Blockchain is changing almost every industry, and most of us knew it was only a matter of time until it revolutionized gambling. How is that coming along?
In the beginning, blockchain was only mentioned alongside cryptocurrency as a public ledger that recorded transactions through cryptography. In a few short years, we have found numerous uses for the system that is now in finance, law, medicine, and almost every industry. Gambling was only a few miles away, and now we see the effects of blockchain in online games. How has this technology affected the industry?
Here are a few ways online casinos use this tech for good.
Systems are prone to failure and manipulation, which makes this one a little different. Every transaction made on the blockchain is immutable and etched on the public ledger forever so that no one can interfere with it. When you load your online casino account to take advantage of a casino welcome bonus through cryptocurrency, you can refer to it each time because the numbers generated are unique and not repeated. You can then follow your deposit bonuses through without the fear that you could lose them.
Casinos also get fewer questions when they accept cryptocurrency as a payment method as people get paid faster than with any other option. The operating system plays a big role in this process. In particular, Android owners can play in safe android casinos. Each payment can be tracked, and players move on with the confidence that they cannot be conned out of their winnings. We can also talk about the discreetness of this method here, where a player wants to keep their gambling habit from their loved ones.
Many players struggle with the requirement to provide their personal information at the site when they register an account. This includes adding bank accounts and unique ID numbers that could be used fraudulently. A casino with cryptocurrency payouts eliminates this hurdle since it will not require players to give any of this information for validation.
The decentralization of cryptocurrency removes the need for traditional banking systems so that users can transact through emails. You have a unique key to act as the password for all transactions, and your digital wallet would only be endangered if someone else came into possession of that key.
Cost-Effectiveness and Speed
Enough people sighed with relief when cryptocurrency started becoming the force it is today – with some of the biggest multinationals accepting it as a payment option. Today, a good number of UK online casinos allow players to pay using top crypto, and you could even get rewards for choosing any of the accepted cryptocurrencies. You pay less with crypto as compared to cards and bank transfers, and who doesn’t like that? One of Satoshi Nakamoto’s motivations for their creation was to reduce the monopoly of traditional banks on money transfers.
The speed of how things work with this currency is way better than with fiat money since you get your payments in a day. Banks take longer due to bureaucracy, so money takes a few days to process. When it comes to real money gaming, this factor is vital.
You can make payments in minutes when working with this type of currency. The transactions are done through emails without the bank being involved. The same happens with the speed of withdrawal, which is much better than any other online or traditional payment. There is also the issue of conversion rates, where a site’s options are limited to the top currencies. You can deposit cash, start playing slots and table games in minutes and get your earnings in the shortest time possible when you initiate withdrawals.
A subtle point we didn’t really mention in-depth is the accessibility of this payment option. It is available to anyone globally, unlike some digital options such as PayPal that remove countries that access services on a whim. Add anonymity to this, and you see why this technology is the next frontier, regardless of how much it is fought at the beginning. The future is unfolding slowly for blockchain and cryptocurrency, and we cannot wait to see what is in store.