Blockchain Technology is the greatest invention of the 21st century. The gamechanger has improved man’s life in different aspects of society, including gambling. With Blockchain Technology, most online casinos include Cryptocurrency in their payment options and even launch crypto dice and games.
Blockchain technology is a huge factor that has helped expand the gambling industry. Punters can now enjoy a fabulous gambling experience through crypto games and easy deposits/cashouts.
Blockchain Technology Overview
Simply put, Blockchain Technology is a decentralized digital ledger that records transactions like intellectual property, virtual money, properties, or anything of value. These transactions form chains, and when there’s a new transaction, a block is created and put into the existing chain, forming blockchains.
Records are secured with strong cryptography to protect owners’ data from being tampered with or altered. Transactions are shared with members of the blockchain for verification to prevent fraud.
Cryptocurrency: A Fragment of Blockchain Technology
Cryptocurrencies leverage Blockchain technology to prevent duplicate payment spending and enhance security. They are digitized assets used for financial transactions. Bitcoin was the first currency to launch in 2009 and is the leading currency in the crypto market. Other coins include Ethereum, Zcash, LiteCoin, DogeCoin, Ripple, etc.
Crypto has become a popular payment choice for many businesses. Due to the favorable nature of Blockchain, many markets, including the gambling market, accept it as a legal tender—companies like Amazon, Microsoft, Dell.
Cryptocurrency and Gambling
The gambling industry is one of the largest markets in the world, with an estimated worth of 72.02 billion at a compound annual growth rate (CAGR) of 12.3% in 2021. The market includes casinos, sportsbooks, lotteries, etc. The online casino market generates massive revenue because of its dynamic games, accessibility in phones and desktop devices, and crypto payment options.
Many online casinos are capitalizing on the cryptocurrency trend. Apart from payment options, these casino sites always introduce a variety of games to enhance users’ experience. Among the games is the crypto dice game. Crypto dice is a virtual game that imitates dice games in land-based casinos. However, its uniqueness lies in its blockchain nature that secures punters’ privacy and ensures transparent gaming. Crypto dice odds are usually low, and the withdrawals are instant. Most cryptocurrency casinos offer crypto dice and other crypto games.
Crypto has benefited society by making life easier. People can save valuables as digital assets and make financial transactions at little or no cost. Unlike banking, payments are quick, and there’s a lower risk of payment fraud.
For gamblers, it ensures that your identity remains unknown so that you can gamble anywhere regardless of the legal jurisdiction.
How Blockchain Benefits the Society and Gambling Industry
Blockchain technology has proven to be beneficial to the world through Cryptocurrency. And these advantages include
The features of Blockchain technology protects users’ information by storing it in a ledger. Members of the Blockchain publicly validate transactions to prevent alteration, hacking, and payment recurrence.
In the casino industry, Blockchain will give maximum security to casinos and punters. Gamblers won’t stress over registering or verifying their account on a casino site. Their details are not required and thus protect their identity.
People are reluctant to share their personal information on websites because of cybercrime. With Blockchain, gamblers can skip the personal data page and go straight to depositing crypto funds and validating them to play games. This removes the risk of hacking and fraud.
Online Casinos that accept Cryptocurrency have a greater edge over their non-accepting counterparts. Using crypto as a payment option brings traffic to a website because it’s people’s preferred choice. Since personal information is not required, potential clients can easily access the sites, make a quick payment, and play Crypto dice.
Punters are sceptical about playing in some casinos, especially offline ones because they feel that the system is manipulative. But Blockchain eliminates this skepticism because it records gaming transactions publicly in a credible and unalterable way.
Crypto casinos use crypto-empowered open-source programming algorithms that ensure the elimination of fraud or risks.
Blockchain technology and Cryptocurrency are designed to eliminate an intermediary. This reduces transaction fees and makes payments and withdrawals faster. This is mutually beneficial for gamblers and online casinos.
Blockchain technology has helped the gambling industry to thrive, and it is gaining popularity with players. Some casinos are solely into crypto games like crypto dice (crypto casinos), which has skyrocketed the online casino market.
These advantages make blockchain technology a significant factor in the gambling industry.
Ethan is a senior writer at Crunchoid Inc, where he covers media and advertising and co-hosts the Original Content podcast. Previously, he worked as a tech writer at a famous media publication and as a senior editor at a tech blog.