When cryptocurrency and the technology behind it came on the scene, it was initially viewed as something new that would change the way we pay for stuff. However, there has always been more to crypto than meets the eye, and it’s been able to work hand in hand with other industries to provide an array of benefits.
From the outset, there was always a feeling that cryptocurrency and the tech behind it, known as the blockchain, could work very well alongside gaming, and more specifically, gaming in the sense of online casinos. The reason for this is that cryptocurrency could work in the sense of being a payment solution, and the benefits of crypto and the blockchain could also work in tandem with online casino services. So, it was more than just being about a new currency arriving on the scene.
There are multiple benefits provided by cryptocurrency and the blockchain at online casinos, and they begin, in the first instance, with the whole idea of decentralization. Transactions that are processed aren’t being run via third parties, and the government and other financial regulators can’t get involved either. And when this is followed up by the blockchain being a public ledger, where any entries into the database are verifiable, it offers the ultimate transparency without risk of any interference at any stage.
And, following on from the above, what a public ledger, where all entries are verifiable means, is that there’s no way for hackers to listen in on or intercept transaction and banking details, which is key at online casinos when you consider that there are transactions taking place to and from a service all the time. Only authorized users can work with the public ledger, so hackers will always be kept on the outside, as they couldn’t gain unapproved access at any stage.
Of course, while established longstanding online casino operators can benefit significantly from the use of cryptocurrencies and the blockchain, so can those who have recently entered the gambling space or planning to launch a gaming service. Members at online casinos can utilize cryptos such as Bitcoin and Ethereum, which will help them remain anonymous when spinning the reels of video slots, for example. The way this works is that there are no personal details attached when using cryptos to complete transactions, and this also means a player’s location will also remain private, which is ideal in countries where online gambling doesn’t necessarily get the thumbs up.
Crypto and blockchain have also been able to act as problem solvers, calming concerns on several fronts in the online casino industry. There have long been complaints from many about the speed of transactions and, more specifically, withdrawals. And, while many fiat currency payment solutions have upped their game on this front with cryptos, because there isn’t that third-party involvement, it’s usually a matter of minutes, or even less, to get funds from A to B successfully. So there’s no longer the annoyance of having to wait days on end to receive a withdrawal.
Another concern has always surrounded how fair and honest the results of casino games are, such as video slots. However, thanks to blockchain technology, where all results are verifiable, it means that games are classed as provably fair. So, players can spin the reels of slots and engage with other forms of casino content, knowing that everything that happens is more than above board and that the end result is always fair. Playing at online casinos and thinking that the operator or game developers could be exploiting players in some way, shape or form is a thing of the past.
It’s fair to say that, even though crypto prices are currently down and the space is in the news for all the wrong reasons, cryptocurrencies and blockchain technology, unlike a lot of what has gone before, have been and continue to be game changers where gaming and online casinos are concerned. The benefits of the two combined have bolstered a casino service on several fronts, including safety and security primarily, while also solving problems of the past that there didn’t appear to be a solution for. It will be interesting to see how things evolve moving forwards.