|Wednesday 8th January 2020|
How Blockchain Is Impacting the Casino Industry
With so many tech trends being implemented by casino sites it’s no wonder that anyone can see how blockchain is impacting the casino industry. Despite the many advantages of casino sites like excellent graphics and smooth interaction, there are some things that blockchain can bring to the casino world. Some casinos like Bitstarz, Miami Club Casino, FortuneJack and many others have already accepted blockchain technology as an integral part of their system. Bitcoin is the most used cryptocurrency and is crucial when it comes to proving the importance of blockchain technology in general.
The one feeling that never really leaves an online casino player is the feeling that they’re being cheated. In spite of the fact that casino sites are fair sometimes someone seems to lose a lot of money. The truth is that casino sites rely on a small percentage, called the house edge, to keep themselves in business but there’s nothing stopping some casino operators from stealing your money. How can blockchain help? By allowing you to verify your bet. Although this is a process that takes a few steps, in the end, you’ll know that you’re not cheated out of your money. After verifying your bets you can be sure that a casino site can be trusted.
Payments also seem to be a frequent problem with casino sites. The thing about them is that if you want winnings sent to your account you’ll have to wait for a few days before the process is over. Blockchain can change that because it enables peer to peer transactions. Only two parties are needed for this kind of transaction and they are the only ones who know the nature of the transaction. This helps out with another thing – the legislation. Countries usually have strict laws that restrict online casinos so using blockchain technology might help you go around those restrictions.
Moreover, banks cannot intercede with peer to peer transactions and you wouldn’t have to pay substantial fees simply because you’re transferring casino winnings. The watchful eyes of the miners keep blockchain transactions secure and they don’t have to know what is being transferred. The thing is that they will also charge a fee for their services but it will be significantly lower than bank fees. Also, the waiting period for the money to be transferred to your account will be shorter. When you consider these points you will know that there are advantages to using blockchain and it will have a big impact on the industry.