How Crypto and Blockchain are Changing Online Slots
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Between 2018 and 2020, worldwide crypto users grew by almost 200%. Today, there are more than 400 million crypto users. Bitcoin remains the most popular choice.
In 2018, the market cap for crypto reached around $850 billion. The market reached $3 trillion in November 2021 before falling – it’s still just over $1 trillion.
The online gambling industry rose to $61.5 billion in 2021. As of 2022, there were nearly 100 million players in online casinos. Most of them played online slots.
How has crypto and blockchain technology changed online gaming?
Let’s take a closer look.
What is Blockchain Technology?
Blockchain is associated with crypto because the digital currency came from that technology. A blockchain is a computer network that stores data in blocks. Think of it as a public database.
The public ledger lists every digital transaction on the blockchain. It works like a Google Spreadsheet that you can share with others. Changes to a blockchain become immutable – they cannot be changed.
Cryptography on a blockchain means that there are also public and private keys to prevent hackers from accessing your data.
By 2027, as much as 10% of worldwide GDP could be associated with blockchain transactions.
Encrypted data on a chain is connected via individual blocks. How does it relate to transactions at online casinos?
Crypto at online casinos
The basis for releasing Bitcoin to the public came from the financial crash of 2008. Bitcoin’s white paper was written anonymously by Satoshi. The purpose came from allowing financial transactions outside the traditional banking system.
With endless money printing, the currency of any country is downgraded. That means a person’s wealth is eroded over time through inflation – something some economists and financial experts suggest is a “hidden tax”.
Professional gamblers keep a close eye on their bankrolls. Budgeting is an important strategy for daily, weekly and monthly efforts. For example, a sports bettor wants to win around 55% of their bets.
If players keep their winnings in a bank, their value decreases over time. They have to store it in an asset that rises – and for many players, that comes in crypto.
Where traditional banks may not allow deposits, cryptocasinos allow anonymous transactions. Offshore gambling sites also take crypto as there are fewer fees.
Online players can spend crypto on real money slots to make the most of their bankrolls.
Where else is crypto popular?
How to use crypto for online gaming
In the realm of online gaming, crypto serves as an additional incentive. Players can play for collectable and tradable non-fungible tokens (NFT). A digital asset becomes the property of the winner.
Some of the most popular online games that use crypto include Axie Infinity and metaverses like Decentraland and The Sandbox.
Players can turn the crypto prizes into cash or use them for wagering. They also transfer crypto to other metaverses for digital land, virtual events and skins for avatars.
The various uses of crypto in online games increase in innovation and scope every year.
Speed and privacy of blockchain transactions
The prominence of crypto comes from the speed and privacy associated with blockchain transactions. For example, if you want to send money to another country, it can be challenging. You may have to overcome legal hurdles or pay unnecessary fees.
With crypto, the speed at which you can transact increases exponentially. Since markets never close, you can send crypto at any time of the day or night.
Top US eWallets can be easy to use for domestic transactions. But what if you are an external worker employed by a foreign company? You will likely have to pay a transaction fee each time you get paid.
Bank transactions also take time to clear. Crypto cuts down on waiting time, with some transactions taking a few minutes.
This also applies to slot machines at online casinos. Most platforms allow instant deposits. Quick withdrawals are more difficult to achieve.
Crypto became popular due to its speed and versatility for various transactions.
Privacy is another issue when it comes to financial exchanges. If you use a debit or credit card to buy something online, it may only be a matter of time before your information is stolen.
Third-party entertainment and travel websites may not be as well protected as other well-known websites.
Crypto helps add an extra layer of security. The point of blockchain is cryptography – transactions are protected with encryption.
While the traditional banking system offers similar technology, the security feature ends when a user leaves this site. Transactions in crypto ensure that sender and receiver receive the same protection.
What is the biggest advantage of using crypto?
There are many advantages associated with transactions in crypto. It also depends on the user. One of the main reasons why crypto is changing the world of finance comes from protection against inflation.
Although there are thousands of crypto projects, they can disappear from the market as quickly as they are created. Layer Ones remain the top choice among investors and users due to their durability.
The best projects offer something similar to Bitcoin – a guaranteed increase in value from inherent scarcity.
Whether an investor with a fixed time horizon or an online slot machine, crypto offers long-term financial benefits that are lacking in traditional banking.
What is the future of crypto?
Crypto in 2022 was one of the worst years in its short history. Many “black swan” events demystified the industry. Casual users may have left the crypto markets for good.
There is a lot of money on the sidelines when it comes to crypto. Investors in 2023 continue to wait for the market to turn after rising inflation and interest rates.
It is the crypto that Bitcoin was built for. Long-term prospects remain favorable, while the pursuit of short-term gains is best left to gamblers.
Crypto will continue to change the world via gaming, finance and how people think about their future.
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