Most people will have probably heard a thing or two about Bitcoin or cryptocurrencies, especially with the huge spikes in value seen in the market recently. As a result of this, and the increasing view of it being a safe haven for investors; Bitcoins are gaining more and more mainstream attention, with people as well as businesses taking an interest in the digital currency.
What we’re seeing now is that more retailers and service providers are accepting Bitcoin as a valid payment method, and this has been praised by many. The online gaming and gambling world have been one of the first to embrace the currency; as historically they have never been one to shy away from innovation and change. However, one has to ask whether Bitcoins and online gaming will really survive as a perfect match and prosper in the future?
First of all, there is no doubt that some players do have reservations on how secure and safe transactions really are. Furthermore, there is the issue of how the personal and financial data is stored and managed by online casino operators. These concerns are real, as there have been several instances in the past where very respected and reputable companies like Tesco and Yahoo have been the victims of huge public breaches in their data security.
The online gaming industry is no different, with registered players very cautious about sharing their personal and banking details. In fact, it can be argued that online casino and gaming players are even more paranoid about sharing personal information than other customers in the online retail world.
So that, in this respect, Bitcoin is perfect for the online gaming space. This is because secure transactions and anonymity are the unique selling points when it comes to Bitcoin. Unlike more regular and more widely accepted banking methods, when a transaction is taking place using Bitcoin, no personal or financial details are shared at any point. This means there is no risk of any type of fraud taking place, with almost no personal and/or financial details ever at risk of being misused or stolen (aside from player verifications which, as any legislated online or mobile gaming provider will tell you).
Bitcoin guarantees this need that players have to be totally secure, with the peace of mind that their details are as secure as possible. Also, with no information being required when making transactions, it allows people to gamble discretely too.
Online gambling is a global phenomenon, with people from all over the world logging on and playing on a daily basis. Bitcoin can be used from literally anywhere where there is an internet connection. So whatever country someone may be in, they will still be able to use it as a payment method, and they won’t ever have to worry about transaction fees and charges, solely the exchange rate. Furthermore, players will never have problems such as their card being declined either.
The reality is, not only could Bitcoin make online gaming very much safer, it could also make things a whole lot more convenient for players and leading mobile casino operators like mFortune too. We live in a world where everybody would like to conduct their affairs online in a safe, secure and cost effective manner. Furthermore, it has to be convenient and reliable; and this is exactly what Bitcoin guarantees every time. Knowing this, there is no doubt in our minds that Bitcoin and online gaming is a relationship that will soon possess all the attributes to ensure prosperity and eventually rival mainstream banking methods.