Cryptocurrency and the blockchain have been the talk of the town for a few years now.
Not only are they becoming more and more popular, but they have entered the mainstream and have seen immediate success.
The gambling industry is also seeing huge benefits in adopting blockchain technology.
Blockchain has begun transforming the gambling industry for the better, and whether it’s part of the next best poker app or becomes the basis for online casinos, it’s here to stay.
What is the Blockchain?
The first question people usually have is, what is the blockchain?
In simple terms, the blockchain is a decentralized record of transactions that take place online using digital assets. You can think of it as a literal blockchain, blocks of data connected in chronological order.
Within the gambling industry, the blockchain is used to transfer data and money in a way that doesn’t necessarily require trust, as the blockchain itself is secure and trusted.
Why People Gamble with Crypto
As crypto becomes more and more popular, people are wanting to gamble with it and win it.
This is made easier by using the very framework it is built on and is also becoming the gambling method of choice for so many people.
People want to play with crypto for the same reason they want to own it. It isn’t affected by inflation, it is safe and secure, and the decentralized aspect of it adds a level of trust that people like.
One of the biggest positives about using it is its security. As mentioned, data is stored on blocks connected by a chain; as a block is added, the previous block becomes more protected, and so on.
This means that as the blockchain gets bigger, it gets safer. The entire chain is also encrypted to a level that it can’t be hacked, and the nature of passwords and security keys add another layer of protection.
Improved Payment Methods
The blockchain is designed to speed up the transfer of data no matter what the data is or how big the files are. In the gambling industry, this is massive for payments as you can improve how money is sent and received.
The blockchain offers instant payments, meaning it can receive payments from patrons in a matter of seconds. On the other end, players enjoy the fact that payments don’t take a few days or even weeks anymore; the money is in their accounts almost instantly.
Using this technology is far more cost-effective for both players and casinos. Sending and receiving money costs money, and considering it isn’t part of or goes through any bank, there are little to no transaction and conversion costs.
Crypto users enjoy the fact that no banks or institutions get to touch their money, and this power also means that no matter what crypto you are using, any transfer charges are still the same.
Privacy in the world of technology has been a problem for quite a while now. More and more people are realizing their data is being used and sold without their permission. However, this isn’t the case with the blockchain.
Part of its beauty is the immense amount of privacy and anonymity it offers. Your data and information are yours and yours alone, and the multiple layers of protection offered ensures it stays that way.
Transparency is another factor that influences where and how people spend their money. Nobody feels comfortable handing their money over to an entity and having no idea where it goes and what happens to it.
Whether it is a gambling website or a sports betting website, there is still a level of trust that people need to have. The blockchain keeps every bit of data and every transaction on record and makes it accessible, meaning the risk of fraud or fraudulent-type behavior is almost eliminated entirely.
Not only is this new technology part of the future of almost all industries, but it is also almost looking like a necessity for some, including the gambling industry. With crypto also becoming more widely adopted, the blockchain is simply following suit.
In the future, we are sure to see more brick-and-mortar casinos make the move to being based online and adopting the blockchain as part of their structure. While the future of this form of technology is almost endless, there is no doubt that we will be seeing more of it.