The introduction of the blockchain technology to the gambling industry delivered a new era of online betting. Because of this innovation, more interest is drawn towards crypto—and it tapped into different sectors outside the Internet. Banks, governments, and financial institutions began to integrate the technology to come up with safe and transparent products and services.
The strongest potentials of the blockchain technology, however, can easily be found in the Bitcoin casino industry. Here is how the technology is influencing the business of online gambling:
Transactions With Crypto
Casino players normally fund their accounts using third-party payment providers like Paypal, Visa, and Mastercard. Some even resort to bank transfers due to restrictions. With blockchain in the picture, online casinos and betting sites can offer new payment methods to players. Gamblers can convert their cash to cryptocurrency and use them for transactions.
Safety and Transparency
Despite the active participation and regulation of gambling control boards, deceitful sites still exist, and their goal is to profit off your losses. These sites usually have charge hidden fees on top of their customers’ bets. With the help of blockchain, these illegal activities can be detected and prevented. Blockchain utilizes the public ledger to record all online transactions, making it impossible to hack or control.
Online gambling remains a controversial issue in many states and countries, leaving bettors to resort to reputable Bitcoin casino sites . This is not something a brick-and-mortar casino can simply offer. Even traditional online gaming sites are not one hundred percent confidential. Some still ask for personal information. Addressing this, blockchain technology can actually make anonymous transactions possible. All transactions using blockchain is public and distributed to nodes. These are verifiable, but no one can view the person linked to the Bitcoin address on the ledger.
Localized Online Casino Currencies
A new wave of cryptocurrencies followed Bitcoin and the blockchain technology. Ethereum, Bitcoin Cash, Ripple, Litecoin, and more were introduced. This movement inspired online casinos to make their localized and customized version of cryptocurrencies to serve more customers and to promote their brands. The best examples are Zero Edge’s Zero-Coin and LIGER’s Ligercoin.