Bitcoin and Social Gaming make the Perfect Combination

26 December 2013

Bitcoin is becoming more popular than anyone could have ever imagined, despite the fact that its value has fluctuated a lot during the previous months. Gaming insiders who attended the Social Gambling Conference that took place in London on November 7 explained that they have been intrigued by the growing popularity of the Bitcoin crypto-currency in the social gambling industry.

Bitcoin experts who were present at the conference explained that Bitcoin and social games can be considered the perfect pair for players and gaming suppliers who prefer to use it. Social Gambling Conference Panelist Eric Benz pointed out that Bitcoin can easily be considered the perfect fit for social gaming for several key reasons, which include the fact that transactions with this crypto-currency are instantaneous and the fees are much lower than the ones requested for real money transactions.

Benz explained that Bitcoin provides a system that allows players to top up their accounts by conducting transactions with smaller amounts of money which can range from even 50 cents to two dollars. Before Bitcoin, social gamers could have even taken up to $100 to top up their accounts.

Besides these two benefits addressed to social gamers, Bitcoin transactions are also favorable for gaming suppliers.  When operators use Bitcoin as an intermediary payment system, they have the opportunity to pay smaller fees than those used for processors like Neteller or Skrill. For example, if a gaming site uses a Bitcoin intermediary, like Bips.me, the fees can cost as less as 0.5 percent, in comparison with fees that are charged by other payment processor systems, which are usually around 2 percent.

Another great feature of the Bitcoin payment system is that the crypto-currency market is not regulated by a central authority, in comparison to the online gambling industry in which real money transactions are conducted.

Some gaming suppliers could worry about the high currency fluctuation that took place during the past few months. Gaming experts explained that even if these inconveniences can appear, several services like Bips.me make it possible for operators to convert the Bitcoin deposits and withdrawals into flat currency.

Gaming advisors said that gaming suppliers who support Bitcoin as payment method for their online sites can earn up to 30 million in gross gaming revenue yearly. Operators also have the option to integrate more than one type of currency into their online gaming site, thus offering more opportunities for different types of gamers who prefer different types of payment methods.

With the growing popularity of crypto-currencies, there is no doubt that many operators all around the world will soon be interested in opening gaming sites which support Bitcoin as payment option.

26 December 2013

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