Blockchain technology, and specifically Bitcoin as a payment method, can bring big improvements to the online gambling space. Vasily Polynov, head of communications for TrueFlip, joined CalvinAyre.com’s Becky Liggero to talk about the advantages of blockchain gambling and crypto payment options.
The advantages of using cryptocurrency payments are becoming more obvious all the time, and it’s helping increase customer usage. “It’s absolutely well adopted already, and you have all these different blockchains, I mean, you have all these different coins, and like you know you can easily serve people with very different payment methods, different coins,” Polynov said. “This is easier than fiat, this is better than fiat, this is faster than fiat.”
In the two years that TrueFlip has been operating, the company has learned a few important lessons about applying blockchain technology to their product. “It’s obvious that you should have crypto payments once your gambling,” he begins. “The other thing is that, whether you use the blockchain technology inside your business solution or not. We understood that using blockchain for provable fairness is absolutely a cool thing, but not every audience needs it, and this would be a totally cool thing for emerging markets.”
That raised an interesting point, that it might not be the right time for all operators to jump on the exciting new technology. Liggero asked him why not. “For real, two years ago, people still didn’t understand what blockchain is,” Polynov replied. “Now, almost everyone I would say, at least in this niche, understand what blockchain is. But for regulated markets, it’s not enough well established. You just cannot certify it properly. You cannot license it properly to use it as the regulators wanted.”
Being an operator that accepts Bitcoin Core (BTC), TrueFlip has a lot of stories that can prove that crypto payment options are advantageous to companies right now. One sticks out for Polynov. “We just paid out 25 BTC to our player, and the beautiful part of that story was that he got his win, I would say in two hours, three hours,” he tells us. “With KYC team and after all, he was just transferred his BTC in his wallet and now he has it. This means that he didn’t need to cope with lots of documents, with lots of papers, with lots of legal. That was the best thing about crypto that I’ve ever seen. Just getting 25 BTC shortly once you won it.”
Stories like that are exciting, and a good reason for operators to checkout strong crypto payment options like Bitcoin SV (BSV) for its speed, ease of use and low transaction costs.