There have been many changes in technology since we entered the Information Age over half a century ago. Among the most significant is cryptocurrency, which is now a trillion dollar industry, having made its way into the mainstream. As such, various industries have decided to incorporate crypto development into their business models. One such industry is gaming.
Over the past decade, alternative payment methods (APMs) have been gaining momentum, and the trend continues to grow. According to statistics, 77% of global online purchases are made with a local or alternative payment method rather than a credit card. Why? Convenience, safety, and speed are some of the main benefits of choosing APMs.
APMs give consumers the freedom of choice. They can pay for the things they want, whenever they want. There is no longer need to spend time adding all of the information for every single purchase. Checkouts are much easier. What’s more, the highest security standards, used by APMs, keep their customers’ personal data safe.
Cryptocurrency is a primary example of an alternative payment method that has already conquered the hearts of millions of people worldwide and keeps breaking new records. In this article, we will discuss the advantages of using cryptocurrency in the gaming industry, and how it can help players stay protected. So, let’s get straight to business.
Benefits of Using Crypto
Enhanced Privacy
Crypto offers the benefits of anonymity in financial transactions and enhanced control over their financial data. The anonymity helps protect users’ identities and funds from scammers and eliminates the fear of third-party tracking and sharing personal information. By enabling digital payments without revealing personal information, users can enjoy secure transactions. The blockchain-based system of crypto transactions further guarantees complete privacy as they cannot be altered or reversed once confirmed.
Instant Transactions
With blockchain technology serving as the foundation for crypto, the world of gaming cryptocurrency has seen a significant shift towards faster and more efficient deposit processing. Approvals are now a thing of the past, as blockchain enables instant deposits. Additionally, the decentralized network ensures that the blockchain is always up and running, providing users with access to their funds anytime and anywhere, 24/7.
Improved Security
Decentralization is a key feature of cryptocurrency, making it more secure for users, including those playing at crypto casinos. With no central authority, users have complete control over their funds and can access them only with their unique password. This eliminates the risk of account hacking and funds theft—common issues faced by users of traditional financial institutions.
Increased Resilience to Regulations
The decentralized nature of crypto, especially in the context of crypto betting, provides increased resilience to regulations. This enables users to engage in various activities, such as gambling, without worrying about third party control or restrictions. This can be particularly beneficial for individuals and organizations operating in countries with strict financial regulations or those seeking to maintain privacy in their financial operations.
Are there any Disadvantages of Using Crypto? Yes, but…
Crypto’s Fluctuating Value
One of the drawbacks of cryptocurrencies is their volatility. The value of crypto can fluctuate greatly, making it a riskier investment option than traditional currencies. However, as more individuals adopt and use crypto, the demand for them increases, which gradually leads to more stability in crypto’s value. Also, stablecoins like USDT (Tether) can address the issue. They serve as a bridge between traditional currencies and non-stable cryptocurrencies, being pegged to a stable asset such as the US dollar and facilitating exchanges between the two.
Understanding Crypto’s Challenges
Cryptocurrency can pose difficulties for those who are not tech-savvy, making it hard to understand and use. Still, as we all know, practice makes perfect, and crypto gambling fans are living proof of it. Once you dive deep and figure out how crypto works, it won’t seem like rocket science for you anymore. As the saying goes, everything is hard before it’s easy.
Regulatory Ambiguity
Since crypto is only gaining popularity in Asia, not all countries have introduced clear legislation toward this payment method. Nevertheless, the overall perception is that most Asian countries recognize the benefits of cryptocurrency adoption, including low transaction costs and the introduction of blockchain technology into their public services, like in Cambodia.
Crypto is already legal in such countries as Denmark, France, Germany, Iceland, Japan, Mexico, Spain, the United Kingdom, and others. Therefore, there is a very high chance that the views of the Asian government might positively impact crypto’s use and accessibility in future as well.
Rather than gamers using traditional debit or credit cards, nowadays there are specific cryptocurrencies that are accepted in both the online and mobile gaming environment. Cryptocurrencies are also one of the hottest trends in the online casino industry, with players of slots, table games, and more utilizing paperless money to facilitate safe and efficient virtual gameplay. As the sector continues to grow competitively, platforms are making a point of providing different welcome offers for new users who are looking to join the casino gaming community for the first time. With promotions facilitating an increased target audience, more gamers will be introduced to crypto in the online casino sphere, understanding its place as a secure monetary form. One thing’s for certain: cryptocurrency’s place in the gaming industry is here to stay.
Parimatch Joins the Crypto Casino Trend
In recent years, a growing number of tech companies dealing directly with payments have implemented crypto as the payment method, and betting and gaming platforms are no exception. This is because more and more players prioritize protecting their information and transactions while enjoying the gaming excitement.
Parimatch is one such company. Founded in 1994 in Ukraine, the international sports betting company boasts 6 million-plus players worldwide. And provides its customers with a range of crypto options for deposits and withdrawals, including Bitcoin, Bitcoin Cash, Ethereum, Tether, Binance Pay, and Litecoin.
Players increasingly turn to cryptocurrency due to its ease of use and security. Additionally, the company offers clear instructions on how to make payments and provide 24/7 support to assist with any questions or concerns.
Wrapping Up
In conclusion, crypto gaming offers a range of benefits, including enhanced privacy, faster transaction processing, improved security, and increased resilience to regulations. By embracing this technology, users can enjoy a more secure, efficient, and private financial experience.