Over recent years, there has been a continuing trend of more and more online game retailers accepting Bitcoin. This trend shows no signs of slowing down anytime soon. Gamers historically have been early adopters of technology and gaming is as old as the internet. How gamers have bought games and accessed online gaming has changed ahead of the times. The market is full of tech-savvy consumers who are less likely to be worried or intimidated by new methods of conducting business online. This confidence in technology by its customer base has given the online gaming retail sector a head start in accepting cryptocurrency, of which Bitcoin is the most recognised and well known.
There are many advantages for online game retailers that do accept Bitcoin.
The ability of an online games retailer to conduct its business transactions safely and securely is of core importance to the future success and continuation of its business. Bitcoin has some impressive advantages for the retailer. One of the most important is that Bitcoin is a one-way payment. Where a credit card can allow the customer to reverse the payment, Bitcoin does not. Though the credit card facility of a chargeback is meant to be used genuinely, it is sometimes fraudulently used to claim the payment back from the retailer, even after the product, or subscription service has been delivered. A Bitcoin payment cannot be reversed in this way, keeping the online games retailer safe from this type of online fraud.
Best Bitcoin Casinos & Their Choice To Offer This Payment Method
From an online gaming retailer’s perspective, Bitcoin has more in common with a traditional currencies cash payment, the payment is instant, one way, irreversible and secure.
It is for this reason that more casinos are adopting Bitcoin as a payment method for their users. Everyone has different needs from a casino so you’ll need to research and make sure you find the best Bitcoin casinos, of which there are plenty so you shouldn’t struggle too much. When a casino chooses to adopt Bitcoin as an accepted payment method, they’re allowing anyone from around the world, regardless of their local currency to play.
Costs and Payment Charges
Online games retailers face transaction charges from traditional credit card companies. Credit card companies charge online games retailers per transaction, depending on the card provider, These can range from over 3% to just below 1.5%. Every cost has to be factored into each sale to remain competitive in the online games retail sector. With these charges being so high, the online games retail sector was one of the first sectors to take advantage of the lower transaction costs of Bitcoin.
Bitcoin transactions in many cases carry no charges whatsoever, those that do carry a charge; the charge is lower, usually lower than 1% of the transaction value. Banks charge for international transactions, as well as domestic payments, these charges and costs can be mostly avoided by online games retailers by conducting their business via Bitcoin.