Blockchain Technology to Revolutionize the Online Gambling Industries

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The innovations in online trading and gambling industries have caused a significant increase in the number of outstanding portfolios from expert gamblers. 

Well, even the novices have already bettered their experiences by embracing the benefits of digital transactions and online payments. However, truth be told, there will always be some sort of hesitation from some players due to inevitable fraudulent activities broadcasted by media. 

Blockchain Technology Explained

Blockchain gambling is actually an online sport that specializes solely in cryptocurrency withdrawals and deposits. With that, players will no longer have to access traditional transaction methods such as an e-wallet, credit, or debit when it comes to depositing funds into their account.

Instead of doing all of that, everything in the blockchain platform centers on digital currencies such as Ripple, XRP, Ethereum, Bitcoin, and others.

However, some people have foreseen some limitations when it comes to blockchain technology. Betting activities can’t be done without the player having to open their own account, submit their personal details and bank details, verify their identity, and deposit huge sums of money.

 

With all that, there is indeed a need to reassess these activities before fully engaging in them. 

Questions such as “What would happen when online transactions aren’t accounted for?”, “Is there a legitimacy of the funds of the operator?”, and “Is it possible to lose their hard-earned money?” are what the blockchain system answers.

So how does blockchain solve these issues?

Blockchain and gambling are actually meant to complement each other for several reasons which are as follows:

  • Decentralization

Decentralized ecosystems are actually more cheat-proof and much safer compared to the conventional method wherein information can be easily tampered with and the game easily manipulated. 

  • Low-Cost Gambling

The name itself says it all. Lower transaction fees will always be an ideal element when it comes to online gambling. Transaction fees in some methods are more costly, causing players to lose more and more funds, especially when they transact huge sums of money. 

  • Privacy and Anonymity

In the crypto world, privacy is the most important factor that caused people to gravitate towards its realms, and anonymity is actually the most demanded factor.

The “Potential” of Online Blockchain Gambling

Blockchain gambling provides more than just what was mentioned above. There’s no wonder why players have been shifting from traditional methods to these innovative, newly developed ones. Below are the other benefits that players experience when registering in cryptocurrency casinos:

  • Easy account creation and withdrawal

Betting with blockchain enables players to register and open their online gambling accounts on their most preferred gambling website within a matter of seconds. As long as their email addresses and other personal information are valid, players can immediately start playing. 

This is indeed one of those “sought after” advantages players have been longing to experience. In a snap, players can deposit their funds into their respective crypto wallets (or accounts), and there is no need for them to wait for a long period just to have their deposits credited to their accounts.

When it comes to the withdrawal process, traditional betting sites usually require their players to wait for one to two business days before the amount will reflect in their bank accounts or e-wallets. Blockchain gambling allows players to instantly withdraw their funds and have them in their wallets within minutes.

  • Minimal or no know-your-customer processes at all

Traditional gaming registration methods ask for their clients’ necessary documents such as passports, driving licenses, and any valid IDs. When their clients can’t provide these documents, it might be a red flag in security terms.

On the other hand, blockchain betting systems no longer ask their new applicants for some KYC documents while players are 100% ensured in terms of anonymity.

  • More competition and lower house-edges

The traditional Bitcoin gambling space has been distracted by regulatory red tape because online platforms have been dealing with withdrawals and deposits in fiat currency form. As a result, there has been an increasing cost for gambling platforms. This means that house-edges are currently on top while sports betting is becoming less competitive. 

Nevertheless, because blockchain sites don’t have a connection with fiat, they aren’t bound by similar regulatory restrictions. Thus, players have found out that these platforms stimulate more competition when it comes to sports betting.

The same goes for having lower house edges for casino games. Well, this can be the case, especially when playing casino games that are supported by the tool named Provably Fair.

  • Provably Fair tool

Blockchain has actually introduced a tool called “Provably Fair” that allows players to confirm each result and ensure that they are not being deceived by cryptocurrency Bitcoin bookmakers. Undeniably, this helpful feature can guarantee transparency, integrity, and fairness in every game.

The abovementioned findings conclude that blockchain technology indeed has the ability to revolutionize online gambling for regulators, players, and operators. There is no wonder why most players are already shifting from traditional Bitcoin gambling to crypto casinos.

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