A lot of online crypto games evolved for online gamers and you can pay for the in-game purchases through various crypto coins instead of your credit or debit card. Some popular card games also introduced an optional payment method through cryptocurrencies nowadays and the trend will be soaring high in near future.
Bitcoin has been the frontrunner in this case and it provides a secure feeling among the players as your identity doesn’t get disclosed and paying through Bitcoin makes the scammers away as you can easily find whether a gaming site is approved by the officially by Bitcoin exchanges officially to receive payment via Bitcoin or not. Players can easily find out information regarding this in some famous crypto forums like Bitcointalk.
There’s another hidden advantage of paying the joining fee via crypto and receiving the award amount through crypto. If you directly receive the award money into your bank account, you are liable to pay a long-term gain tax that varies from 20% to 40% depending on the country you are living in. But if you get the amount via Bitcoin then you can hold that as long as you want to. Plus, players take the advantage of paying via Bitcoin while the Bitcoin price is dipping. Getting the award money through Bitcoin and holding the coins for a few months can fetch more benefit than getting quick money via bank transfer.
Some bitcoin gaming sites where players play on various things also implemented the same process of getting the payment from the players and providing the award money to the winning numbers. Here, it protects your privacy and saves your taxes too. As long as you hold the amount in any exchange, you are not liable to pay any tax!
With an added advantage, you can buy software and many things online where you can pay directly using your Bitcoin. By this, you can reduce your liability for long-term taxes too. There’s no doubt that privacy and tax benefits are the two inherent benefits why players and sites are leaning towards using cryptocurrencies.
