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Is blockchain technology opening a new era for online casinos

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by , 15 June 2021 at 11:23 pm (85 Views)
In the past few years, Blockchain technology has opened up the world to possibilities that most people thought were impossible. Its creation set the stage for the development of cryptocurrencies which are a decentralized currency. With cryptocurrencies, financial transactions are verified by individuals, not financial institutions. This means that payments using cryptocurrencies are untraceable and anonymous. Not surprisingly, as more people get used to the idea of incorporating cryptocurrencies like bitcoin into their everyday lives, more companies are using it as a means to accept payment for products and services. The same is true for online casinos which have increasingly permitted the use of bitcoin and other cryptocurrencies as legal tender. Blockchain is a disrupter and this is now a new era for online casinos. These are the reasons why the blockchain trend won’t end anytime soon.

Low to no charges – Credit cards have been used for decades, affording consumers a quick and easy way to pay for goods and services. However, one of the disadvantages of using a bank's payment system is that the business has to pay for the subsequent fees. These can add up and can increase a company’s overhead. With blockchain, users and online casinos don’t have to rely on a financial institution when it comes to verifying transactions. Thus, using blockchain technology eliminates the middleman, and potential charges are either drastically reduced or eliminated. The ability to pay less in fees is attractive to online casinos who stand to lose less to credit card fees.

Security – Understandably there is a concern that online casinos aren’t as safe as traditional ones. This is an issue that the online casino industry must work hard to overcome. Luckily, sites like clovr.com have made it their business to verify safe casino sites. Additionally, using a crypto currency means that players are not required to enter their banking data into any database. With databases being susceptible to hacking, there is no danger of your personal information being compromised. This is then an additional layer of security enjoyed by those who use cryptocurrencies for gambling. Since gamers don’t enter banking data, they are less susceptible to fraud. In addition to this, a Blockchain system keeps a record of all transactions. Because of this, players can access the transaction history and verify that the casino paid out winnings as it was supposed to.

Anonymity – Because blockchain is a decentralized and anonymous technology, this can help online casinos in its quest to attract new users. Users won’t have to fear having their identities or private banking information revealed to hackers. In addition to this, many online casinos do not require players to enroll, nor do they require personal information in order to conduct transactions. This means that playing online casino games can be as anonymous as it is entertaining.

Ease of play - To put it simply, banks don’t like online casinos and they don’t like it when you use their credit or debit cards to gamble. If you do take a chance and gamble anyway, you risk having your cards or even your entire account shut down. Since blockchain technology separates finances from financial institutions, it is easier for players to use their funds in online casinos. There is no fear of any kind of retribution from your financial institution. Also, because decentralized technology is in use, many more users can now enjoy legal gambling, and will not have to rely on shady monetary services in order to play.

When crypto currencies exploded onto the scene, many predicted that its introduction would be the beginning of the end of traditional financial institutions. While the ways in which we use money have changed, perhaps forever, there is no indication that formal financial institutions will fall by the wayside any time soon. Naturally, much of the hysteria surrounding blockchain and cryptocurrencies has died down in the years since their introduction. However, this decrease in enthusiasm has given way to more sober analysis of the technology’s potential. The applications that have found blockchain technology helpful will continue to use it. For online casinos, blockchain should help add a sense of fairness to gambling, while also making it more affordable and less risky.

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