Bitcoin and its fundamental technologies are making headway in the online market, and the online gaming industry is noticing the benefits. Imogen Bunyard, COO at Zerado – a technology and consulting firm highlights the benefits of bitcoin. She said Bitcoin is used internationally because it is a stable infrastructure and is famous that’s why many people have adopted it.
Historically, internet gambling has been the ill-advised target of government to protect nationalised gambling markets. These plans also restricted a person’s choice on how they use their money. Enter – cryptocurrency, with the ability to transact with privacy and security online.
Bitcoin in Online Gaming
Removal of transaction fees is one of the main benefits presented to the online gaming market when Bitcoin was launched. However, Imogen Bunyard believes the industry has a long journey before transaction fees are removed completely. Presently, several online gaming platforms have migrated to blockchain technology. Blockchain technology is viewed as the key technological innovation of Bitcoin – blockchain stands as proof of all the transactions on the network.
For instance, using blockchain technology, several online gaming platforms have opted to create a decentralised online poker room and esports prediction platforms. These online casinos have implemented tokens that their players can use only on their gambling platforms. This strategy, according to Bunyard, may be the first step towards the removal of transaction fees.
“What you can do, though, is to take your own token, your own casino coin, create that and peg that to the currency that they are operating in so they can see you become the financial transactor, almost a forex, and when they bring their local currency in so you can then convert this cryptocoin into a digital version of a casino chip, so you’re still playing with the benefits of the tokenized value, you can see where it moves, you can see the traceability and obviously that has real value for any anti-money laundering tracing but equally then you are not getting the volatility of the cryptocurrency markets, but equally then you are not getting the transaction fees,” Bunyard said.
Bitcoin VS CAD
IT Consultant, Seth O’Rourke said he is attracted to Bitcoin for the investment capability and the long-term value, in comparison to his views on the CAD “I see the Canadian dollar relatively as plummeting in value”. O’Rourke thinks it’s a wise decision to switch to a currency that’s holding value – Bitcoin.
Play at any of the online casinos we feature on Casinos Online Canada and transact with Bitcoin.