How Blockchain Technology is Changing Online Gambling for the Better
Blockchain has been commonly associated with Bitcoin and other cryptocurrencies since 2010 when their emergence made the new technology famous.
However, blockchain is a highly versatile programming platform that has many uses beyond cryptocurrency. The technology benefits from many new characteristics that have previously been unavailable to the financial world and is especially useful to websites that rely on the trust of their customers to operate. Due to the decentralized and incorruptible nature of blockchain technology, platforms that are built upon it can offer customers a proven, credible system that can process their money while avoiding any illicit behavior.
The online gambling industry, in particular, suffered a lot of criticism when it first came out near the beginning of the 2000s. Many online casino operators were questionable at best and it was difficult for players to know if the casino games were rigged or not. Many players lost money and it was almost impossible for law enforcement to prove if website operators were ‘gaming the system’. Now, with blockchain technology, all operations are entirely transparent and cannot be changed or altered by the website owners or the customers. This gives players peace of mind knowing that any games they play are fair and all dice rolls or roulette spins are completely random and unfalsified.
Crypto can also help
Cryptocurrencies like Bitcoin have also provided advantages to the online gambling industry. Previously, it was costly and time consuming to use a bank account or credit card to load cash onto a casino website. In addition to this, it was dangerous sharing your banking details with an unknown entity, often one operating from another country.
Nowadays, players can safely and securely convert cash into Bitcoin or another cryptocurrency and then use their digital currency to gamble online. This keeps banking details safe and makes deposits and withdrawals quick and affordable. Websites like casinosx.com explain in more detail the best ways to withdraw winnings from online casino websites.
A growing industry
Online gambling now accounts for 25% of all gambling revenue – a number which is predicted to increase exponentially in the coming years. The ease and affordability of gambling from home is attracting more and more customers, especially as the technology becomes more trustworthy. The rise of faster mobile communications and more affordable data tariffs has also driven an increase in mobile phone-based online casino platforms.
Another factor driving the growth of online gambling is its increased accessibility. Players from countries where gambling is illegal can now gamble online more safely, rather than attempting to enter dangerous illegal gambling rings in their home country. This is made possible by the anonymity of cryptocurrencies and the accessibility of blockchain-based online casinos.
As the world moves increasingly more online, physical casinos will be replaced by online versions. Even now, many online platforms are beginning to integrate virtual reality (VR) aspects into their games so that players can feel like they are in a casino from the comfort of their living room. Blockchain technology will form an integral part of this shift into an entirely online, trustworthy gambling world.