Blockchain and cryptocurrencies have become quite popular in different industries. Since 2008, the slow integration of blockchain in different sectors has been a major challenge, but in the last few years, there has been massive growth in demand for these technologies. At that time, Bitcoin was the only available option, but soon, many coins were introduced. In no time, gambling platforms also started accepting cryptocurrencies. Blockchain technology also provides a fair and transparent framework for online casinos.
Blockchain technology is called the most iconic invention of the modern age. The decentralized nature of cryptocurrencies makes them safe and secure for all sorts of global transactions. In this article, we will discuss the use of cryptocurrencies in the gambling industry as a payment method and the integration of blockchain technology for added fairness and transparency.
Blockchain in Online Gambling
There are certain functionalities that are only possible with the integration of blockchain. All types of transactions and records are stored permanently on the ledger. These records cannot be altered or tampered with. Without the involvement of 3rd party moderators, all transactions are validated and verified on the blockchain technology.
Results are generated using true random number generators that use blockchain technology. Some casinos offer cryptocurrencies as payment methods, while some platforms are purely based on cryptocurrencies. The fairness of the games is also verified by using blockchain technology, and the transparency of the platform encourages players to choose that specific platform.
Transparency of Games and Platforms
The ledger is maintained on the decentralized platform, so no one can tamper with the records and entries. All types of payments, bets, transactions, and outcomes are verified by the platform participants. Smart contracts are also a popular feature of this technology, and the process of placing bets, approving payments, and generating outcomes is automated with these technologies. The risk of fraud is reduced due to the automation of different steps of gambling.
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Provably Fair Gaming
Fairness of the games is a major concern for players at online casinos. There are several rogue casinos and platforms that trick players with rugged games. These casinos that are licensed by regulatory authorities ensure that all types of games are provably fair by using blockchain technology. Players and users of the casino can check and verify the fairness and randomness of the games by using this feature. The outcomes of the games are more random and unpredictable with the use of the latest technologies. Developers of the casino operators cannot manipulate or alter the results of these games.
Hashing and seed generation are also important parts of fairness in the online gambling industry. Seeds are generated by the platform and players, and then these seeds are combined to verify the results. It means that the player or platform cannot make any changes independently without the other party knowing about the change.
Security and Anonymity
Traditional payment methods are also available at most online casinos. Players like to make payments with methods that are locally available. Sometimes, legal entities or banks don’t support payments for online casinos. So, players have to look for safer and better alternatives that help to fight against possible fraud in the crypto market. Legal and social terms might also require players to stay anonymous on these platforms. In these situations, cryptocurrencies prove to be the best option for players. Here are some reasons why players opt for anonymity at online gambling platforms:
- Privacy concerns
- Avoidance of financial scrutiny
- Bypassing regional restrictions
- Enhanced security
- The desire for discreet gambling
- Protection from identity theft
- Minimization of personal information exposure
- Independence from traditional banking systems
- Avoidance of potential social stigma
With online gambling becoming a popular form of entertainment, these social stigmas have vanished. Now, even celebrities and athletes are publicly endorsing top gambling platforms. As no banks or financial institutions are included in the payment made with cryptocurrencies, users can keep their original identity hidden. Even hackers cannot manipulate the system because the records are maintained on a public ledger.
Speed and Global Accessibility
Rules and regulations regarding the legal status of gambling activities are different in different regions. Not all countries have legalized gambling. All payment methods are supported in countries where casinos and gambling are legal, but in other regions, players have to opt for alternate methods. Players from any country or region can choose to make payments with cryptocurrencies. Unlike traditional banks, there are no borders and boundaries for the users. Players from all over the world can make and receive payments via cryptocurrencies.
As there are no moderators in the blockchain technology, all sorts of payments are processed instantly. The payment approval time is quite fast for cryptocurrencies. There is no need to wait for hours or days. Right after processing your transaction request, payments are approved instantly. The transaction and processing charges are also quite low for cryptocurrencies. Banks charge hefty fees, while these transactions are almost free. Quicker deposits and withdrawals make the gambling experience more enjoyable.
Conclusion
The use of blockchain and cryptocurrencies has made the online gambling industry a lot better and more enjoyable. In the upcoming years, more online casinos are expected to introduce cryptocurrencies as payment methods. Apart from making payments, there are many other promising applications of cryptocurrencies and blockchain technology in the online gambling world. While choosing an online casino, make sure to check the list of supported payment methods.
