I NSI GH T
When a customer requests a deposit, we tell them how
many dollars they’ll get for the amount of bitcoin they want
to bank. We then produce the BTC address for them to send
the bitcoin to, and so long as the customer sends it within
15 minutes, we’ll honor the dollar amount previously agreed.
Thus WPN will take on any currency fluctuation that the
coin may experience during the time it takes us to process
the deposit.
For withdrawals, we give players the amount of dollars that
they request in bitcoin, whether it takes us an hour or a day
to process. So for example, if you request a bitcoin cashout of
$2,000, you’re always going to get $2,000-worth of bitcoin.
Obviously, this does increase the exposure on our end,
so we had to develop processes to mitigate risk. To this end,
we hired a team of cryptocurrency investors, who are
constantly monitoring our positions in each type of coin.
We also had to determine exactly how much USD or bitcoin
we needed to enable us to handle every deposit and withdrawal
request on any given day.
Customer education: Bitcoin’s recent coverage in the
mainstream media has done wonders to educate our
player base as to what it’s all about. Still, the vast majority
of people remain clueless about what bitcoin and
cryptocurrency is, let alone how to execute the steps
involved to make their first deposit.
We needed to provide as simple an explanation as
possible as to what a cryptocurrency is, and how to use it.
We gave the customer a step-by-step guide, from choosing
a wallet or exchange, to how to purchase their cryptocurrency
and then send it our way.
We also had to be very careful about what wallets and
exchanges we recommended. Some players in the game are
much more secure than others, and there have been plenty of
instances of early disasters and stolen money.
Take the popular Tokyo exchange Mt. Gox, which at
one point was trading roughly 70% of worldwide bitcoin
transactions. It ended up being the victim of a massive
cyber-attack that resulted in more than $8,750,000-worth
of bitcoin being lost to hackers. If we had sent our customers
there in the beginning, we’d have had a lot of unhappy people
on our case.
To ensure impartiality and avoid potential problems,
we monitor the top sites and constantly update our information.
Then, rather than recommending just one exchange, we send
our players a list and let them make an informed choice.
Accountability is also one of the major reasons why we
decided to accept 60 cryptocurrencies instead of just bitcoin
like many of our competitors. Sure, bitcoin is currently
the market leader and by far the most-used cryptocurrency
among our player base. But still, anything can happen
and we don’t want to be one-dimensional. If people’s
cryptocurrency preferences change, or if there’s a security
flaw in the blockchain, we want to be able to offer the
alternative that people want.
“The vast majority of people remain clueless
about what bitcoin and cryptocurrency is,
let alone how to execute the steps involved
to make their first deposit”
Despite these challenges, incorporating cryptocurrency
into our business has been well worth it. In fact, just seeing
the dramatic boost to our bottom line and knowing the
success that cryptocurrency has had on our business, makes
us very excited about the future and the benefits still in store.
This is true not only for our business, but for the entire online
gaming industry.
iGB Affiliate Issue 69 JUN/JUL 2018
57