The number of people who understand how Bitcoin works has increased significantly over the years. In the early 2010s, some people thought crypto was a form of online magic money.
Although it’s clearly not magic, Bitcoin had done wonders for the world of mobile gaming. Not only has it boosted the sector’s popularity, but it also helps developers create blockchain-based games.
In this guide, we’ll focus on Bitcoin’s speed. We’ll tell you why fast crypto payments are important for the growth of mobile gaming. Let’s get started.
How fast is Crypto?
If you’re like many people, you have little patience for slow payment methods. You expect to complete transactions instantly when paying for in-game items. Likewise, you don’t tolerate digital wallets that take too long to process payments.
In other words, speed is important in helping the mobile gaming industry grow. Most cryptocurrencies support quick transactions. But they’re all not created equal.
Bitcoin uses a resource-intensive method for verifying payments. This reduces transaction times while minimizing its scalability. For clarity, the average BTC transaction takes 15-30 minutes.
Ethereum has an average transaction time of five minutes. Its blockchain is more scalable. What’s more, ETH uses the Proof of Stake mining method—which improves transaction speeds.
Quick payments mean crypto gambling sites offer faster withdrawals than most traditional gambling sites. They also give out huge bonuses to both new and regular customers.
That said, there are faster cryptocurrencies than Bitcoin and Ethereum. Below are some of them:
- Polygon MATIC
How Fast Crypto Payments Can Help Mobile Gaming Grow
We all love speedy payment companies. But why is speed important for mobile gaming payments?
Instant Availability of Funds
Think about this. You’re playing Subway Surfers on your iPhone. You want to buy coins so that you can unlock extra features. Would you be willing to wait for a day for money to reflect in your casino account? Exactly.
Everyone expects funds to reflect in their gaming account instantly. And this can only work if crypto processes payments quickly. Funds’ availability is crucial in that it helps you enjoy your favorite games without unnecessary disruptions.
Quick availability of money is even more crucial when playing online casino games. You don’t want to play slots all the time. If you’re in the mood to gamble, you want a payment company that will process your deposit instantly.
It’s not just important for a cryptocurrency to process money fast. It also needs to have low fees. There are a few explanations. First, all competing methods provide free deposits to merchant sites.
Secondly, crypto is a relatively new payment option. For it to win over the hearts of mobile gamers, it needs to have low fees. To be fair, crypto is generally cheaper than most alternatives.
Bitcoin is a decentralized payment method. It’s not under the control of a profit-driven organization. As such, its fees are usually low. In fact, the only reason crypto has fees is that every payment needs to be verified.
Volunteers use their own resources to verify crypto payments. To reward their efforts, they get a small cut from every transaction. These fees are much lower than what you pay for using e-wallets, cards, or bank transfers.
When you think about it, the reason cryptocurrencies need to offer quick payments is to help gamers save time. If you want to unlock a new weapon in Call of Duty: Mobile, you want to do it immediately.
Payment companies that take too long to process transactions are frustrating. They can kill your mood for mobile gaming. And they can make you hate a specific title, especially if it doesn’t offer alternative payment options.
Luckily, there are many altcoins with quick payments. You can transfer thousands of dollars from your crypto wallet to a publisher’s wallet instantly. The only time crypto experiences delays is when the blockchain is overpowered with payment requests.
Fast Payments Improve Sales
Quick crypto transactions are not just helpful to players. They also help mobile game publishers grow their sales. Here’s why. Most players want a game or casino with quick payment options. And demand for a game leads to increased revenues.
Truth be told, all the best publishers and gaming sites support quick payment companies. They will often avoid bank transfers or checks because these payment options are slow.
Instead, they prefer to work with mobile wallets or credit/debit cards. In the early days of Bitcoin, gaming companies avoided crypto because it was relatively slow. Indeed, Bitcoin’s average payment time of 15-30 minutes is pretty low when compared to cards or PayPal.
Fortunately, Bitcoin is no longer the only cryptocurrency out there. Many of the newer digital currencies provide instant payments. That’s why the number of mobile gaming companies with support for crypto is on the rise.
Quick payments usually mean a payment company is reliable. It also means the mobile game you’re playing wants you to have a convenient banking process. And if a mobile game does everything needed to ensure you have a delightful experience, it’s a game worth playing multiple times.
In many cases, mobile game publishers that work with quick cryptocurrencies have enjoyable games. These games are properly built and marketed for the right audience. But more importantly, they’re games you can rely on for having a good time.
Reliability is a particularly good trait for mobile casinos. No one likes to keep switching betting sites. If you spot a crypto casino with quick payments, you want to become a regular customer.
Let’s cut to the chase. No one feels at ease if a transaction is taking too long. Imagine you want to deposit money into your favorite bingo app. Everything feels right except for the fact that the money doesn’t reflect in your account.
It’s a frustrating experience. Likewise, withdrawal delays can be annoying. It doesn’t matter why they happen. It could be that a casino is slow. It might be the mobile payment company’s fault. The only way to make mobile gaming feel safe is to enhance payment speeds.