The development of Bitcoin was to decentralize finance from a central authority. Derailing orthodox finance systems from the tracks of global banks meant payments could be cheaper as no verification was needed by third parties – and the use of blockchain meant those payments were safer and faster. Ultimately, the birth of Bitcoin allowed cheaper, safer and swifter peer-to-peer payments around the world. So, who would have thought the technology behind it would expand into so many other industries?
Photo credits: Martin Maier
Blockchains have already been adopted in industries outside of finance. Car manufacturers are using them to track the history of a vehicle, preventing odometer fraud and attempted criminal sales. Likewise, the music industry is starting to rely on blockchains to prevent copyright issues and hand out royalty payments fairly. Now it’s time for the gambling industry to cash in on blockchains.
Current Issues in the Gambling Industry
Online casinos use promotions and bonuses to attract players in a saturated market. Royal Vegas Casino is a great example by offering a wealth of offers to new and existing players. Yet, players also want other things from the online casino they choose. They want cheap deposits, fast withdrawals and they want their details to be secure in an age where internet hacking is rife. These are three areas where online casinos need to provide answers – and the blockchain can help them do that.
Blockchain Adoption to the Rescue?
Naturally, not all casinos are including the blockchain to help them answer current issues, but if they did, they could implement smoother processes and increase player satisfaction.
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Cheaper
Some players may use deposit methods that cost. For example, using a credit card or a foreign bank to make a deposit. These costs arise due to handling fees, which can be avoided with crypto deposits. This doesn’t necessarily mean players will gamble with crypto but casinos could accept crypto and then give players the fiat currency equivalent.
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Safer
When making a deposit with crypto, the player will not need to enter or store their bank details on the casino site. What this means is the security of the player is enhanced. With no personal or sensitive details entered, the chances of hackers accessing that information and creating fraud are removed.
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Faster
Nobody wants to celebrate a big win by waiting days to receive their money. Casinos offering to payout players in crypto can also speed up the withdrawal process and enhance the gaming experience. Crypto payments are often much faster than waiting for banks to process a payout.
Niche Blockchain Advances in Gaming
As well as the benefits of blockchains in the gambling industry focusing on payment structure, withdrawals, and security, blockchain-based casino games are also coming to light. Bitcoin casinos are popping up with games like Bitcoin Dice becoming big hits. There is certainly a place among gaming for blockchain – so expect more developments in the near future.
