Bitcoin set to change the game
Every new website that hits the market likes to call itself a game changer – but the truth is that those boasts don’t always justify the hype. However, the latest development to hit the online gaming industry undoubtedly does carry a promise to reshape the industry substantially.
Currency Is Key
Rather than any one product making a seismic shift (in the manner that for example so-called rush-poker format enabled) the increasing acceptance of – and familiarity with – the digital currency Bitcoin promises to bring substantial changes to the way the gaming industry operates and is regulated across the board. To date, very few businesses outside of the specialist technology sector have committed themselves to a currency that is still in its infancy. It may be receiving a significant amount of press coverage currently, but bitcoin is still – for now at least – a far from mainstream currency.
However, the utility and global reach of the crypto-currency gives it distinct international advantages within an industry such as the gaming sector that spans international and currency borders. For players who like to play offshore or who travel extensively, the ability to play in a currency that is 100% secure does not attract commission fees or government-set limitations on use has obvious appeal.
The technicalities of bitcoin and the revolutionary blockchain software that supports it are becoming more understood and increasingly put to use in the financial sector. We are just starting to see the emergence of gaming websites that are set up specifically for bitcoin users. The vegascasino.io and Oshi! Brands are two such cutting edge developments that are very much at the leading edge of the commercial application of bitcoin that is directed at ordinary consumers. Much of the development work concerning bitcoin is energized by its guarantee of recorded and permanently accessible transaction records – imagine cash that carried its own transaction history. It has its own self-evident benefits.
In practical terms, what Bitcoin delivers in terms of enhanced security is what the registration, account set up and log on processes of existing websites are designed to accomplish. The technology is still in the course of being explored, but the next phase is likely to see players able to move between different providers more freely than the current state of technology allows. If players are less hooked to a particular site, providers are going to have to work harder to retain their visitors’ loyalty. That suggests more competition, more competitive odds and more and more attractive loyalty bonuses.
It may take a while for us to reach that stage, but bitcoin undoubtedly has what it takes to bring a radical shake-up to the online gaming sector – and one that is likely to be of just as much benefit to the players as it is the providers.