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Three Major Advantages of Bitcoin in the Online Gaming Industry

October 31
11:50 AM 2017

The bitcoin is a cryptocurrency that was invented in 2008 by Satoshi Nakamoto, a person or group that decided to remain virtually anonymous. A cryptocurrency is a form of digital money that is decentralised, meaning no bank or government controls it. Barely a decade old, the bitcoin has been making waves on a global scale and the online gaming industry is one of the many businesses that have embraced this technology because of the advantages it offers. Here, we discuss the three major benefits that bitcoin technology gives online gaming sites.

Bitcoin Transactions are Highly Secure

In this day and age where a lot of our purchases, from basic needs to leisurely activities such as online gaming, are paid online, security is essential. For the regular consumer who would not be able to identify if a site's security has been compromised, there is always the danger of financial accounts getting hacked once personal and banking information are provided. With cryptocurrency, however, there is greater security for the online customer. With its highly sophisticated software, along with greater user knowledge from online guides on how to keep one's bitcoin wallet protected, payment transactions using bitcoins are considered the most secure of all existing payment options available to online users today.

Personal Information of Users are Kept Private

While the common assumption is, when a transaction is said to be secure, the privacy of the user is also kept safe or anonymous; this is not always the case. In the online gaming community, it is also often assumed that gamers would be proud of their achievements and would not mind having their profiles exposed. On the contrary, though, there are those who would still prefer to remain anonymous. One thing that is unique and assuring about bitcoin transactions is that they are able to give users the option to share their personal information or not, giving them a sense of added safety so they can play online with confidence. So, whether one is playing video slots, blackjack, roulette, video poker, or betting on NFL or NBA, you can rest assured that your online information is limited to what you agree to share.

Players Get More for Their Money

Bitcoin technology makes it possible for online gamers to win bigger payouts. This is because unlike traditional payment methods such as credit cards, bank transfers, and PayPal, bitcoin payments are more cost-effective. As a digital currency, it is designed to work faster, easier, and with less cost. The transaction fees are smaller compared to the other payment options and waiting time for transactions to be completed only take minutes, a few hours at the most; unlike bank transfers which take a few days to finish. And instead of waiting for withdrawals to get credited into one's bank account, which also takes days, withdrawals can take a matter of seconds since the bitcoins are digitally transferred from the online gaming site's bitcoin wallet into the user's wallet.

This particular technology is designed to make the transfer of currency so much easier and faster, which is something online gamers need. Bitcoin is an innovation that answers a lot of needs from this industry and it will not be long until all of the online gaming world joins the bitcoin bandwagon. For the sake of both the businesses and their patrons.

© 2017 VCPOST, All rights reserved. Do not reproduce without permission.
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