Blockchain will change the online gambling Industry
Many offshore casinos are careful to allow players from countries that prohibit online gambling for its inhabitants. For example the huge US market is off limits for most online casinos and most of them will not even allow US customers to sign up. Of course there are exceptions and some online casinos will still accept US credit cards, but that is a small minority. For operators and US players alike, bitcoin is the blessing they have been waiting for. Because there is no easy way of telling where in the world and from whom a bitcoin transaction originates, casinos can easily accept these payments. The very same features which define bitcoin are also a benefit for US players, because it can’t be traced to a creditcard or bank account.
But the technology behind the bitcoin and all other crypto currencies will have a much bigger influence on the online gaming industry. Blockchain will become the game-changer for the online gambling world and we will tell you why. Blockchain is a system in which multiple independent nodes operate simultaneously by processing the same commands. The most important advantage that blockchain brings to the table is the concept of distributed ledger. Before this technology became popular, databases were always managed by one party. The innovative structure of blockchain presents a database which is shared and synchronized across many different locations and this increases security. Next to this the technology its ability to allow transactions with shared supervision.
Upsides and downsides of blockchain technology
So, are there no downsides to the use of blockchain and cryptocurrencies? Sure there are. Ccryptocurrencies are extremely volatile. That means that they can significantly gain or lose value in a matter of hours. We have seen the fluctuations in value of Bitcoin and Ethereum in the past months where many global factors can have a severe impact on the value of these currencies. The whole technology still needs to settle in properly and no doubt regulations will follow after the first impulsive responses of some governments who simply want to ban all crypto currencies.
With proper regulations the enormous potential of crypto currencies can propel this new technology forward and attract more players and companies to use cryptocurrency for new ways of doing business. Still chances are also that in some countries the technology will take a long time to get a legal status.
Benefits of Using Cryptos in Online Gambling
Having in mind advantages of using cryptos as payment methods such as no chargebacks, super low fees and very fast transactions, it’s pretty clear blockchain technology gets more fans by the minute and will be here to stay. Thanks to its transparency, clarity and security, the essential advantages of cryptocurrencies, the world of digital cash emerged as a strong alternative to traditional financial mechanisms and money transactions. This to the great dislike of many traditional companies in the financial world.
The number of online casinos introducing cryptos as payment methods is constantly growing. In addition, regulatory bodies such as Malta Gaming Authority are working on promoting blockchain technology and that alone is proof we have only began to schratch the surface of the blockchain’s true potential. Who knows in the future the crypto currency will be the first currency of choice for both online gamblers and online casinos.
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