As blockchain technology grows in leaps and bounds, there are more and more options for its application. The good news is that igaming is at the top of the list. As opposed to fiat currencies, cryptocurrency turnover is still fairly low. However, if one analyses the Google trends data for the query “bitcoin casino,” a steady increasing interest in the topic may be seen. There are quite a number of issues that make a significant contribution to the popularisation of the igaming trend.
Without a doubt, the igaming industry is always on the leading edge of technology and innovation. However, what is the impact that cryptocurrencies and blockchain technologies have had on the evolution of the industry? Are these changes positive? How will the casino industry develop in the very near future?
What Impact Have Cryptocurrencies Had On The Evolution Of The Casino Industry?
Blockchain protocols generate features that are capable of revolutionising the online gambling industry. Blockchain has secure and transparent features that also provide anonymity without the interference of a third party for the validation – as well as the authentication – of transactions.
In a similar fashion to how a number of companies are accepting cryptocurrency as a method of payment, casinos are also adopting cryptos as a method of payment. Also, blockchain in the casino gaming industry initiates verification in order to ensure that games are very fair in the system. By utilising blockchain technology, casino operators may not actually be biased in outcomes or – alternatively – payments.
Are These Changes Positive?
The gambling industry, which encompasses everything from Australian sports betting to Canadian Bingo sites is a massive global market that is estimated to be worth trillions of dollars. Online gambling is a key segment of this industry and is always growing in popularity. However, the online gambling industry is also beset by a number of problems, including fraud and cheating. Blockchain technology provides a solution to many of these problems. Here are a couple of the benefits of using blockchain technology in online gambling:
- Blockchain offers a secure and tamper-proof record of all transactions. This makes sure that players are able to trust the fairness of the games and that their money is secure.
- Blockchain removes the requirement for third-party intermediaries – for example, banks or payment processors. This will lower costs and speed up the lead time in terms of transactions.
- Blockchain can be utilised in order to create transparent and accountable online casinos.
- Blockchain allows players to make anonymous transactions. This is very important for players who would like to keep their identities secret. With blockchain technology, players are able to make transactions without needing to reveal their identities.
How Will The Online Industry Develop In The Near Future Thanks To Cryptocurrencies?
By utilising cryptocurrency, online casinos are able to provide a secure and private way for players to deposit and withdraw money without needing to share their personal information with the casino. For example, blockchain technology, which underlies many cryptocurrencies, can be utilised in order to create provably fair games. This means that the outcomes of these games are generated randomly and securely which allows players to be sure that they are playing fair and honest casino games.