Before online casino operators came up with alternative payment options, players solely relied on bank transfers or credit and debit cards to fund their accounts. This option can be expensive for both the player and the operator as costs pile up due to the presence of third-party processors. But there’s a new option for both parties. Solving the weak points of fiat currencies, a report revealed that many online casino operators look for ways to lower their costs by fully accepting cryptocurrency payments. How is that possible? Here are the top three points tackling the matter of using Bitcoin as the main payment option for cost-cutting.
Credit Card and Bank Transfers Can Be Costly
Credit card companies like Visa and Mastercard often charge a standard rate of 3% for every transaction, whether it’s deposit or withdrawal. In addition to the initial commission, some companies require players to account for chargebacks which can go as high as 1% of the total transaction fee.
Another pressing issue associated with banks and credit cards is the estimated waiting period in processing deposits and withdrawals. With each settlement, a probable charge of 10% can also be held in case there are other chargebacks. The percentage rate still depends on the company, but it can go even higher since gambling faces a highly volatile market.
The Bitcoin Approach For Online Gaming
It’s already evident that many online bettors prefer Bitcoin over fiat currencies. Aside from the given list of transactional properties, several Bitcoin casino operators guarantee zero cashbacks if they encounter bettors who often deny charges due to a series of losses. Bitcoin as a mode of payment eliminates the risk of dealing with cashbacks and frauds, letting the casino operator focus on customer acquisition.
Bitcoin’s Volatility Viewed In A Positive Perspective
The volatility of Bitcoin is no danger to the online gaming industry. After all, every currency in the world is volatile to some extent. Using Bitcoin is like keeping Euros and Dollars while waiting for the conversion rate to hit its peak. Players can easily deposit crypto into their accounts and withdraw the funds at ease if the prices look favorable at the time of cashout.
Whether you’re in for the fun or winnings, Bitcoin games and crypto-accepting casinos can deliver unparalleled experiences without the hassles of traditional online casinos. If you’re still hesitant about making a deposit, be sure to review our list of the best Bitcoin casinos for safe, secure, and quality online gaming.