Blockchain is a revolutionary technology that every industry wants to take advantage of. The online gambling industry has successfully integrated modern-day technology into its online casinos.
The purpose of blockchain is to provide a trustable pathway where people can share valuable data in a tamper-proof way. This decentralized technology stores digital records of all the transactions made with digital assets.
So, how are blockchain and cryptocurrencies revolutionizing the online casino industry?
Blockchain and Cryptocurrency Adoption by Casinos
Although cryptocurrency emerged many years ago, it has recently become famous due to the widespread public adoption in the form of user-to-user payment systems.
With the help of blockchain, cryptocurrencies were made to ensure transaction security and prohibit double-spending. While many industries have benefitted from blockchain and crypto, the $60-billion online gambling industry has capitalized the most on this trend.
Top-tier casinos like Ignition Casino have quickly adopted blockchain and cryptocurrency technologies to provide ease to customers. Besides cryptocurrency and blockchain, players can take advantage of the Ignition Casino poker promotions to increase their chances of winning the games.
Ignition casino provides the cryptocurrency payment method to ensure all players receive safer and more reliable transactions, keeping all financial information secured. Check out their game variety and other payment methods.
Benefits Offered by Blockchain and Cryptocurrency to the Online Gambling Industry and Players
The online gambling industry has already integrated advanced digital payment methods for customers’ convenience. Using blockchain and cryptocurrency, the industry can advance on its mission-critical objectives (e.g., security and validity) of its core transactions.
Other benefits these technologies provide are:
1.Security and Validity
Players are always skeptical about giving away their financial information to online browsers. Hackers and scammers can steal their information. But blockchain technology integrated into online casinos offers users an extra layer of security.
This is because the blockchain databases store all the transaction records and information in their decentralized ledger. Users familiar with blockchain know what this means – it makes this technology highly stable and secure.
Each transaction made with cryptocurrency has a unique identifier code that makes it easy to track the cryptocurrency. Manipulating these transactions made on a blockchain is impossible, as all digital currencies are encrypted.
This makes cryptocurrency more secure and safer than traditional currencies and payment methods. It also reduces the chances of payment duplication and hacking.
2. Anonymity
Data privacy has always been the primary concern of every online gambler because online casinos typically ask players to disclose their personal information. This creates hesitation among players who worry about how this data will be utilized and where it will be stored.
Blockchain technology offers users complete privacy and anonymity during transactions. The bitcoin wallet has no identification attached to it. So, players can gamble with the ease of mind that no one else can gain access to their information.
Plus, the public blockchain quickly validates these transfers, reducing the risk of compromised personal data.
3. Speed
Although online gambling is convenient and easy, it still has a lot of hurdles when it comes to players withdrawing their money. This makes it truer, especially when players make their payouts via international businesses.
Using SWIFT payments can take up to five days to retrieve casino winnings. As a result, many players become frustrated and turn to physical casinos for quick payouts. But, using blockchain and cryptocurrencies, players won’t have to wait longer to receive their payouts. Cryptocurrency users receive instant payouts, quickly transferring their winnings to the digital wallet.
4. Cost Effective
Cryptocurrencies are decentralized. This means they don’t have a governing body (third party) validating the transactions. Instead, the blockchain instantaneously verifies the transaction, allowing the online casino to know if the transaction is valid or not.
Plus, transactions made with local currencies always include hefty fees and additional costs that banks require. For instance, a transaction with your credit card will cost you an advance fee of 3 to 5% with a high APR.
This fee is even higher if the transaction is international. All these additional costs are charged to both the casino and the player. But with cryptocurrency, this fee is exceptionally minimal or removed completely.
You will never face a hidden cost with cryptocurrency. The minimal or no charges make blockchain and cryptocurrencies a preferred choice among gamblers.
Conclusion
Even though blockchain and cryptocurrency aren’t new technologies, the online gambling industry has just started adopting and implementing them. Using blockchain and integrating cryptocurrency into an online casino is the way forward.
Offering this payment method using a secure platform will attract new clients while the players receive additional unique benefits. Plus, this payment mode can solve many problems that the online gambling industry faces.
Cryptocurrency and blockchain integration provides a faster, more cost-effective, and safer solution for online casinos and players.
