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Since the beginning of the COVID-19 pandemic, crypto gaming popularity has exploded. According to Cointelegraph, crypto gaming website Bling Financial experienced a 50% surge in users back in March 2020 when the world first plunged into lockdown.
Since Bitcoin started gaining popularity back in 2017, more and more mainstream gaming websites — including casinos — have been beginning to accept cryptocurrencies. More and more people are turning away from fiat casinos, and towards crypto casinos.
It's hardly surprising that casinos are turning to blockchain technology — there are some interesting crossovers between crypto enthusiasts and gambling enthusiasts. Both industries attract people who tend to be unafraid of risk, and are willing to lose some money in an attempt to try and win more. Furthermore, both gambling and crypto enthusiasts both tend to want to see quick returns on their investments.
But it turns out that there are actually many more tangible benefits of blockchain technology being used in casinos that you might not have been aware of.
Here's an outline of some of the main benefits of using a blockchain casino over a traditional casino:
Most traditional casinos operate using a random number generator that allows them to offer fair odds to players. If you're unsure about whether or not a casino is fair, you can usually find out pretty quickly by checking out online slot reviews to get objective reviews (you should still do this for crypto casinos, too).
One key benefit of using a blockchain casino is that it is fully transparent. This means you can see exactly how transactions are being processed, and exactly where your money goes if you lose a bet. This means you don't have to worry about whether the system is rigged, and if the casino you're playing at is unfair.
Given that the blockchain allows users to track and trace their funds, tampering is far less likely, which means that you're less likely to be scammed than you would be when using traditional fiat currency.
Of course, this does not mean that scams are impossible — it's easy to throw up a fake website and encourage users to deposit their money. To avoid this, you'll want to make sure you're using a reputable casino. Considering that so many casinos have adopted cryptocurrency over the past couple of years, this shouldn't be a huge issue.
Given how wildly gambling laws vary around the world, many online casinos are still restricted, depending on which country and state they are in. However, it is only the movement of money that is regulated.
In many cases, playing with cryptocurrency allows you to bypass many of these regulations, given that the exchange happens on the blockchain, which isn't governed by the same laws as fiat currency is.
Unlike traditional casinos, where you will often have to wait multiple days after requesting your winnings for them to be transferred through the bank — even longer if it's on a weekend — transactions through the blockchain are much faster, meaning you can access your winnings much more quickly.
Even better, the blockchain has no middlemen. This means that unlike when using a traditional bank, you will not be charged extortionate fees just for making a transaction.
Given the high-risk nature of gambling, gambling in casinos could negatively impact you if you go to the bank and try to apply for a mortgage, for instance. This is where having more privacy over your online activity can come in useful.
Unlike your personal bank account which has lots of personally identifiable information attached to it, your Bitcoin wallet is anonymous and does not reveal your purchases to anyone.
So, there you have it: five key ways in which blockchain is changing the future of online casinos, and how it can benefit you. Amongst its many uses, Bitcoin and other cryptocurrencies make a great "gaming coin" for all of the reasons above. It's easy to see why it's set to dominate the gambling world over the next few years.
If you do decide to use a crypto casino, make sure it's a good idea to do some basic research on cryptocurrencies, and stay up to date with crypto news regarding what is currently happening in the industry. Regardless of all of its benefits, cryptocurrency can be very volatile, and holding onto cryptocurrency is often viewed as a gamble in itself!
If you decide to hold on to your crypto assets, you'll also want to make sure that you understand how to set up and use your own crypto wallet.
Remember, despite the benefits of the blockchain, there's still a risk of losing money when gambling with cryptocurrencies. Have fun, and only play with what you can afford to lose!
