Bitcoin for Gaming – A Summary by Max Krupyshev COO of Cubits
Bitcoin is bringing fairness to payment systems especially in gaming by providing transparency.
Max Krupyshev COO of Cubits shared his thoughts of Bitcoin in Gaming with SiGMA. He states how it brings advantages for operators as well as customers and affiliates, and how it can change the future of Gaming.
Fairness for the system with Bitcoin
Bitcoin’s decentralised ledger nature helps to avoid disputes in terms of incorrect payment processing, as all bitcoin transactions are recorded on the blockchain and can be verified by all. This information symmetry brings a fairness to the system, and allows all parties to monitor the transaction.
The usage of Bitcoin in Gaming has become a very valuable proposition, for players and operators alike. But what is it about this payment innovation that makes it so attractive to the industry and how are Cubits helping with this?
Bitcoin use in the gaming industry is growing very rapidly. Despite the fact, that the future of bitcoin in a mainstream context is very much uncertain, bitcoin is finding a permanent home in the online gaming arena.
A large number of gamers have embraced the introduction of bitcoin to the industry and players have increased manifold. The month-to-month customer numbers triple on average. Many predicted these growth trends, because of the various benefits the cryptocurrency could yield to online gaming operators.
Cheap, secure and near instant transactions, as well as having no chargeback option “ has made bitcoin the perfect payment method. Besides this, gamers appreciate the benefits of speed, ease of use and its ability to cross borders seamlessly.
As an additionally kick, the currency is known for its volatility, sometimes moving in price by hundreds of Euros per day, and customers are attracted to their ability to win big even before playing a game.
Bitcoin for operators
For operators, bitcoin provides specific advantages over other currencies. First of all, it requires less stress on their behalf to enter new markets. The at payment system is very fragmented globally – payment methods vary greatly across regional and country divides. The universal and decentralised nature of bitcoin allows operators to only offer a single bitcoin processing system, which functions in the same way for all customers anywhere in the world.
Low transaction fees allow operators to potentially pass savings on to customers and to offer bonuses and higher payouts due to the absence of large fees and other at payment related costs.
Bitcoin transactions are also much faster than a bank transfer. For a gamer making a wire transfer, a 3-5 day wait is more than enough time to lose interest in gaming. But if funds were to be credited to a customer’s account in a near-instant fashion, players are more likely to play. And this speed has the advantage for gamers receiving their payouts quickly too.
Bitcoin’s decentralised ledger nature also helps to avoid disputes in terms of incorrect payment processing, as all bitcoin transactions are recorded on the blockchain and can be checked by anyone. This information symmetry brings a fairness to the system, and is open for all parties to monitor the transaction.
An operator’s biggest anxiety when it comes to processing bitcoin payments is the often unpredictable price volatility. Fortunately, new services have emerged that shield them from such volatility, processing the bitcoin for a at amount fixed immediately at the time of the operator receiving payment. The most popular service offered by Cubits is called “Bitcoin as a payment method”. It is used by hundreds of brands already. A simple Merchant API provides a painless and flexible solution for all mass payment needs, making what used to be a very arduous task, quick and easy.
Bitcoin for affiliates and all across the industry
And as affiliates also rapidly adopt bitcoin as a method to collect their monthly rewards, there is a great fervour for bitcoin processing partners all across the industry. As currency becomes more digital, customers’ wants become more aligned to faster payment methods. Bitcoin provides the advantage that they seek, allowing them to get more for their money. Hence, as Max has observed, “It is not a question of if online gaming operators are to integrate bitcoin payments, but a question of when.”