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Bitcoin vs Own Crypto Money in Casinos: Advantages and Drawbacks

Bitcoin vs Own Crypto Money in Casinos: Advantages and Drawbacks

09/05/2023
The gaming business is in a state of continuous development. With the advancement of technology, the ways of making financial transactions have grown too.

Bitcoin vs own token: pros and cons

As crypto money is becoming a hot topic, numerous casinos are confronted with choosing between Bitcoin and introducing their token. This article will show the benefits and weaknesses of the two and reveal which choice is better.

Bitcoin vs Own Monetary Unit: What Is the Difference?

Since BTC works on a specific network, exchanges are made straightforwardly between clients without requiring an intermediary.

This method of transactions is turning out to be well-known among online gambling portal owners because of some significant factors:

  • speed;
  • safety;
  • low exchange expenses.

Some operators prefer to create coins, which are only limited in use in their gaming establishment. With these, players can purchase chips, try out new slots, and get rewards. A casino's currency is its property and must be put to use only within the platform.

The coin choice can fundamentally influence the gambling site's benefits and fame. It is significant for an establishment to carefully consider every aspect before pursuing a particular option.

Introducing a New Coin

Gambling tokens are computerised money made explicitly for use within a specific platform. These coins are utilised by punters to play, get chips, and exchange rewards. The portal is in control of designing and sharing this digital money. The business can set the worth and the standards for the effective usage of the funds.

Benefits of creating your coin:

  1. Customer dedication. With a unique gambling monetary unit, punters will likely feel a deeper connection with the casino. This can lead to stronger loyalties and a higher retention rate.
  2. Lower exchange charges. Since the platform is in control, smaller fees can be requested from players than with usual instalment strategies.
  3. Expanded income. The casino can generate more income by selling gambling coins to its users. The platform can also charge an expense for transforming fiat money into proprietary tokens.
  4. Client activity tracking. Due to the operator controlling the currency, punter behaviour can be monitored to further develop the casino's influence and make its services more personal for customers.

Drawbacks of creating your coin:

  1. Use restrictions. A gambling currency must be utilised solely where it belongs even if the operator owns several projects.
  2. Constrained liquidity. While Bitcoin can be exchanged differently, platform money does not have the same peculiarity. It might be challenging for punters to trade the unique item.
  3. Fraud possibilities. Since the gambling portal is in control of the coin, it could influence the worth or make counterfeit units, which is a scam.
  4. Absence of guidelines. Unlike usual currency, casino tokens foresee no rules for their production and utilisation. This could bring various issues with legality for the gaming establishment.

The gambling site coin creation can raise income and client devotion. However, it is accompanied by restricted liquidity, the potential for illegal doings, and the absence of guidelines. Casinos must analyse these elements cautiously before choosing their way of action.

Using Bitcoin for Operations

Bitcoin in casinos: advantages

BTC is another top choice for running an iGaming project. Because of the token’s various benefits, it is now popular among punters.

Pluses of involving Bitcoins in a platform:

  1. Speed. The exchanges made through this cryptocurrency are handled rapidly and can be finished in practically no time. This makes it quicker than usual instalment strategies.
  2. Security. Crypto deals are safe and do not disclose the identity of the sender. As a result, clients can deposit and withdraw cash and not worry about personal data being publicised.
  3. Lower fees for the transaction. Bitcoin exchanges normally have smaller expenses in contrast to usual instalment strategies. This can save some funds for both the operator and the punters.
  4. Worldwide coverage. Gamblers all over the world know about this coin, which implies that portals can draw in clients from everywhere, no matter the area or local currency.

There are also some drawbacks:

  1. Volatility. The coin's worth is dependent upon varying values. This can provide a lack of confidence for the gambling site and the punter.
  2. Absence of guidelines. This currency is not managed by any administration or monetary organisation. It can potentially pose a string of problems for the establishment.
  3. Restricted acceptance. Even though this coin is well-known worldwide, it is not yet acknowledged by every web gambling business. This limits its usage among clients.

Utilising Bitcoin offers many benefits, such as security and low fees. However, the lack of proper regulations can make things complicated for the casino. Therefore, all the sides should be weighed.

Making a Choice

There is no clear answer for all projects regarding picking between the 2 options. The final decision relies upon a few elements, like:

  • the objectives of the establishment;
  • the client statistics;
  • the administrative climate of the business.

Casinos that are searching for a global way of money exchange could safely choose Bitcoin. For gambling sites that prioritise clients' loyalty, better analysis of their habits, and income, coming up with a native currency might be the more sustainable choice.

The decision needs to be made based on the necessities of each casino. It is highly recommended to do deeper research on crypto money and its impact towards digital operations.

Slots from Gaminator allow your business to attract more loyal clients, no matter what your payment decision is. Get in touch with our experienced managers to buy the best games from decent brands.

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Artur Zimnij
Author
Artur Zimnij
Gambling business specialist
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