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Bitcoin’s dominance in online payment systems

Bitcoin’s dominance in online payment systems

By leaps and bounds cryptocurrency takes over online gambling market turning into a popular payment tool for gambling sites. Until recently, Bitcoin was used only by certain stand-alone resources. Since 2016 its integration into payment systems has become ubiquitous.

The use of Bitcoin is considered to be an indicator of success and technological awareness, since many giants of the industry have integrated it into their systems. It is interesting, that affiliated networks regard as their duty to integrate cryptocurrency into their systems, offering it as an obligatory function rather than an extra option.

Monitoring by Experts 2017

Calvin Ayre, a founder of Bodog, is sure that cryptocurrency will continue pacing its way into online gambling in 2017. In his blog, the said expert comments that Bitcoin will eventually capture the entire industry and become a mandatory means of payment. This will happen due to a number of advantages it possesses compared to the rest of existing currencies, while the most important one includes loosening of control on the part of regulatory authorities. This can be explained by the development of Blockchain technologies being actively implemented into the current payment systems.

Ayre has recommended online operators to invest a certain share of their capital into cryptocurrency, as doing so will provide them with additional resources for new projects and expansion of their businesses.

Bitcoin is no longer perceived as something bizarre and incomprehensible. By strengthening its rate of exchange, cryptocurrency turns into a means of payment equal in value to gold.

New opportunities for affiliated networks

One of the problems connected with funds meant to be paid off to users of affiliated programs is the suspicious attitude of the banking sector, constantly asking proofs for the transactions to be executed.

Recent developments have allowed affiliated networks to use a digitally decentralized payment system. The adoption of cryptocurrencies has released online operators from the burden of excessive control of banking institutions.

In 2016, many online operators began transferring affiliated networks to Bitcoin. Winning Poker Network and Betting Partners have switched to cryptocurrency, while Commission.biz is at the final stage of the said process. These networks supply the largest operators such as BetOnline and Bovada.

Betting Partners informed its customers about the following reasons for switching to Bitcoin:

  • no user identification;
  • unlimited transaction charge;
  • payment within 60 minutes;
  • reduction of the minimum payment threshold to $10.

The company has also announced, that in view of preservation of parties’ anonymity while carrying out cryptocurrency transactions, from now on each separate Bitcoin transaction will be executed using a separate Bitcoin data code.

Winning Poker Network believes that cryptocurrencies have become the most reliable and profitable means of payment for players and affiliated users.

Other networks considered as their duty not to exert pressure on their customers, so that they have unanimously decided to instill Bitcoin policies gradually and cautiously. For instance, while Drake Affiliates was integrating Bitcoin into its P2P-system, the company used to pay extra 10% to those customers who chose to store their payoffs in Bitcoin.

All the conditions mentioned above indicate that cryptocurrencies are gradually conquering the online gambling industry, thereby pointing to imperfections and underdevelopment of the traditional banking system.

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