Throughout history, people have always speculated what the futuristic society will look like. Many have thought that at this time we will be driving flying cars and have robots that will do all of the heavy lifting around the house. Although we are not there yet, we can say with certainty that technology is improving. First, we have many smart devices that are connected through the internet of things. Additionally, we have blockchain technology that can revolutionize our payment system.
Cryptocurrencies have many pros and cons, but they are vastly more popular now, compared to 10 years ago. As a result, more institutions or businesses are now comfortable with transacting via crypto. Blockchain infrastructure opened up lots of other possibilities when it comes to digital assets and their ownership. In other words, any digital entertainment can leverage these capabilities or novelties. Here we will be focusing on the casino industry, and how blockchain technology changed it.
Fast and Secure Payment Method
Using blockchain casinos are able to process payments faster and in a more secure manner. All transactions are handled through smart contracts, which is a type of unique digital signature. This almost makes it impossible for someone to steal your funds. That being said, it’s important to note that e-wallets are very efficient as well. Currently, most of the users are relying on e-wallets because these payments are also processed within minutes.
Many e-wallets are also used to purchase cryptos or to simply make crypto-fiat exchanges. This is why both are so revolutionary to the payment industry, and why online casinos want to accommodate as many e-wallets as possible. Some of the more popular options are PayPal, Skrill, and Neteller. Before you pick an online casino operator you should always check reviews of payment options, or their deposit and withdrawal methods. Alternatively, you can just find a list of Neteller casinos at gamblizard.com and pick one of those operators. Chances are they are currently allowing crypto payments along with Neteller payments. These money transfer operators also have two-step authentication on their accounts, so it’s a similar type of security to digital signatures.
Playing Casino Games Anonymously
In order for banks or business providers to process payments, they need your personal information. This allows them to comply with their regulations and do the necessary due diligence. However, blockchain is a decentralized payment network and basically doesn’t answer to the same regulators. So, those who use crypto payments are not required to submit any personal info in order for payments to be processed.
This allows players to fund the account or more specifically fund their play session anonymously. In other words, they don’t need to create an account in the first place, and they can play using an URL. However, using blockchain technology to play anonymously might also deny you some online casino perks, like bonuses and free spins. Bonus offers usually require an account because of the wagering requirements, and if you play anonymously you might not be able to gamble or play games using bonus funds.
Cost-Efficiency
Since there is no SWIFT or FedWire network, or another payment route that requires a fee, blockchain transfers are cheaper. All users are connected on a single network and there are no intermediaries that need to be involved in order to enable a route for transactions. That being said, miners do receive a portion of a payment, as they host the infrastructure which allows for transactions to be processed. This is significantly lower compared to banks though.
New Types of Casinos
Finally, there are crypto casinos that also use NFTs which is a pretty innovative incentive, given the increasing hype around this trend. NFTs can be unique and randomly generated assets that can also be volatile when it comes to their value, which makes them ideal for casino games. You can use them to make losing less frustrating. For example, if someone is playing roulette and the ball lands on the 0 they can get a random NFT which could at some point in time become more valuable. Alternatively, they can use it to customize their own profile.
Conclusion
These were some of the most meaningful ways of how blockchain has affected the online casino industry. But we may have only scratched the surface since we are seeing more innovations in blockchain almost every day. So, it’s safe to assume this technology will be used for creating more incentives for online gambling.
