The iGaming industry has bloomed as much as the blockchain has and the reasons are clear as day. First, both are revolutionary. In iGaming, players are pitted against each other across the globe, negating the need for physical meetups. Blockchain technology has nullified the need for third-party institutions that verify transactions. Even so, one question persists: is there an intersection between the two? Will blockchain technology dent the casino online world? Has the gambling industry positioned itself to take advantage of the obvious perks of cryptocurrencies? This article illuminates the confluence of the two breakthrough technologies.
To better understand this piece, we decided to detail the necessary information about basic terms related to cryptocurrencies.
Blockchain is a self-regulating programmed system in which a series of independent nodes work simultaneously by processing similar commands. The biggest plus of this technology is the application of the distributed ledger. The distributed ledger works like so: a shared database is synchronised across multiple sites.
Another advantage of blockchain is the public supervision feature that is one of its foundational subsets. This does away with the need for a third-party institution to check the legitimacy of transactions. Secondly, public supervision shields the whole system from cyberattacks. This is done without committing a great degree of human effort: all transactions are encrypted using programmed smart contracts. Smart contracts follow the simple but complex if-else statements that are the building blocks of programming.
All inventions have an Achilles heel, blockchain technology isn’t any different. There are a handful of factors in cryptocurrencies that can be improved. First, is their volatility. Since their inception, the value of cryptocurrencies keeps on changing by the day. This means that there can be a significant loss or increase in value every day or within a short period.
Decentralised digital cash has been on the receiving end due to bad press, small option value to large holders, news about security breaches and variance in perception of the store of value. These are reasons enough for the need for the creation of a legislative framework which will draw in more companies and industry players.
With the slew of advantages cryptocurrencies offer as payment options, it is only natural for their integration in casino online. Such advantages include fast transactions, significantly low fees, and no chargebacks.
Security, clarity and transparency have tilted scale in favour of cryptocurrencies; traditional financial mechanisms and money transactions taking the beating. Many online casinos are aware of the advantages and are integrating the different cryptocurrencies in their websites.
Casino online regulatory authorities are also working on promoting and approving blockchain technology as a payment method. This is a huge shot in the arm for any casino online player with doubts about the inclusion of blockchain technology in gambling.
Blockchain has been the most recent disruption in the financial technology world. It is only natural for it to find its way in casino online. It is recommended to try out Jackpot Fruity, a secure and regulated gambling site that has most casino games.