What is online gambling market today, what genres of Crypto Gambling have become popular with the advent of blockchain? Cryptocurrencies today are firmly integrated into the online gambling industry. Betting for the future: how blockchain changes the gambling industry.
Online gambling will become better
In simple terms, blockchain is an ever-growing list of records (so-called “blocks”) that are linked and protected and control each other’s authenticity. Its introduction to the gaming industry gives a countless number of advantages. The most straightforward use of blockchain is to increase the speed of transactions between the institution and its customers. In some cases, the withdrawal of funds from the website of online casino can take from 3 to 5 days, and the blockchain can make such operations instant. The problem of high transaction costs is also being solved: operations with cryptocurrencies are much cheaper than working with Fiat money through banks.
Online gambling industry is experiencing a lack of trust: due to centralization, customers can’t be sure that the casino or poker room doesn’t work against them and or “twists” the chances of winning in their favor. Institutions, in turn, are not sure that the client doesn’t use cheats and other methods of unfair play. Blockchain allows you to make the work of gambling sites transparent so that each of the parties can ensure the purity of the gameplay. Access to gaming services is limited by the ability to use banking services, so people who don’t have access to the banks or live in the countries where financial institutions don’t work with gaming transactions can’t participate in online gambling. You can find out more by reading the Crypto Head’s guide to purchase bitcoin.
The use of cryptocurrencies allows gambling industry to attract new customers and gives people the freedom to participate in https://www.golden-slot.com . Introduction of the blockchain is gaining momentum. Despite all the advantages, distributed technologies are still poorly used in online gambling, but in the future, the industry will not do without them.
“CoinPoker,” “Lottery.com,” and “Greentube” were the first operators to introduce blockchain in their gambling services. Thanks to this, a huge customer base got access to the payments with cryptocurrencies. Further distribution will be facilitated by the generation of specific tokens, such as CashBet Coin (CBC), which is created taking into account the needs of game operators, their customers, and partners. Now, deeper penetration of cryptocurrencies into gambling is inhibited by the regulation of the gambling business, which is not synchronized with the management of digital currencies. Some casinos operate outside the legal field or have licenses issued by some questionable organizations, which poses a threat to the customers. This problem can also be solved with blockchain. Technology can protect the institutions themselves, which often become the platforms for laundering money obtained by illegal means. Potential of cryptocurrency technologies can even help people with game addiction by effectively restricting their access to the games.
What advantages does blockchain give?
One of the biggest problems with regular online casinos is that not all transactions are hidden and located on the side of the platform. In other words, there are many online casinos where such data as winnings, game results, payouts, etc., deliberately concealed or partially hidden from public control. Thus, the blockchain platform is an entirely new form of online casino. It is fully decentralized and doesn’t require an intermediary to verify transactions. This provides an almost perfect and transparent system for the online industry as a whole.