Over the last few years, blockchain technology has been slowly but surely becoming a larger part of our everyday lives. Although people who don’t necessarily need to know what a blockchain is to get through their day may not be aware of it, tech savvy individuals are sure to see the Google trends displaying new records and the recent rise of cryptocurrency on the market. As of writing this article, digital currency bitcoin leads the race standing at a total market cap of $75,841,04,308 at $4,582 per bitcoin.
Of course, there are industries that have already adopted blockchain technology and cryptocurrencies such as online casinos. In fact, the iGaming industry is so invested in these new payment methods that Malta, a leading country in the world of gambling, is planning to legalize cryptocurrencies at all of their online casinos. Needless to say, online casinos are more than willing to accept this new blockchain tech, but why? Let’s take a look.
Cryptocurrencies > Traditional Payment Methods
Although online casinos have managed to solve almost any problem they are faced with such as security issues, transaction fees and the possible privacy threats that occur with being on the internet, cryptocurrencies are the ultimate solution. By using the blockchain players can indulge in online games anonymously, without having to share any personal information at all.
Plus, as bitcoin doesn’t belong to any one government or country it can be used around the world with zero transaction fees. Really, the blockchain has made online casinos even more accessible and safe than they already were, ensuring that anyone and everyone can get involved in the booming industry.
Fun & Fairness
There’s an old adage that goes “the house always wins”. Well, for many decades this was the case, as brick-and-mortar casinos thrived and became a successful industry. However, when online casinos became the norm for fans of casino games there was some question as to how gambling operators could keep everything fair. After all, the general agreement is that the players get to have fun and the casino gets to stay open, but there’s a lot more nuance when the casino itself doesn’t exist in the physical world.
Fortunately, cryptography has yet another solution. Alongside blockchain technology and clever contracts, payment methods such as bitcoin have encouraged the industry to create more complex systems that ensure everything remains fair. As everything regarding cryptocurrency exchanges is digitally recorded there would be no way to hide any misgivings or allow human error to go unnoticed. This means that when you create an account with bitcoin exclusive sites such as Bitcasino you can guarantee everything is fair, with no bias towards the house. In addition to that, because such payments cut the middleman, which would have been banks in the case of debit and credit cards, such establishments are able to offer their services and/or products to consumers for less, most of the time.
Clearly, cryptocurrency, the blockchain and the advanced technology that makes all of these new payment methods available are transforming the online gambling industry forever. Progress may be slow, but we wouldn’t be surprised if all online casinos begin accepting cryptocurrencies at some point in the future.