If you are into online gambling, some things are very easy and always will be. For example, spin city casino login will continue to be simple and fast no matter how much time has passed. But technological advances have the potential to completely change almost everything else. The use of cryptocurrencies for online gambling is perhaps the best example of this.
Even now, there are casino sites that support cryptocurrencies, but they only offer this as currency support. When blockchain technology is fully used, we will witness a revolution. This will be such a powerful change that cryptocurrencies will define the future of online gambling. Below we talk about how this will be possible.
Payments Will Change First
The use of cryptocurrencies for online gambling will change payments above all else. This will include more than just using crypto to send or withdraw money from casinos. Currently, when you want to send money to a casino:
- You must have a credit card, bank account, or electronic wallet. We can also define them as “brokerage firms” that keep your money.
- When you want to make a deposit, you are actually giving an instruction to these firms to transfer your money.
- The money can be used directly when it enters your casino account. So, the casino starts to keep your money now.
In all these steps, you have to temporarily hand over the possession of your money to others (brokerage firms or casinos). This is not an ideal situation: any of these third parties can confiscate your funds for any legal reason – you already agree to this in the user agreement you signed at the beginning. Likewise, it may take a long time for them to return possession of your money to you, over which you have no direct control.
When you make a transfer with cryptocurrencies, however, the process changes completely:
- This time, you send your payment to the casino’s blockchain address.
- Your money is automatically converted to a crypto token valid only at the casino.
- You can convert this token to the original cryptocurrency at any time. This transaction is handled by the blockchain, and the casino cannot interfere with it in any way.
You do not use the banking infrastructure at any stage of this process. You don’t need to be in contact with a human either: the blockchain is a decentralized database and operates autonomously. Most importantly, it allows you to keep possession of your money: you are not temporarily giving it to anyone else. Each coin/token is still registered in your name. As long as you don’t lose in a game (i.e., transfer ownership), you can return them to your blockchain address in seconds and transfer them from there, for example, to your bank account.
Cryptocurrencies make it unnecessary to use credit cards, bank accounts, electronic wallets, and any other means of payment. You don’t have to use an infrastructure that is controlled by banks and governments that requires you to give up possession of your money at every stage. Your transfers will be faster than ever, will require almost no fees, and you will continue to hold possession of your money at every step.
The House Edge Will Be Much Lower
The operating costs of a casino running on a blockchain are very low. First of all, there is no need to pay a server rent: real crypto casinos do not need a centralized server. Likewise, the number of personnel required for management and maintenance will be much less. Almost everything except customer service can be run autonomously by the blockchain to a certain extent. (And once AI chatbots are advanced enough, even customer support can be handled by the blockchain.)
This will facilitate the emergence of new games that do not have high house edges. Casinos will not need predatory games to cover their costs and make a profit. Even now, there are very simple games like dice, coin throw, and minesweeper that run on the blockchain, and each has a house edge of less than 1%. We may be the last generation to play traditional table games: the next generation will be introduced to brand new casino games and win more often and lose less than ever before.
Moreover, all these games will be provably fair. This means that a certificate will not be needed to learn about RTP rates or to ensure fairness. You will be able to see how fair the game is by comparing the seeds on the server and your own device at any time while playing the game. In the long run, even casino licenses will not be needed, as blockchains will allow you to have a much safer and more reliable experience than these licenses can provide.