ShareThe online gaming industry has evolved in leaps and bounds since it first emerged during the halcyon days of dial-up Internet. Not only can players choose from a kaleidoscope of immersive games, but the payment methods have become extremely flexible. However, some offer a handful of advantages when compared to others. There are also certain methods that could very well represent the wave of the not-so-distant future. Let's examine the current state of affairs so that users can choose the most appropriate option based on their personal playing requirements.
Bank Transfers
Bank transfers have existed since the notion of online gaming first came into existence. The main benefit associated with this option is that most consumers are already aware of the fundamental mechanics. Furthermore, many virtual casinos recognise international institutions such as Deutsche Bank, HSBC, and Santander. Another possible windfall here is that it is always possible to speak with a bank representative (or even to travel to a physical branch) if a question happens to arise. However, we should note that banks will often charge additional fees, and processing times can be rather slow.
Credit Cards
Credit cards gained popularity in the early 2000s across the iGaming community, and they continue to exert a massive influence. Visa, Mastercard, and Discover (within the United States) are some well-known examples. Credit card transactions are actually quite similar to bank transfers in terms of the fees that cardholders may be required to pay. Still, they are also comparably faster. Those who already possess an extended line of credit may likewise be able to access a significant amount of money (although this is not necessarily recommended).
Cryptocurrencies
This latest trend has already taken the online gaming community by storm. Cryptocurrencies appeal to the younger generation of players for a number of reasons. From the ability to instantaneously access a trusted crypto poker platform to choosing from a variety of tokens, the cryptocurrency ecosystem is carving out a significant niche market. As this sector might not be overly familiar to some readers, it is a good idea to break down some of the most unique benefits immediately below.
E-Wallets
Most of us are under the impression that e-wallets are rather new inventions. However, did you know that this industry can be traced back to 1998 (when PayPal was first introduced to the public)? E-wallets are now commonplace, and they represent an extremely popular way to transfer funds. There are also countless brands to consider. Some common examples include:
• PayPal
• Revolut
• Skrill
• Neteller
• Jeton
• MiFinity
Most will argue that the primary benefit attributed to e-wallets involves their convenience. It is easy to access an account, to download a dedicated smartphone application, and to confirm a transaction with a few clicks. Some major providers have now done away with traditional third-party commissions; yet another reason why virtual payments attract so many players. Still, keep in mind that processing delays are not uncommon.
The Need for Speed
Why wait for hours (or even days at a time) when a cryptocurrency transaction can be processed within a matter of minutes? As the cryptocurrency community is not governed by any type of centralised financial institution, consumers will no longer be impeded by middlemen that might otherwise delay transfer speeds. This is particularly advantageous to those who enjoy in-play sports wagering, or regularly access live dealer games.
All About Anonymity
Online security has become a very real concern. From hacking and fraud to identity theft and malware, the ongoing threats are very real. Unfortunately, traditional transfer methods (such as credit cards and bank transfers) are far from immune to such risks. While they have indeed placed various measures in place, dedicated hackers may still be able to obtain vital information.
The same cannot be said for cryptocurrencies. Thanks to the decentralised nature of the blockchain alongside how the transactions themselves are independently verified, the chances of fraud are dramatically reduced. Furthermore, no personal details (such as a name or credit card information) are contained within this ledger. Even if an account is compromised, the data will remain encrypted.
Borderless Transactions
Although online gaming has taken on global overtones, casinos can still be limited when it comes to the types of fiat transactions they are capable of accepting. The use of cryptocurrencies often circumvents this scenario. Tokens such as Bitcoin, Ethereum, and Litecoin are recognised around the world, and they are extremely useful when other methods may not be available.
A Veritable "Wealth" of Payment Options
It should be clear to see why online casinos have attracted so many consumers over the past decade. Now that cryptocurrencies are also available, there is little doubt that they will appeal to an even larger demographic. Whether you are a die-hard fan of fiat, or cryptocurrencies suit your fancy, the chances are high that you will be able to encounter the most practical solution in no time at all.
