Cryptocurrency and blockchain are the buzzwords we have been hearing a lot in the last decade. IT seems that almost every segment of the economy and our private lives are being affected by them, often in ways, we don’t fully comprehend. One industry that stands to benefit from the wider adoption of cryptocurrency is the gambling industry. Already we are seeing the impact cryptocurrency has on online casinos, but that is just the tip of the iceberg, compared to what awaits us in the future.
One of the technologies that get a lot of attention recently is blockchain. While it is true that the advantages and disadvantages of blockchain have been discussed ad nauseum, there are still people out there who aren’t familiar with them. For starters, blockchain offers a safe and anonymous way of paying for goods and services over the Internet. It is virtually impossible to fake blockchain records, as it would mean bringing down the entire network. One other thing that makes it very popular in the gambling industry is that it is transparent. Every payment is recorded and since it can’t be faked, it offers proof of transaction anyone can see. This alone would be enough to sell blockchain to online casinos, as it is a transparent and convenient way of proving that they do, in fact, pay their players. Before we see a wide adaptation of blockchain, some issues will have to be resolved, however. The transaction speed, for one, together with the data limit and verification process, are the ones most urgent. But
even with them still, in play, blockchain has a bright future.
The number of casinos that accept cryptocurrency as a form of payment, popularly called cryptocurrency casinos, is growing on an almost daily basis. More and more of them allow their players to make deposits in several popular digital coins, like bitcoin or Ethereum. If you are interested in playing at them, you can hop over to casino-bros.com/au/ and find out which ones accept crypto. For many reasons, many experts agree that online casinos and cryptocurrency are a match made in heaven. Not only it is beneficial to casinos, but to their players as well. In practice, that means those casinos that adopt crypto will see their player base increase. Those that don’t will be left behind, just like every other business in history that failed to adapt to new technologies.
How Cryptocurrency Benefits the Players
One of the main concerns players have when playing at online casinos is privacy. Too often had they had their data leaked or their bank statements revealed. Blockchain eliminates all that. Finally, they have the tool that allows them to anonymously make their payments, without having to worry about credit card statements accidentally left somewhere for everyone to read. Blockchain also increases their safety on the other side of the transaction, providing casinos with a safe way to receive and make payments. Players can also check transactions to make sure a casino is true to its word and not a scam. And what better way to prove than to show all the payments they have made to their players without actually revealing their identities?
The speed of transactions is another benefit. No longer will they have to wait days for their deposits or withdrawals to clear. With blockchain, transactions are almost instant and that is a major plus for gamblers. Finally, transaction costs will be significantly lower with blockchain. Those hefty fees banks love to impose on their clients will become a thing of the past.
All said and done, cryptocurrency will have a huge impact on the gambling industry. The best thing is that for the most part, it will be a positive impact on all sides, something not always true for new technologies.