Over the past decade, advances in blockchain technology have given us a new way of sharing data and completing online transactions. The most well-known use of blockchain is cryptocurrencies, like bitcoin. But payment systems aren’t the only way that blockchain has disrupted industries. There are endless uses for this new method of doing business, and online casinos and their customers can benefit from adopting this innovative process. Gaming sites are racing to keep up with rapidly changing trends, and users can expect to see continued progress in the gambling sphere. This article will cover new trends in the online gaming industry, but if you are also interested in fast payout casinos, you can easily find the sites with the fastest payouts at CasinoHEX and start playingtoday.
Advantages of blockchain casinos
Blockchain casinos use a decentralized data system that increases trust and security for all users. Because data is stored across multiple locations and all transactions are recorded and checked by a chain of users, the system is nearly impossible to hack. By cutting out individual organizations, like banks and e-wallets, blockchain offers several positive changes to the online gambling industry. Adopting a decentralized system includes anonymity, security, transparency, cryptocurrency, accessibility, and reduced costs.
- Anonymity
Identity verification and account registration protocols are meant to protect users and online gambling sites. However, many users prefer not to provide documents that list personal data, such as name, address, and banking details.
Blockchain online casinos eliminate the need for identity verification, allowing players to gamble with complete anonymity using a cryptocurrency address.
- Security
Sensitive info is susceptible to security breaches, and online casinos go to great lengths to protect users from malicious hackers.
An anonymous blockchain system offers complete protection for users by removing the need to store personal data and financial info. Additionally, the public system of checks and balances ensures that even customer service chats are totally secure.
- Transparency
Shady practices have plagued the gambling industry, making it difficult for legitimate casinos to maintain a good public image. One of the most significant advantages of blockchain casino platforms is that they guarantee fairness and increase trust.
Because blockchain relies on a public system of data recording, it is impossible for any party to hide or manipulate information. This means that players can feel confident that there is an accurate record of all rules and transaction histories.
- Cryptocurrency
Cryptocurrencies, like Bitcoin, negate the need for traditional banking institutions. Crypto wallets provide fast, free, anonymous deposit and withdrawal transactions.
For players who want fast payouts, this is a welcome change. Instead of waiting days or weeks for funds, players can receive instant transfers. Users will no longer have to worry that their bank will deny funds or arbitrarily decide to close their accounts.
Most online casinos accept bitcoin payments, and some are dedicated bitcoin casinos. Players who prefer to use cryptocurrencies have no shortage of options to choose from.
- Accessibility
For gamers who reside in countries that limit online gambling or ban certain casino sites, blockchain casinos offer freedom from government restrictions. With a decentralized platform, gambling sites can offer unlimited games to players around the globe. Because of increased transparency, players need not worry about unlawful regulations and unfair practices.
- Reduced Costs
Customers and casinos will benefit from the reduced costs associated with a decentralized gambling system. This means more payouts and fewer fees for gamers.
There are no fees for completing cryptocurrency transactions, directly reducing players’ costs. Automated betting and funds transfer processes reduce costs for the casino that can be passed to the player as a lower house edge.
Practical concerns about blockchain online casinos
While there are clear advantages to adopting blockchain technology in online gambling, some concerns need to be addressed. Namely, issues relating to licensing, taxation, money laundering, underage users, and gaming addiction.
In theory, blockchain technology would ensure a safe and fair betting experience. In practice, achieving total decentralization of the online gambling industry is difficult because of legal issues and liability concerns.
Unless these issues are resolved, Bitcoin casinos will continue to be the extent of blockchain technology in the online gambling world. Until then, New Zealanders looking for a safe and anonymous gaming site should consider dedicated bitcoin casinos, such as Bitcasino.io and King Bit Casino.
