Effect of Bitcoin on Online Gaming

While Bitcoin is still a relatively new currency, the online gaming industry has used it for several years. This article will know how and why the online gaming industry started accepting bitcoins and their effect on the online gaming community. For complete information, you can visit https://bitcoin-banker.io/

8 Ways How Bitcoin Benefits the Online Gaming Industry

1. Cost-effective payment method

Bitcoin is a decentralized currency with no intermediary or central authority. This makes bitcoin transactions both anonymous and instant, allowing online gamers to avoid high transaction fees charged by traditional payment systems.

2. Protection against frauds and chargebacks

Since no personal information is exchanged during a bitcoin transaction, it’s impossible to commit fraud by chargeback. Therefore, online gamers are at peace with transactions made using bitcoins since they can’t be scammed or cheated by anyone.

3. Reduce the need for credit card information

Many online gamers shy away from traditional payment methods by continuously selling personal information. However, these fears are allayed since online gamers are not required to share their credit card or debit card details.

4. High security with no fraud due to identity theft

Bitcoin is built on high cryptography standards and is almost impossible to fake. This ensures that the online gaming community can enjoy their game without worrying about fraud or loss of personal information in any way.

5. No legal/geopolitical boundaries

Since bitcoin is a decentralized currency, it doesn’t have any government oversight or strict laws governing its use. This ensures that online gamers worldwide can enjoy their favorite games without facing any legal implications due to cross-border transactions.

6. Anonymous payments with no tax implications

One of the highlights of this digital currency is that it ensures anonymity during transactions. This makes sure that players can enjoy their favorite games without being monitored or worrying about tax implications.

7. Worldwide access with no exchange rate problems

Since no government or central authority controls the bitcoin, its value goes up and down depending on market conditions. This means that online gamers can enjoy their game without worrying about fluctuations in currencies.

8. Rapid transaction confirmation times

Bitcoin transactions recorded in the blockchain ensure that any payment made using bitcoins gets completed within minutes, allowing players to take advantage of high-speed internet connections for faster gameplay.

Online Gaming and Bitcoin: Are They A Perfect Match?

While bitcoin is increasing in popularity, the online gaming industry has been using it for quite some time. This article will find out why the online gaming industry started accepting bitcoins.

5 Negative effects of bitcoin on the online gaming industry

1. Can’t be used to withdraw or deposit funds

Since bitcoin transactions are irreversible, it’s not possible to use them to either deposit or withdraw cash from online gaming sites. This means that all funds must be transferred using other payment methods with higher transaction fees.

2. Risk of bitcoin value going down

Since no one can predict what will happen to bitcoin’s value, there’s a high risk of players losing money due to fluctuations in the bitcoin rate. Since the online gaming operators don’t plan for such situations and pass on these costs to their customers, this is a minus point for gamers.

3. Can’t be used during peak hours

Since bitcoin transactions have a network-wide transaction limit of seven transactions per second, it’s impossible to use them during peak hours or days when high volumes of online gaming occur.

Unfortunately, this means that the gamers have to wait for several hours before their transactions can get completed.

4. Operators unable to resolve disputes

In case of a transaction dispute, there’s no way for the gaming operators to resolve it. Since bitcoin transactions are irreversible, all funds have to be refunded to the customer if a resolution can’t be reached.

5. May lead to money laundering

Since bitcoins operate on anonymity and don’t require personal details or identity proof, this may encourage people to engage in money laundering activities. This is a primary concern as most online gaming operators have stringent anti-money laundering laws that they have to follow.

Conclusion

Bitcoin is a decentralized currency gaining popularity among online gamers, allowing them to enjoy their favorite games without worrying about fraud or loss of personal information.

Of course, it has its drawbacks too but the list of benefits it offers certainly outweighs its disadvantages. If bitcoins can be regulated and made more efficient, they may become an integral part of the online gaming industry shortly.

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