Crypto gambling is a trend that is taking off because of cryptocurrency and blockchain, a technology that has the potential to cause drastic changes in many different markets. Blockchain is an online technology emerging as a gamechanger in the casino industry, allowing for a new level of security and transparency. Apart from that, it also offers anonymity, a significant factor for online gambling. However, with the rapid development of technology, online gaming is also changing. Technology is constantly developing, and with it, the online casinos. With this evolution in mind, we can only assume the importance of cryptocurrency in the years to come and the massive impact on how online gambling will change in the future. But how is this really changing, and what can we expect?
What is Blockchain?
In order to better explain the future of gaming and crypto gambling, we need to explain what blockchain is. Blockchain is defined as a decentralized and digital record of all the transactions online using digital assets. It’s a database that stores encrypted blocks of data chained together to create a single chronological ledger of transactions. Every transaction is stored in a “block” and then added to the already existing term – hence the name blockchain. On top of that, every transaction is time-stamped and verified by everyone who uses blockchain. Blockchain is often associated with a fingerprint – each sequence of blocks is different and unique. One of the main reasons blockchain became so popular and safe is that it lets people share valuable data in a secure way that will not harm them – a very important factor in the gambling and gaming industries.
The popularity of gambling with Bitcoin
The most important reason people started gambling with Bitcoin at online casinos is to keep their real money safe. It’s also challenging to invest in online casinos with real money because of fears of hacking or fraud. Cryptocurrencies changed everything, and users no longer need to worry about that. Thanks to blockchain technology, users don’t need to use real cash to gamble – they can use digital currencies from their digital wallet and invest them anywhere they want to.
The benefits of blockchain
There are different benefits of using bitcoin and other cryptocurrencies in online casinos, and it’s slowly but steadily becoming one of the most popular ways to gamble. But all of this would have been impossible without blockchain technology and the perks it brought to this industry:
Security and transparency
The most important benefit of online casinos is that all the transactions are transparent and secure. Blockchain technology is encrypted from beginning to end. The databases record all the transactions and store the information safely. Because of that, the transactions cannot be edited, changed or tampered with, which is a precious feature for all gamblers worldwide. The users are never asked to provide any piece of sensitive information. On the other hand, in traditional casinos, players are asked to provide their personal and bank information, yet the situation with online casinos is entirely different. Blockchain prevents illegal digital assets trading, and it eventually reduces the risks of being hacked.
When you play in a traditional casino, it can take up to a week to see the money you earned. Cryptocurrencies are transferred immediately. The cryptocurrency transfer process is very fast, sometimes even instant. 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, almost instantly.
Privacy and anonymity
Most websites online ask for personal and financial data, which might be one of the biggest concerns for online gamblers worldwide. Many players want to keep their data hidden, so blockchain technology poses a great solution. There is no registration required for online casinos. If players are using Bitcoin or other cryptocurrencies, their experience can remain private and anonymous and cannot be tracked by third-party websites and institutions.
It’s not a secret that people have a very low trust rate in the gambling industry. That’s because some people think that this industry is dangerous and that the “house” always wins. Many gamblers who don’t trust traditional casinos or sports betting services don’t believe in the system’s fairness and think it eliminates their winning possibilities. However, blockchain networks maintain records of all gaming transactions and payouts, which, as a result, eliminates the risk of fraud and provides legitimacy in return.
The future of bitcoin gambling
It is believed that cryptocurrency can become the primary source of funding for all online casinos in the future. This is very possible to believe because of the many advantages of these payment methods. One of the most prominent reasons this might become so is the benefits on both sides of the spectrum – both for the player and for the casinos. Namely, players benefit from the anonymity, transparency and security cryptocurrencies offer. On the other hand, casinos are a cost-effective solution as financial institutions and banks are not present in the process. Moreover, cryptocurrency casinos welcome all world players, no matter what their location is and how online gambling is regulated by law.
Blockchain technology and cryptocurrency will evolve as a massive thing in the future. As technology changes, so do trends in this industry and how we can gamble and bet. It is even speculated that online gambling will be the preferred gambling method in the future as players worldwide become more and more comfortable with digital currencies.