Unless you’ve been living under a rock for the past few years, you are familiar with the terms blockchain, cryptocurrency, and bitcoin.
You might also possibly be investing in cryptocurrency, checking the rates as we speak. But with all the great things that are happening at the moment in the world of crypto, some of us who are the more skeptic kind, tend the question whether is really going to eventually replace current forms of payment for everything we purchase.
Last year, the first bitcoin homes were sold in the UK, regardless of stability fears. Some tenants were also accepting deposits or even rent in bitcoin, which leaves us pondering whether we will one day be able to use cryptocurrency to purchase just about anything – from booking flights to buying groceries to paying at restaurants.
A lot of businesses in various sectors are realizing the power of cryptocurrencies, and while some of them remain skeptical, others are jumping on the bandwagon. One of them is the gambling industry.
Over the past few years, many blockchain-based casinos were launched, such as BitCasino, PlayAmo, Ethino, and Edgeless, while a few already-established online casinos started accepting online transaction using different cryptocurrencies like Bitcoin and Ether, and it makes a lot of sense why. There are simply way too many benefits, both for players and casinos, that cannot be ignored. The use of cryptocurrency for casinos opens up a world of possibilities.
Why the use of Cryptocurrency for Casinos is Highly Advantageous
Online casinos are undoubtedly popular, but, when it comes to trust and security, users still express some concerns. In fact, unless you’re a well-established casino, licensed and regulated by a certified authority like the MGA (Malta Gaming Authority), and having ample evidence that proves your legitimacy, then you’re very unlikely to attract and retain players. In fact, every year, online casinos spend millions to ensure the highest level of security on their site, as well as fast payouts.
Now, when it comes to crypto coin casinos, we’re not saying that you can trust any crypto casino out there. In fact, you should still look out for legitimate cryptocurrency casinos, but what we’re saying rather, is that using cryptocurrency for online gambling is by far a safer option. This is because the very nature of blockchain technology safeguards and secures information through encryption (cryptography). Not to mention that there is also no third party involved, no financial institution acting as the “middleman”. Transactions are made solely between the giver and receiver.
Furthermore, cryptocurrency allows for easy, fast and secure depositing and withdrawing without the need for the player to give out personal information like the ID number, home address, bank details, telephone number etc. With this method of payment, all you need is a name, username and your crypto coin details. Moreover, there are fewer transaction fees, which are either extremely cheap or sometimes even free.
“Since there are no financial institutions making up and controlling the rules of the game, crypto coin transactions are either extremely cheap or completely free. No taxes or fees involved. Aside from that, because it has cryptography inherently built into it, cryptocurrency is safe and secure. Just like normal internet payment methods, the crypto coins themselves are fortified with coding to make sure that nobody can hack your money from you. Plus, transfers happen through the use of public and private keys that heighten security even further. For sure, it’s safe from any manipulation or interference by governmental or financial bodies.” – Casinos.co
Obviously, this benefits the player because it allows for bigger payouts and better odds, but this naturally increases traffic to their site, ensuring better profits.
Therefore using cryptocurrency at casinos first and foremost benefits the player, but the question is, does it benefit the casinos too?
Simply put, the answer is yes. Apart from the fact that casinos are sure to attract and keep many players by offering the option of using cryptocurrency to play games on their site, the use of cryptocurrency itself makes things a whole lot easier for casinos in various ways.
First of all, unlike with traditional payment methods, there are no chargebacks with digital currency, which means that consumers need to be careful when making payments because once they make a transaction, there is no going back. They cannot reclaim their money or demand compensation, which makes operators’ lives easier since they do not have to waste time dealing with disputes. Plus, it also protects them from player fraud.
Second of all, Bitcoin processing is very transparent in itself – most of the time bitcoin gambling operates using an algorithm called “Provably Fair”, which players can actually check to ensure the games they are planning are 100% fair. Therefore, to a certain extent, players can see for themselves whether a casino is legitimate or not.
For new and upcoming crypto casinos, this is good because it means that they do not actually need to go through the whole process of obtaining a gambling license, whereas for already-established casinos with proper licensing, this means that they do not need to go through any extra processes.
While there are still numerous online casinos out there that have not yet welcomed the age of cryptocurrency with zest, it is only a matter of time before they are heading in that direction. The two simply go hand-in-hand together in many ways, ensuring the best possible service for both players and casinos themselves.
Know more than others on any Blockchain Party!
Join more than 5000 others to receive the breaking news and weekly summaries! No ICO spam, we promise.
You have Successfully Subscribed!