How does the online gaming world utilise bitcoin and blockchain?
Blockchain is undoubtedly one of the most anticipated technologies within the world right now. With its slow integration across the world in mainstream businesses, finance, banking, it is common sense that the iGaming world jumped at the chance of incorporating blockchain within their system too. Online gaming has always been way beyond its time for many decades now, with blockchain and cryptocurrency there to strengthen it, there are even more reasons to gamble.
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The relationship between blockchain and gambling is yet in its infancy. however, the benefits that the technology brings to all aspects of its services, include more than enhanced and efficient payment systems. Blockchain technology is a wider expansion on the payment systems that we are aware of today. In fact, many centralised banks find this their biggest threat, due to the decentralised system that blockchain operates on. Blockchain is free from any attachment to just one server- it is a network of them. Meaning it is very difficult to hack into one, never mind all. Customers, therefore, prefer that, due to the fact that they can rest assured that the merchant will not exhibit any possibilities of fraudulent transactions. In addition to the fact that iGaming platforms will need to honour their word when it comes to paying up, due to the ‘verbal contract’ that exists between gambling sites and the gamblers that seek to use their cryptocurrency as a means to pay. Blockchain enhances the trust within the merchant-purchase system entirely.
While this of course touches and links to the concept of better security, fans of bitcoin have deduced that there is always added protection that comes with using blockchain technology. Yes, your wallet is protected, but your entire identity is protected too. Cryptocurrency gives you the ability to purchase and play within iGaming institutions under an anonymous identity-you do not need to share anything from personal details and other aspects of your personal information. The reason this is possible is, blockchain operates under a binding contract between player and merchant, and both have to abide by the purchasing agreements that they committed too-meaning there is no need for any other leads to identifying the players at hand. Both player and merchant are fully protected and therefore, you can see why utilising cryptocurrency like Bitcoin is in both parties’ interest.
Within the iGaming world, another huge problem that poses as rather a large issue is the idea of cross border legalisations. A rising number of gambling restrictions have emerged over the past couple of years, and while it is quite frustrating for gamblers that want to be able to gamble and take advantage of the iGaming industry, it can be difficult to do so, when you are working against the law. However, those that ultimately decide to go for blockchain as a way and means of funding their gambling activities, will come to realise that cryptocurrency can free all the legal difficulties that can pose as a restriction to the world that gamblers are trying to have access to. It makes things a lot easier and less complicated, that is for sure.
Multiple leading media bodies have concluded that blockchain is very much the future of the iGaming industry. Not only does it allow players to run their entire gambling life as digitised as possible, but it also provides the utmost security and protection for all parties involved. This is ultimately the biggest reason why blockchain is the future of iGaming and pretty much every other business institution wanting to stay current today. It is either they merge with the latest preferred technology, or they will get phased out and left behind.