It’s now pretty rare to come across someone who hasn’t heard of cryptocurrency. Even if they don’t fully understand what it means, this decentralized currency has almost achieved its aim of becoming an everyday conversational term. Of course, it aims to go further, with the ultimate goal being to replace banking institutions, but if this ever happens, it is some way off yet. However, many industries are embracing the use of Bitcoin and other cryptocurrencies to pay for goods and services. The online gambling industry is one with things like BetFury CoinFlip operating in crypto as well as conventional money. So, what impact will crypto have on the online gaming sector overall?
Already in Casinos
As mentioned above, there is already crypto involvement in some online casinos. Not all have gone down this route, but the ones that have reported that it is popular and well used. From a player’s point of view, there are two key factors that make this a good choice; firstly, it is secure. Blockchain is a public access record; each file is permanent and can never be edited or changed. Yet, this has stumped hackers, and there is a level of security protecting your money that you don’t get otherwise. Secondly, crypto can offer anonymity, and not everyone who uses online casinos and bookmakers wants to identify themselves. It is also an instant payment method, which stands out over other payment methods that have a clearing period, especially if the player is withdrawing winnings. Sometimes even paying for a game can cause a delay, but again, this won’t be an issue with crypto.
Other Online Gaming
Of course, casinos are just a tiny part of the online gaming arena, with many other video games played by billions of gamers around the world. Often these require in-app purchases to unlock bonus features or simply to purchase the game itself. Platforms like Steam are well used to access everything a gamer could need. At the time of writing, the platform did not directly accept crypto payments, but site users can use BitPay debit cards if they prefer or just continue to use the standard currency. Another advantage of crypto is that fact there are no fees or costs incurred for credit card charges, PayPal commissions etc. which means all your funds belong to you.
Payment Cross Over
It does seem that the interest is there from users of online gameplay, but crypto has by no means become a commonplace payment method as yet. The sites that choose to accept them at this stage are pioneers, and their progress and success are being keenly monitored by many others interested in the technology. BetFury iGaming Platform is another excellent example of a platform that is using both conventional payment methods alongside crypto and they even have their own coin that players can win, trade, and earn from. Of course, the added extras like that are going to make them stand out from more traditional payment methods and make people want to try them.
Of course, as sites move to use crypto, they are going to include plenty of marketing carrots to try and get players to make the switch. Monetisation strategies are the best way to do this, and that comes from things like in-app advertising or purchases and affiliate and referral marketing. Players will be offered the chance to earn some coins by completing specific tasks, for example, taking short surveys or watching a video advert. Affiliate marketing is where players are given the chance to be rewarded by promoting things to their friends, getting them to sign up for something and being given crypto coins as a thank you.