Gambling with cryptocurrency is a new trend that doesn’t seem that is going to stop. This is happening because of blockchain, a technology that is emerging as a game changer in many markets.
Thanks to blockchain technology, the internet is taking bitcoin and crypto casinos to a whole new level, and the reasons for that are many.
Apart from the anonymity allowed to the gamblers, the crypto casinos can be played by anyone, anywhere and anytime. However, technology is constantly developing, and with it, the online casinos. With this evolution, we can only assume that crypto will have a massive impact on how online gambling will change in the future.
But what is actually blockchain, what benefits did it bring to the current gambling world, and how will it change in the future?
What is blockchain?
To put it bluntly, blockchain is a decentralised and digital record of all the transactions that take place online, using digital assets. To paint a clear picture of what blockchain is – it’s a database that stores encrypted blocks of data chained together to create a single chronological ledger of transactions. Each transaction is stored as a “block” and is added to the existing term, hence the name. Also, every new transaction is time-stamped and verified by each individual using blockchain. Every sequence of blocks is different, and that is why blockchain is often associated with a fingerprint – each one is different. The purpose of blockchain is to let people who particularly don’t trust each other (such as in the gambling industry) share valuable data in a secure way that will not harm them.
Why did people start gambling with Bitcoin?
The most important reason users worldwide started gambling with Bitcoin is that their real cash was always safe and secure. Investing in online casinos was always challenging as people always feared getting hacked or being victims of fraud. This is what cryptocurrencies changed thanks to blockchain technology, and now users don’t need real cash to use the perks of online casinos. They can use digital currencies from their digital wallet and invest them anywhere they want to.
What benefits did blockchain bring?
There are several benefits of gambling with Bitcoin, yet no one would exist without the perks that blockchain technology brought to this industry.
Transparency and Security
Perhaps the most significant advantage of such casinos is that all the transactions are transparent and secure. Blockchain technology is encrypted from beginning to end as the databases record the transactions and store that information safely. This means that transactions cannot be edited, changed, or manipulated.
To conduct cryptocurrency transactions, users don’t have to provide any piece of information. In traditional casinos, on the other hand, players will be asked to provide their personal and bank information, but the situation with online casinos is entirely different. Blockchain technology prevents illegal digital assets trading, which eventually reduces the risk of hacking.
Privacy and anonymity
One of the biggest issues for online gamblers worldwide is data privacy as websites ask for their personal and financial data. Moreover, many players want to keep their data hidden. This is where cryptocurrency can come in very handy – the player’s data is safe and hidden from any other external sources.
No registration is required for online casinos and if a player is using Bitcoin or any other cryptocurrency, their experience might remain private and anonymous.
In traditional casinos, it can take up to several days or even weeks to see the money you earned during playing. The cryptocurrency transfer process is very fast, and can sometimes even be completed in a matter of minutes. This is because gamblers don’t need a third-party financial institution or bank when they deposit their cryptocurrency into the gambling platform. The verification process is verified by blockchain in a matter of seconds.
The gambling industry has always been perceived as dangerous. The distrust rate is very high, especially if players are gambling with cash. Many gamblers who don’t trust traditional casinos and betting services believe that the system is rigged and that it has been instructed to eliminate the winning possibility.
On the contrary, blockchain networks maintain records of all gaming transactions and payouts, which eliminates the risk of fraud and provides legitimacy. The record and the transactional history of the player can be displayed transparently.
What is in store for us in the future?
According to several sources, it is believed that cryptocurrency may become the primary source of funding for online casinos in the future. This is because of the many advantages that these payment methods offer, which can be very handy and helpful in the gambling industry.
It is also believed that more casinos will be accepting Bitcoin and other cryptocurrencies in the future, as more and more punters choose to use it as their payment method. Yes, one of the reasons this will become an even bigger trend in the future is the benefits on both sides of the spectrum.
Players benefit because of the anonymity and security while gambling with cryptocurrency; casinos because it’s a cost-effective solution that works for them as well. Financial institutions and banks are not present in the process. Apart from that, cryptocurrency casinos welcome all players of the world, regardless of their location and their country’s gambling regulations.
To sum up, blockchain technology and cryptocurrency gambling will definitely evolve as technology evolves. It is even speculated that online gambling will be the preferred payment method in the future as gamblers are more comfortable gambling with digital currencies.