How cryptocurrency and blockchain protect online casino players
Find out why blockchain technology and cryptocurrencies guarantee fair play for players and why more operators are adopting crypto solutions.
The buzz surrounding cryptocurrencies as a way to pay for everyday goods and services for consumers flared up a few years ago thanks to public statements by Elon Musk. When Musk invested in Bitcoin and announced that customers might be able to pay for Tesla cars with Bitcoin, the price of that cryptocurrency skyrocketed. Musk later abandoned this idea, but managed to “raise the wave”. Perhaps the reason for abandoning this idea was Bitcoin’s position in the market, namely that this cryptocurrency has been programmed for scarcity since its inception, and the demand for it only increases its value.
After some time, Musk started promoting Dogecoin, calling it ‘the people’s cryptocurrency’. Currently, Dogecoin is the only digital currency for purchasing certain items in the Tesla store. The hype around cryptocurrency indicates that people are tired of seeing crypto as something hard to find and they want digital currency to become a part of everyday life, so that they can pay with it in Canadian restaurants, in stores, donate to charitable purpose or bet. in the best casinos.
Speaking of casinos and games, the online gambling industry is based on the technologies of the new financial world, and more and more online casinos are moving to a crypto concept. The reasons for the impact of cryptocurrency and blockchain technology on the online gambling industry are quite logical and understandable.
Reason 1: Player privacy
Of course, the options for depositing and withdrawing fiat funds that are popular today have very high standards of client confidentiality, but there is no need to talk about complete anonymity. The use of cryptocurrencies for the same purpose allows players to perform completely anonymous transactions, avoiding the possibility of their identity becoming known. An example of why players may need anonymity in transactions is when a person wants to take out a mortgage and does not want their gambling history to be known to the financial institution.
Reason 2: Fast transactions
Today, the situation with transactions is as follows: depositing money in the common fiat currencies is fast and without commissions, but withdrawal of winnings in fiat currencies can take several days, and in some cases even weeks. And the commission is always charged, and quite large. If the gambler plays for cryptocurrency, both deposits and withdrawals are quick, as there is no intermediary between the gambler’s game and personal account. In addition, when using cryptocurrency, the most minimal commissions are charged or not charged at all.
Reason 3: Probably fair games
Cryptocurrency is directly related to cryptographic methods. In addition to the digital currency, the provably fair game algorithm is also based on such methods, thanks to which the player is guaranteed to receive a transparent and fair game, the result of which nothing can influence. The Provably Fair feature is used by cryptocasinos. Hybrid casinos that accept games in both crypto and fiat currencies are also looking to add games with this feature to their portfolio. They assign special categories for such games or mark individual games with a special mark on the game icon.
To conclude
Cryptocurrencies and blockchain have a major advantage over traditional fiat currencies: the innovative transparent blockchain technology makes gamblers feel safe from fraud, while crypto payments allow them to remain anonymous and play provably fair games.
