Since the early days of covid 19 pandemic, the crypto gaming industry has hit the market. According to a worldwide research firm, one of the popular crypto gaming websites reported a 50% increase in its user profile in March 2020 when the world first experienced lockdown. Bitcoin started being popular in 2017, and with that various gaming websites and casinos started accepting cryptocurrencies. Many users were observed to shift from fiat currencies to crypto casinos.
There is no surprise, that the gambling industry has started supporting blockchain technology. As technology transformed the world, blockchain proved to be the best innovation of the 21st century and for many more decades to come. At present, blockchain technology is one of the greatest advantages to the life of the gaming and casino industry.
However, the trend will only exist, if the users discover the amazing opportunities that the technology will provide. There are interesting crossovers between gambling enthusiasts and crypto fanatics. Both industries tend to attract people who like to bet and are willing to sacrifice capital in order to win more. Moreover, in both cases, users look for quick and easy returns on their investments.
Blockchain Technology to Change The Casino World
Researchers have found that there is more to the blockchain technology that the casino industry can utilize to change the entire system of how it works. Blockchain technology encompasses unique features that can deviate from the online gambling industry.
The technology is highly secured, and transparent. It provides anonymity, and third-party interference involving verification, and authentication processes to facilitate trusted and decent transactions. Here are some of the benefits of using blockchain technology and cryptocurrency that will revolutionize the world of casinos.
Also Read: Crypto and Blockchain ETFs: A Synopsis
Blockchain To Bring Transparency To Casinos
The majority of the conventional casinos use a random number generator that helps to offer fair chances to the players. In case someone doubts if the casino is playing fair or not, they can check the online reviews to find the truth. However, with blockchain casinos, the procedure is entirely transparent. This means that you can check everything from how the transaction is processed, and where the money goes if you lose the game. This ensures the players a fair game and that the system is not manipulated.
Prevent Odds of Scam
Blockchain is a distributed ledger technology, which is transparent and allows users to trace and track their funds, which makes it difficult for scammers to tamper with the data. This means that using cryptocurrency will help you to save yourself from the possibility of being scammed by fiat currency. However, this doesn’t mean that it is impossible to be scammed. There are many fake websites that encourage users to add or deposit money. Therefore always check and look for a respectable casino before investing your money in it. Since the majority of the casinos adopted cryptocurrency, in the next few years, being scammed by phony websites won’t be a problem.
Globalized Blockchain Casinos
Even today, many countries do not allow gambling as a legal platform. Since people lose a lot of money and often get addicted, many countries have banned gambling platforms. In many countries, casinos that use blockchain technology and cryptocurrencies are allowed as they bypass regulations. Since in such platforms, the transactions are made through Blockchain technology, it differs from the rules applied to fiat currencies.
Earn Winnings Quicky
In conventional casinos, it takes several days to receive your winnings after requesting them. The transaction through the bank takes a lot of time to process. However, with cryptocurrencies, transactions are much faster. Users can access their winning amount more quickly. Moreover, in the case of traditional banks, the middleman or the third party would claim a part of your winnings, while for blockchain technology, since there is no third party involved, there will be no fees applied.
Blockchain Procures Privacy
Since gambling is risky, gambling in casinos can hurt your bank if you ever plan to apply for a mortgage. Therefore, playing online gambling on blockchain-based casinos provides privacy that will not reflect your bank and other roles. Distinct from your bank account, which has several personally identifiable information, the bitcoin wallets are anonymous and do not reveal your transaction activities to others.
Among many uses of blockchain technology and cryptocurrency changing the future of online casinos by making a “gaming coin”, there are various advantages to the technology that will transform the future of the gambling world in the coming years.
To use a crypto casino, it is important to have enough knowledge about how cryptocurrencies work and get regular updates on the technology. It is crucial to understand that cryptocurrencies are volatile, and using crypto to gamble is a gamble in itself. Despite the advantages of Blockchain technology, there are a lot of risks in losing money when you gamble with cryptocurrencies. Overall, gambling is a risky game, and blockchain saves you from getting conned and remaining anonymous as a player which privileges you in other areas.