Over the years, the crypto/blockchain industry has experienced enormous growth. With the emergence of bitcoin in 2009 and the subsequent creation of various cryptos over the past decade, the world has slowly embraced this new form of exchange.
The use of cryptocurrencies for transactions has been welcomed in certain countries and sectors worldwide, including the online gambling sector.
What then, do cryptocurrencies have in common with online gambling? The gambling industry deals with risk, and cryptocurrencies with the blockchain technology on which they run, present a safe and secure means of cash and asset exchange.
To promote the use of cryptocurrencies as payment methods, some online casinos enable their players to discover the best free spins casino bonus when they opt to use crypto.
What is blockchain technology?
Blockchain refers to the means of monitoring crypto transactions that are carried out in individual public ledgers all over the world. The transactions carried out through blockchain are similar to purchasing software, a house, a car, and any other valuable asset or commodity as you would with real money. Blockchain technology oversees the use of virtual funds such as Bitcoin, Ethereum, Dogecoin, and many others. The blockchain ledger serves as a third party between cryptocurrency and online casinos. It stacks, stores, and keeps records of all transactions conducted between the two. Each transaction is saved as a block and is added to the chain of others, hence the name “blockchain.”
Benefits of cryptocurrency on online gambling
The numerous qualities of blockchain technology have led to cryptocurrencies being used as a guaranteed means of online payment.
Here are some advantages of using cryptocurrencies in the online gambling industry:
Safety and authenticity
Every single transaction is recorded on the blockchain ledger, which provides cryptos with certain safety precautions.
The blockchain ledger is decentralized, hence, every entity involved in the crypto blockchain transaction must be authenticated and recognized. This helps tackle the issue of fraudulent transactions and criminal activities.
The use of cryptocurrencies as a medium of payment in the gambling industry provides ideal safety services necessary for online gamblers to feel protected.
Online gamblers do not need to register at online casinos, thanks to how the blockchain is built. Players aren’t forced to authenticate their identities or present their debit and credit card information. This helps secure the funds of players and protect their personal data.
The blockchain system guarantees unprecedented openness. Sometimes, players do not trust games available at conventional casinos because they feel the game software can be programmed to reduce the player’s chances of winning.
In crypto casinos, the blockchain ledger keeps track of all transactions. Losses, winnings, payouts, and withdrawals are all recorded on the blockchain ledger.
This provides players with an incorruptible record of transaction histories, and reduces any possible feeling of deception, and thus provides greater credibility.
The use of cryptocurrencies in the online gambling sector has proven to be immediate and effective. The blockchain is decentralized, and so are the cryptocurrencies in it. This indicates that no central body or authority oversees the legitimacy of any given transaction.
Cryptocurrencies have a fast sending process. As such, it is more economical than traditional bank payment methods. The speedy processing is advantageous to online casinos and their customers.
Players usually struggle with finding payment methods to ensure their private data is safe. Gamblers are concerned about providing their personal information. They are also worried about controlling who has access to it.
The anonymity that crypto provides the players and online casinos is second to none. Since all crypto transactions are sent, received and stored in the blockchain.
This helps reduce the need for players to provide certain relevant or perhaps sensitive information. It also helps online casinos tackle cases of identity and data theft.
Cryptocurrencies have become a preferred widespread means of payment for players all across the globe. The decentralized blockchain system has paved the way for players to transfer and receive gaming funds quickly and safely to their accounts.
Online casino players have long wanted a system like what blockchain technology offers. With each passing day, the number of e-players steadily grows. With this new era of digital currency slowly emerging, the use of cryptocurrency as a payment method will gradually extend into other sectors sooner or later.