Cryptocurrency is the word on everyone’s lips at the moment. You’ll hear about it in gaming, buying luxury goods, and even in industries like real estate. Internet service hosts are adding crypto options, and it might not be too long before places like grocery stores start accepting the more mainstream crypto coins. There are thousands of coins on the market, with more appearing every day, and lots of options to pick from. But this increased interest has led a lot of people to wonder why there’s such widespread adoption, especially in the gaming world.
There are multiple answers, of course, but one of the big ones is security. Crypto offers something of immense value in today’s cybercrime-heavy world, and it provides a much more secure approach to finances and personal info than traditional banking institutions have ever been able to provide.
Let’s delve into how.
You’ve got a public ledger
First of all, most cryptocurrencies use the blockchain, which creates a public ledger displaying all transactions that ever occur. As soon as anybody moves cryptocurrency, a record will appear on this ledger, in something known as a node, and mark the change. It can’t be undone (by anyone – original owner, person receiving the funds, system admin, etc.) and will remain publicly marked forever. Even if the transaction is reversed, it will just show as a new transaction, rather than erasing the old one.
Furthermore, the ledger is dependent on the agreement of many, many computers, making it much harder to force a fraudulent change – unless enough of the computers agree on the transaction, it won’t be made and won’t appear on the ledger.
That’s great news for gamers everywhere because it almost eliminates the risk of fraud. You don’t need to worry about somebody else making transactions with your funds, allowing you to sit back and enjoy the game in full.
So how does this work?
Say you’re playing your favorite game at a crypto casino such as mBit Casino. You make a deposit to enjoy a round of the slots or a hand of poker, and that deposit will be permanently recorded on the blockchain, with no means of ever changing it. Furthermore, if you win, the transfer of funds in your direction will also be recorded on the blockchain! That means the funds will be publicly shown as yours and nobody will be able to rewrite or erase the information. That’s why so many top casinos have opted for this approach in recent years; places like mBit Casino recognize that this is an enormously effective way to bump up their players’ peace of mind and ensure they can have a great time while they’re playing their favorite games.
The gamer in question can even check the public ledger for themselves to make sure they’re happy with how everything has gone. They can see the transactions laid out transparent and open, instead of having to wait for funds to clear, meaning we’ve got a superb move toward transparency with this tech.
Of course, that’s not the only advantage crypto offers up to the enthusiastic iGamer, and the casino industry in particular is well aware of that.
We see enhanced anonymity
Next up, one of the biggest advantages of many cryptocurrencies is that they offer way more anonymity than traditional finances. Our financial world has long depended on knowing quite a lot about people – names, addresses, birthdates, and more. Crypto, however, reduces the need to share any of this info with the iGaming provider you choose, and certainly with other people. Instead of having to send lots of information and undergo security checks, you’ll only need to use the public keys associated with your crypto wallet.
These keys reveal nothing about who you are and don’t let anybody access your funds; they simply offer the address of your crypto wallet so that you can use it. Security is suddenly at a max. It’s much easier for players to keep their personal info off the web, reducing the risk of identity theft and bumping up their anonymity.
Casinos and other iGaming providers recognize that these things are great for your average player, and thus turning to crypto is a super logical step that many of them are taking.
It’s much quicker
You might not think of speed as a security aspect of using crypto, but in some ways, it can be. When it comes to traditional financial transactions, if a transaction takes days to clear, there’s a much greater risk of players forgetting to check in or not noticing when something has gone wrong. With crypto, though… well, since most transactions happen much faster, players can keep an eye on their wallets while the game is at the forefront of their minds. This increases the chances of them realizing if a problem has arisen, which bumps up the security aspect another notch.
Of course, the speed pleases players in other ways too – just ask anyone who has opted for a crypto casino and enjoyed its benefits! In short, though, this is an oft-overlooked element of security that gives players more control and oversight of their finances, and that can only be a good thing.
