How Cryptocurrency and Blockchain Protect Online Casino Players
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Find out why blockchain technology and cryptocurrencies guarantee fair play for players and why more operators are using crypto solutions.
The fuss around 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 the position of Bitcoin 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 began to promote Dogecoin, calling it the ‘people’s cryptocurrency’. At the moment, Dogecoin is the only digital currency for purchasing certain items in the Tesla store. The hype around cryptocurrencies 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 charity or place bets in the best casinos.
Speaking of casinos and bets, 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 influence 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 purposes allows players to conduct completely anonymous transactions, avoiding the possibility that their identity will be known. One example of why players may need anonymity in transactions is when a person may want to take out a mortgage and doesn’t want their gaming history to be known to the financial organization.
Reason 2: Fast transactions
Today, the situation with transactions is as follows: depositing funds in the usual fiat currencies is fast and without commissions, but the withdrawal of winnings in fiat currencies can take several days, and in some cases even weeks. And the commission is always charged, and rather big. If the gambler plays for cryptocurrency, both depositing and withdrawing funds are fast, since there are no intermediaries 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: Provably Fair games
Cryptocurrency is directly related to cryptographic methods. In addition to the digital currency, the provably fair games 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 affect. The Provably Fair feature is used by crypto casinos. Hybrid casinos that accept bets in both crypto and fiat currencies are also looking to add games with this feature to their portfolio. They allocate special categories for such games or mark individual games with a special mark on the game icon.
In conclusion
Cryptocurrencies and blockchain have a big 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.
