Since a decade ago, cryptocurrencies have been deemed as alternative payment options for many industries. One of the industries that can easily grow due to crypto adoption is the online gaming market. Online casinos, sports bettings, and similar websites will easily grow if they start accepting Bitcoin and other cryptocurrencies.
In fact, this market has been pursued by some famous altcoins. Still though, cryptocurrency online casinos that were launched by the crypto people themselves have never really been famous. Their market niche has been very limited. In order for crypto payment adoption to grow, they need to be accepted by the more mainstream online gaming operators.
Online Gaming Operators And Worldwide Audience
Online gaming operators typically have a worldwide audience. They rarely have just an audience from one single country. This is why having Bitcoin and altcoins as alternative forms of payment actually make a lot of sense. Bitcoin was created to be borderless, and anyone around the world would be able to send and receive Bitcoin due to its decentralized nature.
On top of that, Bitcoin is very secure. The blockchain has never suffered from a double-spend attack due to how strong and powerful it is. Online gaming operators accepting Bitcoin would only benefit them, for sure. And as usual, more payment options would only result in more sales. Many traditional businesses have started accepting Bitcoin as payment; surely, online gaming operators should start accepting it as well.
Secure Payment With Volatility Protection Is A Must
Even though Bitcoin is a perfect payment alternative for these online gaming operators, there’s one big challenge that they need to address. It’s a common knowledge that Bitcoin (as well as other cryptocurrencies) have been very volatile. They can go up and down 30-40% in just a few days’ time.
This is perhaps one of the biggest challenges for traditional online casinos and gaming operators to adopt Bitcoin. They want something that is not buggy, that’s fully secure, and that’s protected from volatility. The good thing is that there are many Bitcoin services that can offer all these things.
BitPay, CoPay, and others have enabled their services for websites to easily and seamlessly accept BTC while protecting merchants from its price volatility. For example, when you pay on a certain online casino using BitPay payment plugin, it will ask you the fiat amount to pay, and you will be asked to pay in a certain amount of BTC.
If you pay in the next few minutes, your fiat amount will still be credited in your account, and the casino itself will also receive the same fiat from BitPay. Everybody is protected and no need to worry for long Bitcoin blockchain confirmation.
This kind of movement is revolutionary and easily erases the biggest problem in accepting Bitcoin as a form of payment for traditional online merchants. The fact that you don’t have to believe in Bitcoin price to accept BTC as a form of payment will only allow the gaming operators to be able to expand their user base and market audience.
Benefits Of Accepting Bitcoin
You might be wondering, what are the exact benefits for these online operators adopting BTC instead of standard bank transfer and e-money digital applications like Venmo? Well, here are several obvious benefits of BTC
1. International digital transfer with lower costs – While Venmo and similar apps are obvious choices when it comes to domestic transfer, this has never been the case for international payments. PayPal and others often have absurd forex rates as well as high transaction costs. Bitcoin is very consistent, its transaction fees are dependent on how busy the network in the blockchain is. If the BTC payment processors adopt second layer solution, they can reduce the fees even more
2. No chargebacks – Another obvious benefit of accepting Bitcoin is the elimination of chargebacks. Bitcoin is built on top of a decentralized public blockchain, which records are immutable. The chargebacks are not possible because there’s no centralized entity controlling the flow of the money. Because of this reason, there are obvious benefits and better risk management for online gaming operators to accept BTC
3. Wider user base – Another very important use case of accepting BTC is to show the crypto community that they are also welcomed here. It’s already well-known that veteran crypto traders have been trading back and forth between traditional cryptocurrencies and stablecoins. They rarely withdraw to fiat except to take profit. If online gaming websites and casinos can accept Bitcoin, they will show these big crypto traders that they can also make money here as compared to the usual BTC price fluctuation alone.
So, if you are one of these online gaming operators still sitting on the fence, why don’t you start adopting Bitcoin payment?