Cryptocurrency went mainstream within the past half a decade. Many of the largest industries from tech, retail and finance instantly sought to mould and innovate their technology in favour of Blockchain.
With that being said, gambling is possibly one of the most promising sectors that has already started to adopt the cryptocurrency world, and very eagerly at that. Not only is the crypto technology safe for sustaining safe transactions for the consumer’s side, but merchants are also very happy to adopt crypto for the same story too. It’s safer, and more trustworthy. While there still remains debate on some aspects, the transparency that users get from cryptocurrency is non-negotiable.
Gambling on casinos traditionally moves payments via traditional payment options, yet now cryptocurrency is reliving the threats that come from online gambling transactions, due to the binding contractual agreement that blockchain technology provides between merchant and player. With that being said however, for crypto gambling to be successful, you still need to leverage wins for it to work in your favour. Making crypto winnings through gambling can only be possible with successful bets. So make sure you check out the most profitable horse racing tips here and make profit from your crypto bets.
If you are one of the many that questions how crypto benefits the gambling realm, continue reading to understand the advantages and how this further supports cryptocurrency taking over the gambling world.
Blockchain Solves Many Challenges
Some of the most popular casino games like Blackjack and Roulette, are not regulated by the UK Gambling Commission, meaning there can be no intelligence surrounding the security of these games, and the winner’s algorithm etc. For that reason, many sites can easily get away with scamming players out of their money which is definitely not what players want.
Cryptocurrency (like Bitcoin) and blockchain solves this huge issue, as it provides complete transparency of transactions, and if you purchase something with a promise of a return, it must be honoured. It becomes a binding contractual agreement between the parties involved and provides great visibility of where your money is and what happens to it when you succeed in winning. All amounts of the transaction, in addition to the wins will be made known immediately, and instantly transferred. Blockchain amongst other cryptocurrencies have become a solution to a huge issue within the gambling realm.
Gambling Versus Crypto
Despite cryptocurrency being relatively new on the scene, gambling is rather quite the opposite. It has been around for hundreds of years, so crypto attracts the younger target market more than anything, or tech savvy people who are aware of the technical advantages that blockchain technology brings.
Therefore, for those tech-oriented people, it would not even be a question to involve crypto within every transaction they make online-gambling or not. For those who newly join gambling sites (2021 saw a huge surge of new gamblers due to the pandemic), opting for cryptocurrency as their main payment method has become a no brainer. Therefore, there may be a possibility that we see a divide within gambling, where those who refuse to evolve for the change of cryptocurrency will share a gambling environment with those that do.
Most gambling sites offer multiple payment methods anyway, but alas safety will always be questioned with anything other than blockchain.
ID checks may be pushed more with blockchain
The only issue with cryptocurrency is that age, and personal identification is not a prerequisite at all. Gambling legal age requirements differ from all over the world, that is a given. However what blockchain technology introduces, is the possibility that players will no longer have to abide by that rule, since cryptocurrency brings anonymity to the equation.
For a casino to abide by heavy regulation in terms of giving trust to players, players must also make sure they conform to what is expected of them when trust and the law is concerned. Otherwise, this could massively unbalance the playing field between the merchant sharing all essential information with their players, and players giving nothing away at all. It is important there is balance and regulation from all angles of the situation.
This will certainly introduce a very long and tricky road ahead for gambling sites, as cryptocurrency with all of its trustworthy and protective characteristics, really puts more power to the people to not abide by certain security obligations. Put together the concept of avoiding border and country gambling regulations altogether (such as the US), and there could be more reasons for governments to begin to seek restrictions over the use of cryptocurrency within gambling networks. The road is uncertain, but from a consumer transaction perspective in the gambling world, blockchain certainly brings a win into the situation.