The Future of Cryptocurrency in Online Casinos
As per the financial tendencies on the internet in the last few years, the future of the digital currency has arrived earlier as expected and occupies an integral part of the lives of humans now.
When it comes to iGaming and live casino games, the future is not near; in fact, the future is now. With the increasing popularity, cryptocurrency fever is sweeping around the globe. No other industry apart from online casinos has greeted Bitcoin and blockchain technology warmly.
A few betting sites have incorporated cryptocurrency into their operations. As expected, there were teething problems that were, more often than not, a subset of the issues caused by cryptocurrencies. But for the better part, the operations remain the same.
A prominent feature of cryptocurrencies is the fact that every transaction and its details such as coins transferred, and date and time of the transaction, are recorded via blockchain and verified in the public ledger. This happens to anyone who’s mining in real-time. This negates the need for a third-party institution such as banks and other financial players in a country.
With it came the advantage of swift transactions. With blockchain technology, however, transactions are completed in much a faster and hassle-free manner, which is beneficial to both operators and gamblers.
Another big plus for cryptocurrency is the fact that users remain forever anonymous and transactions are encrypted, making it impossible to track payments, an extra advantage for users with concerns to their privacy. On the other hand, blockchain eliminates third parties, allowing transactions to be made directly between the operator and the player, so it will be impossible for banks to track down your gaming activities.
Online casino is oriented globally, which is another major reason to implement cryptocurrencies and blockchain technology. With a digital money, there is no need to convert casino bonuses into currencies.
The blockchain technology poses as a solution to this problem since it can greatly simplify the sign-up process or even altogether eliminate it. Some crypto-based new live casinos have completely done away with registration and allow their new customers to start wagering immediately after they send a bitcoin to the specified address.
Since the blockchain technology is not controlled by any financial institution, payments conducted in this manner are either incredibly cheap or entirely void of additional costs.
With the latest trend in decentralized technology, cryptocurrency experts consider an absolute endorsement of the digital tokens by online casino site shortly.
There’re some issues too
Though the transactions are swift, it is not possible to reverse them once they have gone through. Traditional methods of money transfer may take time to rescind transactions, but they ultimately get you your money back. It means that users are protected from schemers and fraudsters.
Cryptocurrencies such as Bitcoin have been fluctuating in value. It means that the future with regards to the value of a bitcoin isn’t known. The uncertainty of this cannot be overlooked.
Regulatory authorities highly regulate financial institutions. The importance of regulation cannot be underscored: it shields the industry from total meltdown; it ensures that money for the general public is protected and maintains a balance on the market. Cryptocurrencies, on the other hand, are not regulated in any way. At least not by any regulatory authorities. In crypto, the mathematical calculations and encryption protect you.
In other words, the emergence of online casinos where only cryptocurrencies are used repelled the regulation of online casino business for a good dozen years.
The regulation of the gambling business has always been complex. Before the Internet era, popular casinos faced a similar problem: it was difficult to control how much money was won or lost. In many countries, this problem was solved by introducing an expensive gambling license that embraced the cost of the license itself as well as the cost of each gaming table and machine.
Unfortunately, there are numerous potentially fraudulent cryptocurrency casinos out there, and that is why any cryptocurrency gaming enthusiasts should only play at legitimate gaming sites.
There’s a great deal of volatility and instability surrounding bitcoin and its contemporary cryptocurrencies today; however, you can’t deny the fact that the popularity of blockchain applications will continue to grow at an exponential rate in the coming years and conventional financial systems could face a tough time standing up to the challenge.
Keeping in mind the above challenges and future expectations to be explored on a far more greater horizon. It becomes palpable that the benefits to be garnered from blockchain technology, as well as for cryptocurrencies by online casino ventures, can never be overemphasized.
SummaryName: The Future of Cryptocurrency in Online Casinos
Author: Charles Richter
Published Date: 12/09/2019