Tesla versus Fiat
We are always on the look out for short-term trends that are accelerating rapidly, our current favourite trend hat we have been big advocates of in the last 12 months is Bitcoin eGaming.
Before you stop reading, this isn’t going to be a debate on Bitcoin as a currency; instead I want to focus on the innovations taking place among the Bitcoin eGaming operators that the “fiat” (yes that’s what they call you) eGaming firms can learn from. So let’s get started.
Intrinsic to using Bitcoin as a payment method is that of speed. We could easily send each other Bitcoins from anywhere in the world in a matter of minutes for practically zero cost. From a player perspective this translates into a very fast deposit and withdrawal process, where a player can easily have their winnings back in their Bitcoin wallet within 5 minutes. Compare this to a fiat casino experience where a player waits 48 to 72 hours before a transaction is even processed (you know who you are).
The second area related to payments is that due to the public nature of the blockchain where all transactions are recorded the player can independently verify if the operator has actually sent them the cash-out request and killing the “cheque is in the post” excuse.
How many support emails do you have from upset players accusing your business of being rigged? I can’t believe I lost with pocket aces, red game up 20 times in a row and the wide range of variations on this theme. Within the Bitcoin eGaming space a number of operators provide a range of “provably fair” games. Provably fair comes in a few different variations but essentially means the player can verify for every game round that the RNG was random and that the RNG has not been interfered with.
The analysis we completed last year of the Power50 operators is that account security was not great, when we look at Bitcoin eGaming sites they roll out security as standard, we see across the board encrypted connections, two factor Authentication and Email/SMS deposit and withdrawal confirmations.
Bitcoin by it’s very nature is community driven and a number of Bitcoin eGaming firms have embraced this in two interesting ways, one is adding a chat box to the website and allowing players to talk to each other. While not a major innovation to bingo or poker operators, we feel it could be a game changer for Sportsbook.
Second area is the ability to “rail” casino players and high rollers, seeing how much has been bet as well as won and lost. The sense of excitement this can generates easily rivals the nosebleed poker games.
The final area of innovation and probably one of the most important from a player protection perspective is that of player funds security. We all know there have been a number of high profile cases in recent years where fiat gaming companies have not been as careful as they should have been with player funds. The Bitcoin gaming firms have addressed this issue by using the blockchain to physically prove that they have funds available to meet all player liabilities. It is also easy to secure these funds requiring an independent third party to hold one of the keys to the Bitcoin wallet thus preventing a rogue operator running off with the money.
The innovations we are seeing in the Bitcoin gaming industry are solving genuine player issues and needs in a simple and elegant ways. I’d suggest trying a Bitcoin eGaming site yourself to see from a player perspective how great these are. For speedy deposit/withdrawal, security experience look at BitCasino.io, for community NitrogenSports and provably fair games SatoshiDice.