Crypto corner: Why egaming firms need bitcoin

Some decades ago, payments on the internet were actually first envisioned when the protocols were being created. HTTP 402 was the protocol for an envisioned native payment method, but unfortunately over the years we’ve technically lacked this functionality. With the growth of the internet, we’ve been forced to use payment methods that haven’t been designed for the job, such as credit cards – until now. Bitcoin is seen by many as the native payment method for the internet.

Bitcoin is fast becoming a popular payment option for companies that operate on a global scale due to its borderless and decentralised nature. For example, a UK company can offer bitcoin as a payment method to their Latam customer base, convert this instantly to GBP and settle to their UK bank account the same day. Bitcoin is transforming the operational experience for egaming companies by removing common issues such as chargebacks, fraud, rolling reserves, successful deposit rates, FX issues, and international payment settlement times and costs.

Expanding into new territories often comes with the requirement of new payment options and any associated costs, integration and research. As a global payment method, bitcoin eases these overheads as once it’s been added to a platform, it can be accepted in any country and instantly converted back to the chosen settlement currency without the requirement of country-specific banking and payments access.

Additionally, new opportunities in emerging markets where financial infrastructure is less advanced is made more possible; Bitcoin is generally easily accessible for anyone with a mobile phone and an internet connection. There are around 70% of people across Latam who are either unbanked or underbanked, yet 64% of these own a mobile.

Bitcoin payments aren’t only valuable from a business perspective, but equally beneficial to customers. Making a deposit with bitcoin is quick, easy and discrete as there is no need to enter sensitive card data or personal information, and transaction information won’t appear on bank statements. Regardless of their location in the world, players can also withdraw and receive their bitcoin back just as quickly as they deposited it into their bitcoin wallet – once again removing any unnecessary overheads that come with cross-border payments.

By accepting bitcoin, egaming companies are being presented with a golden opportunity to appeal to new audiences. CoinCorner’s data shows that the most popular demographic for bitcoin users is male and within the age range of 18-35. Our customers are generally tech-savvy and interested in using the latest technologies.

In these unprecedented times, bitcoin is becoming more and more popular as it slowly takes its place as the internet’s native payment method. Considering the simplicity of adding it and its potential global impact, it’s clear to see why egaming companies are adopting it.

Danny Scott is currently the CEO and co-founder of CoinCorner, a bitcoin exchange in the UK. CoinCorner was founded in 2014 with the aim of making bitcoin easy and accessible to UK customers and now, six years on, CoinCorner is one of the UK’s leading bitcoin exchanges.