New Online Casinos Choosing Crypto: Gaming Veteran Explains Decentralization for Transparency in Gambling
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It has been quite a while since the first crypto casino appeared in the gambling industry. Many established and new online casinos are making waves in the gaming industry by introducing this revolutionary way of playing that leverages the power of blockchain and cryptocurrency.
Online gambling has been one of the most prominent entertainment industries, and its integration into the blockchain system is, according to experts in the gaming industry, the natural next stage of development.
However, getting your head around these new integrations and concepts might seem a little too much. Still, knowing the ins and outs of this new technology can, as explained by NOC, maximize your chance of winning while saving you from getting scammed as well.
Thus, in today’s post, we will see how Adriaan Brink, the chief executive officer of Fun Token and an online gaming veteran, analyzes the prospect of decentralization in the online gaming industry.
Brink Explains How New Online Casinos are Harnessing the Power of Decentralized System
According to investigations, the official total of cryptocurrencies accessible on the market has surpassed 10,000. Players can now deposit and withdraw funds using a variety of popular digital currencies, such as Bitcoin, Ethereum, and Litecoin, among others.
To Adriaan Brink, who has been in the gambling industry for at least the last 20 years, it’s not the availability of cryptocurrencies that’s driving the change in choosing them.
Let’s hear how he explains why more and more online casinos are looking forward to integrating cryptocurrencies into their systems.
Safety and Control Over Everything–The Power of Blockchain
According to Brink, cryptocurrencies have been active in the internet gaming market for over 20 years, beginning with winning a raffle in 1995.
After he realized the opportunities of cryptocurrency and blockchain, he spent a significant amount of time attempting to determine how blockchain might be utilized to improve the playing experience, especially the safety and control of players’ cash.
In 2017, his team introduced BETR, a peer-to-peer online gambling system in which all money was processed on the blockchain, thereby eliminating the “house” from the picture.
How Blockchain is Securing the Gaming Experience
Crypto Casinos stand out in their use of blockchain technology. The decentralized system allows for secure and transparent transactions, as all transactions are recorded on a public ledger that cannot be tampered with.
This means that players can rest assured that their funds and personal information are safe and secure. When you use cryptocurrencies to do an exchange, your individual information is hidden.
Instead, your wallet’s distinct digital signature, called an “address,” is used to record the transaction on the blockchain. This means you may use cryptocurrencies to purchase things or transfer payments without disclosing your personal information or confidential material.
No Question of a Bad Image
Brink is unconcerned about the image that the betting and gaming sectors have and how it could harm the project. He also questioned the premise that certain sectors have a bad reputation, especially in online judgments.
He stated that sports betting is a massive market with many major corporations involved, citing DraftKings’ recent $22 billion acquisition of Entain as an example. They stressed that their organization is basically in the business of amusing their consumers, and these activities are generally well received.
Fairplay is Ensured Every Time Using the Power of a Decentralized System
Many new online casinos are providing “provably fair” games in crypto casinos, which implies that you may use cryptographic techniques to prove the integrity of the game you’re playing. This increases the level of trust and impartiality in the gaming experience.
Breaking the Fee Barriers and Invention of Cost-Effective Coins
Last but not least, when asked about his launch of the coin which his official website claims to be more effective and less costly, he told us how it’s going to bring a change in the transaction costs.
He started by announcing the introduction of XFUN, an ERC-20-compatible coin, on the Polygon blockchain. He also mentioned that Polygon (MATIC) is comparable to Ethereum (ETH), but has more benefits in terms of trading costs and speed.
The low gas rates for basic transactions on Polygon, as well as the blockchain’s potential scalability, according to Brink, are the reasons behind this change.
Brink mentioned that expecting people to comprehend and pay gas prices was regarded as a huge hurdle to introducing crypto to the public. But now, the required building blocks have been put in place to proceed further.
Cryptocurrencies Enabling Easy Cost-Efficient Transactions for Gamblers
When compared to typical payment methods, cryptocurrency transactions are quick and inexpensive. This means that you may fill your casino account fast and without paying excessive costs.
Furthermore, because cryptocurrency is not subject to the same rules as conventional financial institutions, it is considered a more international form of gambling, and the currency value affects all users the same in the related casinos.
