Although it is yet to be rolled out across the entire industry, Blockchain technology has produced a fairer gaming experience for casino players, whereas a number of cryptocurrency-only operators have used this to their advantage and have been able to make significant strides within the sector.
What is Blockchain Technology?
Blockchain is a digital ledger which is used for recording transactions (often financial). It is used to track the movement of virtual currency and once completed, it cannot be manually altered or falsified. Transactions made using Blockchain are stored safely with each undertaking stored as a ‘block’ which is subsequently added to the existing ‘chain’.
Although amendments cannot be made, each record can be quickly checked and verified. It has proven particularly handy for those who wish to pay for online services or goods using cryptocurrency methods such as Bitcoin or Ethereum.
How Has Blockchain Positively Impacted the Online Casino Industry?
Anyone who wants to enjoy online roulette or blackjack can use a Casino database to compare and contrast the latest welcome bonuses, however, Blockchain technology has also enabled several cryptocurrency-only operators to launch products within the UK, thus creating a more competitive and varied selection of online casinos.
Furthermore, traditional and established online operators have been able to add cryptocurrency to their list of payment methods. This has seen them become instantly more appealing to those players who prefer to use Bitcoin for the majority of their online transactions.
Crypto transactions are also decentralised and are far more cost-effective for online casinos. There are no validity checks, no bank fees incurred and no third party approval required. This lowers the overall cost and expense involved and can be viewed a significant benefit to the host site.
How Has Blockchain Positively Impacted Online Casino Players?
One of the major concerns surrounding online gambling is privacy. Blockchain technology has helped to eliminate any worries about online casinos potentially storing the financial information of their players. The public Block chain validates cryptocurrency instantaneously and anonymously. YThis ensures that player are no longer required to input any credit card details. With very few personal details requires, this tends to speed up the registration process too.
Online casinos who accept crypto payments are not required to validate your identity and this reduces the chances of becoming a victim of hacking or having your financial details passed onto third parties.
Block chain networks are also required to maintain a ledger of all user transactions and these can be checked by the gaming authorities at any point. As a result, this encourages online casinos to be transparent and fair when it comes to pay-outs. This is a huge benefit to players as it gives them a realistic chance of receiving all of their winnings immediately.
Block chain technology has transformed the betting industry and it has forced online casinos to improve their transparency. It has also created a safer, anonymous gambling experience for those who simply want to access their favourite online slots and table games without having to divulge their financial details.
