Friday February 26, 2021
Bitcoin (BTC) $46,487.00   Ether (ETH) $1,505.06
  • Events
  • News
    • Blockchain Technology
    • Capital Raising
    • Crypto Exchanges
    • Crypto Payments
    • Gaming & Betting
    • Networks & Protocols
    • Security
    • Vendor Technology
    • Wallets
NEWSLETTER SIGNUP
EXCHANGE 300+ COINS
CryptoNinjas
  • Crypto & Blockchain Links
  • Real-Time Market Data
  • Bitcoin ATM Map
  • Token Offerings/Listings
No Result
View All Result
CryptoNinjas
No Result
View All Result
Home Gaming & Betting

The Advantages of Casinos Using Blockchain and Cryptocurrencies

A look at the merits of blockchain and cryptocurrencies for online casinos, including the speed and security offered...

02/11/2020
A A
The Advantages of Casinos Using Blockchain and Cryptocurrencies

Recent decades have seen a startling and rapid advance in technology, from the internet to mobile communications. One of the areas of technological progress that has yet to fully unfold is that of blockchains and crypto, both of which are of increasing relevance to the world of new bitcoin casinos.

Blockchain Technology

When the term ‘blockchain’ is mentioned, many people might automatically, perhaps even exclusively, associate that with cryptocurrencies. After all, that’s the most famous application of the technology and how many people have heard of it. But that’s a fundamental misunderstanding of the breadth of possibilities that blockchain presents.

Indeed, some have gone as far as to say that blockchain technology might one day end up being as transformative for the world as the internet has been. One intrinsic advantage that blockchains have is that the design makes them resistant to data modification (including meddling for nefarious purposes). Retroactive alteration of a block cannot occur without altering the following blocks, alerting others to the attempt. No system can ever be 100%, of course (someone losing their passcode would be in trouble) but compared to other systems blockchain has an inherently strong level of security.

Another pro is that the middleman is cut out. Necessarily, intermediary services need to make money (and can cause hiccups if there happens to be a problem, as has been seen with banks occasionally going down and preventing ATM withdrawals). Remove the middleman, whether that’s a bank or an e-wallet, and you’ve removed an agency needing to make a profit and another step in the transaction, enabling faster movement of money.

Blockchain and Casinos

How does this overlap with the needs and desires of online casinos? Such establishments have certain objectives. One of the most important is the security (and the reassuring reputation that accompanies robust security). A reputation for weak security can quickly hole a casino below the waterline.

It’s worth stressing that blockchain itself is still in its youth, and casino adoption of the technology is also in its early days. In July 2019, DAO.Casino, which is in the process of creating its own 3.0 blockchain solution, announced it was adding a blackjack game to the platform, the first game added to the blockchain. Using algorithms and entropic signals, a Merkle Tree is generated, with the root of this being sent to the player to prove the position of the cards and prevent fraud and cheating.

This is quite interesting as some players (the matter is hotly disputed) believe that certain games, such as some slots, are not truly random but have a higher chance of jackpots under certain conditions. From a crypto casino perspective, the usage of blockchain might help reduce such attempts, whilst at the same time reassuring players who feel they’re prone to get stuck in an unlucky glut. Randomness can be difficult to achieve, but doing so can be good for both players and casinos.

Cryptocurrencies and Casinos

When it comes to funding methods casinos can offer anything from a limited set of options (Visa and Mastercard plus the odd e-wallet and direct transfers) to literally dozens of different possibilities.

Cryptocurrencies currently fall into the middle ground, being neither ubiquitous like debit and credit cards, nor very unusual. There is an increasing number of casinos that offer cryptocurrency as a banking method, with bitcoin the most popular (although others, such as litecoin, might be available here and there).

If you enjoy online casinos or simply want to try your hand at betting (and are into cryptocurrency) then you can check out newcryptocasinos.com, a site in operation for over 2 years that reviews bitcoin casinos and crypto casinos.

When it comes to shifting money into and out of casino accounts players have several main concerns. Speed, security, and convenience top the list. Provided one is already involved with cryptocurrency, it scores well on all counts. Security, given the anonymity afforded by cryptocurrency, is particularly strong and may (for some) make it a viable alternative to the bank wire. Bank wires are typically preferred by those shifting large sums. It’s highly secure, but also requires days of processing and a significant fee. Bitcoin, by contrast, can be moved far more quickly and either without a fee or a minimal cost (this may vary from one casino to the next).

There is an extra aspect of cryptocurrency that makes it fundamentally different from other means of gambling. All currencies rise and fall in value, but the shifts that happen with cryptocurrency can be far more dramatic than traditional currencies. This swings both ways, of course. If you double your money and bitcoin has risen in value 20% between deposit and withdrawal then you’re actually up by even more by virtue of a helpful currency shift. Likewise, if you’re ahead but the value of bitcoin declines precipitately then that either diminishes your profit or swallows it wholesale and puts you in the red.

FacebookTwitterLinkedinRedditE-MailTelegram
Leave Comment

Where to Exchange

Bit2MeLeading Spanish Bitcoin ExchangeVisit
BL3P
European Bitcoin ExchangeVisit
ChangellyExchange & Buy 150+ CryptocurrenciesVisit
itBitAmerica's First Regulated Bitcoin ExchangeVisit
  • Trending
  • Latest
ZelaaPayAE deploys Pundi X's merchant crypto payment solutions for UAE

ZelaaPayAE deploys Pundi X’s merchant crypto payment solutions for UAE

02/24/2021
Bitcoin ATM company Lamassu unveils brand new operator admin system

Bitcoin ATM company Lamassu unveils brand new operator admin system

02/23/2021
Tendermint invests in Tgrade to bolster Cosmos' growing DeFi ecosystem

Tendermint invests in Tgrade to bolster Cosmos’ growing DeFi ecosystem

02/24/2021
DeFi fund manager yAxis launches v2 to make earning interest on crypto more accessible

DeFi fund manager yAxis launches v2 to make earning interest on crypto more accessible

02/22/2021
Crypto exchange technology platform HollaEx gets upgraded suite

Crypto exchange technology platform HollaEx gets upgraded suite

02/18/2021
LATAM bitcoin exchange Bitso secures insurance policy on user's crypto deposits

LATAM bitcoin exchange Bitso secures insurance policy on users’ crypto deposits

02/25/2021
Coinbase files registration statement for proposed public stock listing 

Coinbase files registration statement for proposed public stock listing 

02/25/2021
Lido teams with Unslashed to cover $200M worth of staked ether against slashing risks

Lido teams with Unslashed to cover $200M worth of staked ether against slashing risks

02/25/2021
Boson Protocol partners with Crucible to enable brands and games reward users with real-world items

Boson Protocol partners with Crucible to enable brands and games to reward users with real-world items

02/25/2021
Anchorage raises $80M Series C, led by GIC, Singapore's sovereign wealth fund

Anchorage raises $80M Series C, led by GIC, Singapore’s sovereign wealth fund

02/25/2021
  • Home
  • Directory
  • Data
  • About
  • Contact
SUBSCRIBE

© 2016 - 2021 CryptoNinjas Disclosures | Privacy Policy

  • Home
  • Crypto Links
  • Market Data
  • Blockchain Tech
  • Exchanges
  • Capital Raising
  • Vendor Technology
  • Token Offerings/Listings
  • Payments
  • Wallets
  • Bitcoin ATM Map
  • Conferences & Events
  • About
  • Contact

© 2016 - 2021 CryptoNinjas Disclosures | Privacy Policy


Go to mobile version