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How blockchain technology will change the online casino

Personal_Finance / Gambling Mar 02, 2021 - 10:17 AM GMT

By: Submissions


Cryptocurrency has found its use in the tech, e-commerce and core financial sectors. It was until recently that cryptocurrency became a subject matter of discussion among various gaming operators. The reason being that many casino sites are experiencing scepticism and distrust among the gambling communities. Especially when it comes to financial transactions and registration of personal information. Even with the installation of strong encryption software, casinos can still be subjected to risks and cyber-attacks. To employ maximum security and protection of data, casinos have shifted their gear towards cryptocurrencies. Therefore, one must know the significance of cryptocurrencies and how does it work and what are the impacts they can have on the online gambling industry? Check out for their amazing collection of live games, slots and table games

What is Blockchain Technology:

Cryptocurrencies are powered by blockchain technology. The technology utilises blocks that are interconnected with each other and secured by cryptography. Every information contained in these blocks is severely protected by cryptography. The chain of blocks serves as a ledger for bitcoin transactions. As mentioned earlier, while bitcoins have become normalised in the e-commerce and software industries, the online casinos are gradually realizing the potential of bitcoins.

The relation between Blockchain Technology and Casino Industry:

Online and mobile casinos have been undergoing several technological changes and innovations. To advance the growth and popularity of the online casino industry, many gaming manufacturers are adopting technologies and inventions. Blockchain technology is one of them. Several advantages have been reported with the use of bitcoins. More than a transaction, blockchain technology has several key benefits to offer on the table.

There are several reasons why the online casino industry has been influenced by blockchain technology. These include:

Decentralisation of cryptocurrency

The money earned through gambling sites are taxable by nature and the law levies huge charges on them. To escape from the burden of high taxes, cryptocurrency can be of great use. Since they are operating in a digital space, the government or any law enforcement agencies cannot exert direct control over the user’s money.

Maximum protection

The basic norm of the casinos is to seek registration details of the player before letting them sign up on the website. But in casinos running on bitcoins, players can opt for anonymous gambling. Which means that no one has to share any personal information about themselves and their identity is protected under the garb of anonymity. For payment withdrawals using cryptocurrency can ensure safety and anonymity. Playing now becomes a matter of convenience.

Avoiding Geolocation :

Geolocation is a common feature attached to many online casinos. Legal gaming companies have been permitted to operate within a designated jurisdiction. When players from other locations also access the website, geolocation tracks their location. They block certain casino sites in other countries because of strict regulations or are simply not allowed to function in that specific jurisdiction. Cryptocurrency negates the use of geolocation. Since they maintain anonymity, you cannot gamble anywhere less and choose a game of your choice.

No charge of fees:

You do not have to enter your banking details while registering with the online casinos or insert password while making the financial payments. Extra transaction charges are added to the bill. Since bitcoins do not involve any third party and support direction transaction, they do not charge any fees.

In the coming years, blockchain technology will slowly emerge as a mainstream payment option. Apart from the above-mentioned factors attributing to the popularity of this medium, cryptocurrencies are a great tool of revolutionising the way players interact with online and mobile casinos.

By Varun Varun

© 2021 Copyright Varun Varun - All Rights Reserved

Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.

© 2005-2019 - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.

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