Bitcoin with no doubt can be considered one of the main news feeds of the past five years. The rapid growth of this cryptocurrency, which began in July 2017 and peaked in December 2017 at around $ 20 thousand, made many of us bite our elbows and regret that we did not invest in it when it’s cost was around a dollar. The next year was marked by a multiple decrease in its value and the spread of headlines and comments throughout the Internet, such as “The Next Financial Pyramid Has Crashed” or “The Overvalued Crypto Bubble Has Finally Burst”.
Today, the price of one bitcoin is around $ 6,000, and this is a very good result for a physically nonexistent currency, provided only by the computing power of the miners. However, the main value of Bitcoin is not how much banknotes are given for it, but in the technology on which it relies.
What is blockchain?
Blockchain is a decentralized transaction database, otherwise called a distributed registry. It is recorded as a chain of blocks, each participant of which has an identical copy of the entire registry, protected by his personal digital signature. Any change in the chain is recorded and subsequently can be tracked.
Each block can be considered something like an integral part of a mathematical puzzle – each subsequent link in the chain has a beginning that ideally fits the end of the previous link, and so on to the very end of the chain. In other words, this is a safe technology, protected from unauthorized access, because if someone tries to make changes to one of the blocks, the system will reject the defective block, since the correct unaltered copies will be stored by other participants in the chain.
Blockchain has already shown extremely high efficiency in many areas, including finance and insurance, but how can it help online casinos? Let’s figure it out.
Gain the trust of online casino players
“Casino always wins” is a well-known saying that arose for a reason. Everyone understands that a casino is a profitable business, and not a single enterprise will work at a loss. However, it was never possible to find out the probability that a casino has established for winning. So, the problem is not that the casino earns, but that no one knows what its margin is equal to – 5%, 10%, 50% or 99%.
This is especially true for online casinos, in which it is often difficult to find out to whom it belongs. Even if a player feels trust in a best online casino for money, he can never be able to check whether the game has really works honestly. Therefore, he blindly has to rely on the integrity of the operator. This is where the blockchain can come to the rescue.
Play from anywhere no matter who you are
Ten years ago, maintaining anonymity on the Internet was a trifle – many even managed to do without special software. Today, large Internet companies know who you are, what you like, where you are and with whom you communicate, you only need to open a laptop.
Blockchain allows you to maintain complete anonymity. At the moment there are online casinos which work on the blockchain technology (for example Casinonic casino), where you do not even need to confirm your email address. All you need to do is send funds to the crypto address. It also allows you to get rid of the upper boundaries, which are often put on game accounts, and significantly accelerate the withdrawal of funds.
Other advantages of using blockchain technology in the field of online gambling include the development of the use of the Pay-As-You-Go system – transactions on the blockchain are faster and safer than traditional bank transfers. They are easier to use and do not require the involvement of any financial intermediaries, because in this case the blockchain itself is the intermediary responsible for making the payment.
What has already been done?
The growing popularity of gambling dApp’s (decentralized applications based on the blockchain) only confirms that soon the blockchain will become a widely used technology in the field of online casinos.
According to a recent Dapp.com report, most of the apps developed last year on Ethereum related to gambling and betting. Despite the fact that only 15% of Ethereum users used these applications, they provided almost a quarter of all blockchain network transactions in the third quarter of 2019.
Blockchain is the future of online casinos
Using the blockchain in the online casino industry will improve the user experience of players and help eliminate many of the problem areas of the online gambling industry. Online gambling will become more transparent and trustworthy, the number of cases of fraud will be reduced to a minimum, and crediting and withdrawing funds will be much faster. It remains only to wait until all legal restrictions are lifted so that the blockchain firmly enters our lives.