The arrival of blockchain technology has sparked a lot of speculation about how it will eventually disrupt the worlds of banking and finance. However, there is one industry where blockchain’s technology is already changing the landscape, but has not yet received nearly the same amount of attention – enter the blockchain casino.
The online casino industry has been the quickest to learn about the benefits of blockchain and cryptocurrencies and have speedily adopted them into their offerings. Shortly after Bitcoin’s inception, a number of Bitcoin casinos quickly appeared on the scene. In fact, casino games were amongst the first applications to be built for use with the cryptocurrency.
Since then, the use of Bitcoin and other cryptocurrencies has grown exponentially from being a mere alternative to using fiat currency to actually entirely replacing the payment system.
The relationship between blockchain and online casinos is arriving to a point where the technology is set to completely revolutionize the industry forever.
The benefits of a blockchain casino for online gamblers
Blockchain’s disruption of online casinos is driven in large part by the benefits of its technology. Blockchain’s inherent features, its decentralization, transparency and security, all naturally counteract the various problems that have afflicted users of online casinos for years – making a blockchain casino an obvious choice for bettors.
The advantages presented to people who want to place a bet on the blockchain are numerous.
Firstly, it allows users to gamble anonymously, without the need to create an account or to submit personal documents such as IDs and utility bills.
Cryptocurrencies also allow gamblers to wage infinitesimally small bet sizes and offer near-instantaneous deposits and withdrawals with minimal transactions fees.
It’s not just speed that is attracting online gamblers to crypto casinos; in the age of unprecedented abuses of data by corporate interests, users do feel a measure of comfort that their data is not being harvested and sold off to the highest bidder.
A blockchain casino is also able to circumvent gambling regulations that apply to fiat currencies thereby reducing the cost of developing the platforms. This saving is ultimately passed onto users, which results in a reduced barrier to entry.
Another advantage offered to online gamblers is the ability for those sites to show to their users that they are provably fair. This is normally done by publicly offering the code that the casino bases its games on, on their websites.
Additionally, and quite oppositely to regular online casinos, blockchain allows users to share its profits by distributing automatic dividends which are paid out to users regularly with a view to increasing brand loyalty.
Crypto casinos have even taken the step that gamblers are not affected by the volatile price swings that affect cryptocurrencies and ensure gamblers don’t lose the values of their deposits while playing the games.
The outlook for blockchain casinos
The disruption of the online casino industry, in many peoples’ eyes, has already happened. It is clear that cryptocurrencies and blockchain have already changed the way that online gambling operates for the better.
The disruption will not stop there either. Another public blockchain, Ethereum, is exploring how to make cryptocurrencies even easier to use and attempting to increase the levels of safety and trust.
With countries like Malta set to legalise the use of cryptocurrencies for gambling in online casinos, it is making serious progress in becoming the first to market to properly regulate and capitalize on the cryptocurrency gambling craze.
It won’t be long until everyone else catches up.