Introduction
Most gambling sites are now upgrading their services by accepting cryptocurrencies apart from regular currencies. In other words, gambling sites accept payments in local currencies and in foreign currencies, in digital currencies or hard cash, in mainstream currencies and cryptocurrencies. Certain gambling service providers have gone all crypto. That is, they only accept payments and fees in cryptocurrencies. Whatever be the mode of accepted payment, the good news is that gaming lovers can now play their favorite games of chance with a currency that sounds as fascinating as their sport.
What is Crypto Gambling?
The gaming industry based on playing with chances went digital quite some time back with the advent of digital currency. The gaming industry was quick to adopt digital payment gateways so that gaming lovers could play remotely and pay in digital currency. The industry is all set to adopt the new concept of exchange, that is crypto money, and ride the crypto wave.
Crypto has become a popular trading commodity, and crypto traders can be gaming enthusiasts too. It would be difficult to say whether crypto traders find certain coherence with paid gaming and trading in cryptocurrencies or, for that matter, trading in stocks and commodities. However, the gaming industry has realized for sure that people rich in crypto money, if they like to game, would certainly like paid gaming to go crypto as well.
How Crypto Gambling Works?
Making crypto gambling work is more complex than it sounds. First of all, the structure of the gaming platform with regard to factors like permit inflow and outflow of cryptocurrency has to be decided. In other words, the gaming platform needs to update to a crypto payment gateway system from the existing digital payment gateway system. This would call for digitizing the following measures for smooth flow of crypto payments:
Ensuring the validity of cryptocurrency
If a player wishes to play with cryptocurrency, the player should check the acceptance of a particular crypto on the gaming site. The gaming site may specify only specific cryptocurrencies that can be accepted for transactions. If a player is willing to transact in any listed cryptocurrencies, selection can be made by clicking on the particular cryptocurrency icon.
Converting player gains and losses into crypto
A player who pays in crypto will have no issues registering gains and losses in crypto in his or her account. However, the gains and losses should show the value in crypto as well as in regular currencies. For this, the calculation software should be updated to calculate crypto exchange values. The present value of single crypto, when exchanged into dollars, amounts to an enormous figure. Hence the calculation software should be able to work out crypto exchange values for decimated crypto money as even a several times decimated crypto will show up as a high figure when converted into dollars.
The player gains encashment into crypto
The player is permitted to en-cash gains from time to time on gaming platforms. The gaming platform may allow crypto gamers to en-cash only in crypto or in dollars and other currencies. Since even single crypto has enormous exchange value in dollars, it may take quite some time to register a single crypto gain. Hence gaming platforms that can pay decimated crypto money in dollars will realize greater satisfaction with their crypto players.
Services Offered by Crypto Gambling Sites
Crypto gambling sites that seek to win the loyalty of players who wish to transact in crypto can offer the following services to make crypto gaming as normal as gaming in digital money:
Player crypto gaming account
Crypto gambling sites can offer fast-paced crypto gaming accounts to players who want to transact in crypto. Crypto gaming accounts can be similar to regular gaming accounts and players can create accounts with registered mobile numbers and email IDs. However, the crypto gaming accounts are equipped to carry out swift crypto and exchange value conversions transactions.
Player crypto wallet
Without a crypto wallet facility, the gaming site would miss an important, valued feature. Most players like to maintain wallets for transacting during the game. The players should add and take out whole and decimated crypto monies from their personal crypto wallets.
Player crypto redemption options
Crypto gambling sites can offer player crypto redemption as delight features whereby players can buy products, services, and vouchers using cryptocurrencies.
Benefits of Crypto Gambling
Crypto gambling accords several benefits to gaming service providers as well as players:
- Provides a platform for crypto circulation
- Increases usage of crypto money
- Enables the player to save on digital money
- Creates a community of crypto users
Conclusion
Cryptocurrencies are increasingly becoming recognized legal tenders in several countries and dominions. Cryptocurrency trade market waves are creating news each day on leading business sectors. Cryptocurrency tokens, invented by creative minds in the recesses of blockchain ledgers, are now an accepted currency in the paid gaming industry.