In May 2021, PlayStation’s Sony filed the patent for an esports betting service that accepts wagers in the pioneer cryptocurrency. This is another milestone in the global adoption of blockchain-based methods. Many large companies in Asia are integrating cryptocurrency in their payment systems. But what underlies this trend?
The iGaming industry was quick to embrace blockchain. Today, online Bitcoin casinos, which are known in Japanese as ビットコインカジノオンライン, allow players to pay for their gambling securely and anonymously. The biggest crypto coin is wildly popular due to these and many other benefits it provides.
Bitcoin Vs Usual Methods
Unlike any conventional currency, be it the euro or the yen, Bitcoin is entirely virtual. It was designed as a means of exchange for a fully decentralized system. Any payments between Bitcoin wallets are recorded in the blockchain ledger, which is generated and maintained by a multitude of computers worldwide.
As there is no physical center, there is no authority. Every computer on the network acts as a banker and gets Bitcoin for verifying transactions. This explains the many benefits of BTC for gamers and gamblers.
Adoption by the Gaming Industry
The Japanese giant is not the only company to integrate the use of cryptocurrency for transactions. Experts predict the implementation of BTC in other segments of the entertainment industry. For example, BTC payments can allow musicians to be less dependent on intermediaries and even sign contracts electronically.
While many corporations are expressing their readiness to integrate Bitcoin and other coins, the gaming and gambling industries are still leading the way. Today, users can purchase and sell in-game items, unlock characters, and do other things for BTC.
Whole transactions are secure, and they do not allow third-party access. You do not need authorization from your bank for any transaction. There is no oversight from the government, and no taxes apply. Here is a closer look at the advantages.
1. No Hidden Charges
Payments to and from your wallet do not involve an intermediary. As the system is decentralized, casinos have lower processing costs, while users do not have to deal with any hidden charges. No need to worry about the ever-changing exchange rates! The funds flow directly via the peer-to-peer method.
2. Faster Payments
Gamblers and gamers love Bitcoin because they are deposits and withdrawals that are often instant. This is possible because neither the government nor banks have control over the system. With the absence of legal hurdles, come higher speeds.
3. Guaranteed Anonymity
The identity of every user on the blockchain network is hidden. Any payments to or from online casinos remain completely anonymous. No third party may interfere or see how you are using your Bitcoin wallet.
4. Better Security
To make a payment, users do not share any personal information or bank accounts. While reputable gambling sites protect their users’ information, many gamblers are wary of conventional methods, and for good reason — hacking is rampant.
With no credit card numbers or personal details shared, gamblers and gamers have peace of mind. Even if their casino gets hacked, there will be no damage. The blockchain only stores the amounts and the wallet addresses. No user may be identified by name.
5. More Value
One of the best things about Bitcoin is that your payments are not subject to taxation. Gamers paying for access to Fallout 76 or CSGO spend millions of dollars in microtransactions. Each payment is subject to deductions. This reduces the value for the customer and the developer. With Bitcoin, both are maximized. At the same time, the prices may become lower, so a wider audience will afford the entertainment.
New Bitcoin casinos are appearing all the time, and many well-established platforms are integrating BTC into their payment systems. In comparison, the gaming sector is lagging behind. While many developers are interested in blockchain, the system is still in its infancy.
One of the best examples to date is Decentraland. This is a digital world filled with decentralized games like poker, roulette, and backgammon. There, users can trade using Bitcoin and even purchase virtual land.
Will Bitcoin eventually take over fiat currencies? It is difficult to say. Today, financial institutions are only beginning to acknowledge it, and there are thousands of altcoins vying for investors’ attention. Many gaming and gambling systems are embracing Ripple, Ethereum, and other alternatives. One thing is clear — the potential for adoption is vast, as it gives users and developers maximized value.