Online casino gambling is one of the fastest-growing industries in the world. The market has even grown more now that almost everyone has the internet and a mobile phone. Also, most operators only offer their online gambling services in regulated markets. This makes it more trustworthy among players.
With the introduction of blockchain technology, the iGaming industry has changed in so many ways. In fact, radical changes in the digital payment mechanism for crypto casinos have advanced on many levels especially online transaction security. With the technology, it’s hard for your account details to fall into unauthorized hands.
What is blockchain gambling?
In simple terms, blockchain allows people to transact easily without relying on any third party like credit card companies or banking institutions. For example, Bitcoin and Ethereum use blockchain technology.
When cryptocurrencies were introduced into the gambling industry, it was picked very fast by many users. This is because you don’t have to deal with any central governing body to do your transaction. It’s simply between you and your peers. What’s more, some sites allow you to only scan a QR code to complete the transaction. But how do you get these digital coins? Well, you simply have to buy them from a crypto exchange site like Coinbase or Binance. After that, you will get a wallet address which you will be required to provide at the online casino during the deposit or withdrawal processes.
Advantages of blockchain technology in casinos
Here are some of the main advantages of blockchain:
Gambling security – blockchain ensures that all your account details are safe from any third-party intrusion. In fact, you will only be required to provide a wallet address for the casino transactions to be completed.
Fast casino transactions – cryptocurrency casinos usually process withdrawals and deposits within minutes. What’s more, the casino transactions are free of charge, meaning you get to save up on every penny earned. So, if you want to get your withdrawals quicker, find more information on how to be informed on these types of casinos.
Player anonymity – one of the best features of blockchain is that you get to transact anonymously at an online gambling site. Unlike traditional casinos, you will only identify yourself with the wallet address at a Bitcoin online casino during the withdrawal process.
Boost trust in the online gambling system – crypto casinos have become the go-to option for many players as you can play anonymously, enjoy fast transactions, and play responsibly at the same time.
Disadvantages of blockchain technology in casinos
Like anything else, blockchain casinos have their strengths and weaknesses. Here are some of their cons;
No central governing body – blockchain technology’s main feature is that it does not have any governing body. This makes it hard for the market to be controlled. So, if you are not careful, you may end up falling victim to online scammers. You should, therefore, always play at a licensed online crypto casino. Some of the best-regulating bodies are the UK Gambling Commission and the Malta Gaming Authority.
Price fluctuations – since there is no central governing body, the prices of these digital currencies usually fluctuate from time to time. So, it’s always advisable to learn more about the market before joining any online crypto gambling site.
In a nutshell, blockchain technology has positively impacted the online casino world. Although it’s still a grey area in some jurisdictions, cryptocurrencies will be around for a long time. So, if you don’t know about the industry, you should probably start doing more research.