There are more and more casinos popping out every day offering players a chance to play with bitcoins and other cryptocurrencies, relying heavily on the blockchain technology. Gambling industry conferences around the globe such as EIG discuss new possibilities made available thanks to this technology, making it clear that the blockchain concept will play an important, perhaps even crucial, role for the future of online gambling.
Anonymity & Fairness
Ever since Bitcoin has come out of the shades and onto the main stage, the cryptocurrency has started to gain momentum in a number of online business sectors. The online gambling industry is, by far, one area where the application of cryptocurrency came naturally, for several reasons.
First and foremost, many of those playing at an online casino prefer to keep a high level of anonymity, which is something most payment methods simply can’t offer. Thanks to cryptocurrencies and the blockchain technology players can now make deposits and request withdrawals without having to send in heaps of personal documents. Furthermore, their transactions are kept private and away from prying eyes.
Secondly, people involved with online gambling are often worried about the fairness of the games they play. Who’s to say that online casinos aren’t rigging their games to make players lose even more than they should? Of course, there are various licensing bodies and such, but for the end user, this is often not enough.
The blockchain technology and the concept of smart contracts connected to it have made it possible for safe BTC casinos to be provably fair. Players can actually see what’s happening behind the scenes and how game results are calculated, doing away with all suspicions of foul play. The idea that players can actually see how casino games come up with results is really innovative and the one that could seriously change the entire online gambling industry as we know it.
Cheap & Fast
Thanks to using the blockchain technology, online casinos can offer their customers deposit and withdrawal methods that are usually much cheaper than traditional options. With bitcoins, any transaction fees are almost negligible and the money is transferred quickly and without delays.
If you check out the lists of the top casinos with various cryptocurrency options, you’ll notice that, even when other methods come with certain fees, bitcoin transactions often don’t entail any. While this might not feel like a huge thing, since these fees aren’t that significant in most cases, customers don’t like to pay for things if there isn’t a clear reason for it.
The blockchain technology and cryptocurrencies have been making a lot of headway lately, with more countries and big business operations recognizing their potential. As for the online gambling industry, the path has already been laid out and in the years to come, we’ll undoubtedly see a number of blockchain casinos appearing on the scene. The system makes sense for everyone. The operators can cut their costs and reassure their players that everything is on the up and up. At the same time, players can play knowing they aren’t being cheated, keeping high levels of privacy while doing so.