The emergence of crypto changed a lot of things and a lot of lives. One of the things it changed is the way we perceive payments and cash and the other are the side things like gambling, wagering and similar.
Today we are discussing cryptocurrency and its impact on the online gambling world. To be precise we will discuss just how crypto changed the way we see and use online gambling services. Are they becoming fairer or are they simply harder to track?
Crypto brought us many goodies and one of those is decentralization. When it comes to online gambling, we see that many Decentralized Casinos are popping around like mushrooms after rain. This isn’t a bad thing, and we will tell you why!
An amateur gamer uses luck when playing at a casino while a pro gambler uses all of his skill to play against the casino. So far, we all know that all the casinos have the odds stacked against the player and what we are all wondering is whether there is a slight chance for a fair game?
Even though we all know how crypto and blockchain works there is always someone who doesn’t get it. There are lots more that think about how blockchain technology is utilized in the casinos but we know that most of you are mistaken.
This is your lucky day though because we will discuss just how the blockchain is used in gambling and what to look for if you want to avoid scams. Let’s begin, shall we?!
As we already mentioned the crypto technology in the online gambling industry is perceived ambiguously and most don’t believe that it has a future while others tend to embrace its good sides like anonymity, financial independence and fixed commissions. To be honest this was all the same when cryptocurrency first emerged and the first crypto coins popped up.
Look where it brought us, and imagine how well utilized it can be in gambling.
Leading world countries in gambling are the US, China and Japan and the revenue from gambling is beyond everyone’s imagination, which is why the organizers of these games are racking money left and right. But let’s not get too technical and let’s not fling numbers that don’t mean anything to us. What you all want to know is how the crypto technology is being used and is it on your side?
Blockchain technology is divided into two groups – betting and gambling. The division of this sport lies in the difference between the principles of operation. In a classic casino, the client pays against the casino, in the case of betting the clients are playing against each other.
Blockchain casino works simple, all information about user transactions is fixed in a thing called a smart contract. This serves as a basis for the information of percentage of payments as well as ratings of popular games.
Casinos will, without any doubt, always stack the odds against you and in the long run, they will win and you will lose, but with blockchain, you can diminish this and have a chance at the big jackpot.
Casino’s use all kinds of trickery to hide their winnings data, game results and payouts but with blockchain integrated you can view all this information easily and transparently.
To make sure that your casino will not cheat you even with blockchain tech, and believe us they can, you can visit those that transparently state that they use certified software instead of a homemade one. this fact alone can help you change the results of a game sequence.
Another thing that blockchain has eased and made more transparent are the casino payouts. There are always dubious casinos that will simply withhold any payout you request but continue to accept new deposits and bets until they have accumulated enough to close shop and leave you all hanging.
With blockchain, it is possible to conduct millions of transactions between online sites and players. this means that there are no third parties like banks and there is no payment delay.
Thanks to blockchain online gambling have become safer and safer. The blockchain simply roots out all the scam sites and doesn’t allow you to be the victim. In a blockchain-based casino, the actions of players and casinos are displayed in an unchangeable public registry.
Thanks to smart contracts payments are made automatically and the most important is that casino owners can’t prevent this. another important thing to you players is the solvency of any given casino at any time, which is easily obtainable, again, thanks to the blockchain.
Thanks to these facts many casinos, lottery operators and bookmakers that use blockchain technology in their activities are striving to demonstrate their transparency and the accountability to prove their honesty towards you – the player. Many casinos use crypto coins to place your wagers and some of the first ones offered things like instant withdrawal of your coins and offered games from a Microgaming developer.
With all of these good things, one stands out the most – anonymity. We all know that traditional financial institutions require a ton load of personal data casinos that use blockchain technology won’t ask for a fraction of those data.
Bitcoin networks are decentralized and operate on an equal footing and they promote confidentiality and anonymity which is the exact reason why they are so attractive when it comes to payments of any kind.
To summarize everything there are so many benefits of the blockchain and there is no doubt that it has turned around the online gambling community. From the thing that was frowned upon and picked up only by the brave ones that didn’t carry about the money, they could lose to a scam online casino, with blockchain it is safe and fair game to all of us. the blockchain is there to root all the traditional online casino scams, put a layer of protection and transparency for everyone to enjoy the game they like.
As we have seen from the cryptocurrencies and their market, there are simply very few things that can go wrong with the usage of blockchain technology and those smart contracts. This is also a lot safer when your casino of choice uses that certified software, not something someone coded in their basement at 3 AM.