions). On the Ethereum network, a standard fee will cost almost the same, but the transaction will be processed much faster. On the Stellar (XLM) blockchain, transactions are almost free (hundredths of a cent) and take a few seconds to finalize.
Casino users do not like to wait. And bank transfers may take 3-5 days. Crypto payments are faster in this respect.
To make a Bitcoin transaction, you must specify:
- The sender wallet address
- The amount of cryptocurrency sent
- Address of the recipient wallet
After entering the recipient’s crypto wallet and the number of Bitcoins, the sender confirms the action with their password. Immediately after that, the transaction enters the core of the Bitcoin code associated with the wallet and gets to the mempool — a special zone for unconfirmed transactions. From such transactions, miners collect new blocks and validate them within the blockchain. After being added to the blockchain, the transaction is considered confirmed.
The transaction speed depends on the sum being sent and the commission that the sender is willing to pay for fast delivery. You can check the commission online, as well as understand the approximate time of transaction confirmation.
Usually, all crypto transactions are verified within minutes.
Payments made with Bitcoin cannot be reversed. The situation is totally different with credit card payments, which can be recalled using chargebacks, a feature often used by scammers. Blockchain technology checks if funds are available before the transaction is completed. It makes it almost impossible for customers to complete a purchase without sufficient funds in their account.
The total number of crypto users in the world is growing rapidly. So, it is advisable for all online casinos to embrace digital currency trends. After all, according to the forecasts, the volume of cross-border cryptocurrency payments will increase 25 times in the coming years. This is up to $4.4 trillion in 2024.
You can drive growth for your business by providing a crypto payment service that your competitors are reluctant to implement. Integration of digital coins is a simple procedure. Start by choosing one of the leading cryptocurrency payment providers.