Over the last decade blockchain technology has found its way into many areas of our lives. In some areas, blockchain has had a far more significant level compared to others. One such industry is the gambling industry.
What’s more, the relationship between gambling and blockchain has only been going one way and that is up. Let’s find out why blockchain has become such an important part of online gambling and how it has helped the industry to grow.
- Blockchain adds fairness to gambling
One thing about gambling is that the house always wins. This is a philosophy that many gamblers have learned to accept even with the possibility of winning big.
The thing with online casinos is that it is not possible to tell if the casino is playing by the rules. However, with the use of blockchain technology players regardless of where they are situated in the world can be sure that there is transparency.
- Blockchain is cheap and is accessible
It is no secret that many online casinos now permit the use of cryptocurrencies. There are many benefits to this move one of which is the fact that the player doesn’t need to open an account or fill any forms. They can simply log in and play anonymously.
Another reason why crypto is becoming so popular is because of its instant payments and transactions. Of these, there are very minimal fees involved.
Finally crypto makes it possible for players living in countries where the law restricts them from gambling to bypass these regulations and finally take part in gambling.
- The wisdom of the crowds
A concept that generated quite the buzz in the crypto world is the “wisdom of the crowds”. This is where different technologies make use of blockchain technology to create prediction markets. Players can then place a bet based on the outcome of the prediction.
Now prediction markets are nothing new and were around long before the onset of blockchain technology. However, the latter has decentralized these prediction markets. The technology has made the market far more reliable providing regular correct data.
Bitcoin is the first cryptocurrency to offer decentralization. This means there is no central authority over it and anyone with the right equipment can mine bitcoin and profit from any newly issued coins.
One major advantage of cryptocurrencies is that they not only allow players to make instant withdrawals and deposits but members can also fund the site and stand to get a small portion from the profits of the crypto casinos. Think of it as you becoming a shareholder.
Blockchain and cryptocurrencies continue to alter the state of the online gambling industry. One of the reasons why blockchain continues to be so popular is because of its accuracy and security. It is also able to solve some of the main problems that plague many of our systems and institutions as well as the economy.