New technologies have always paved the way for new avenues. In this context, we can refer to online gambling, which has proved to be a boon for the gambling industry. But malicious activities have tried various ways to bring disgrace to the gambling world.
Earlier, hackers actively tried new ways to hack online casinos. Even today, they try out ways and means of playing ‘smart’ and misusing the withdrawal system, indulge in malpractices, and scams.
The advent of cutting-edge blockchain technology prevented these problems to a huge extent. Though it has not been able to eradicate it completely, it was successful in restricting it to a large extent. Players started understanding the significance and advantages of Bitcoin gambling or Bitcoin casinos.
Eventually, the growth of the online gambling industry soared high as Bitcoin started becoming popular and became more widely accepted. The secured, transparent, decentralized, and fast pay-in and pay-out attracted a huge population around the world. More casinos started accepting Bitcoin as a payment method in their casinos.
Today, Bitcoin casinos have evolved as the most trustworthy sites where the player can indulge in Bitcoin gambling.
- Overview of Bitcoin Gambling or Casino Industry
The online platform brought rapid growth in the gambling industry. This growth gave birth to Bitcoin Casino, which has opened a new arena of gambling. There is a wide selection of games to choose from such as casino games, gambling games, sports-based betting, online lotteries spread betting.
The popularity of Bitcoin casinos enables its players to have global access. In the case of player vs player games, there is the easy availability of players around the world. You can enjoy Bitcoin games, round the clock, and from the comfort of your home.
- What is blockchain technology?
Blockchain technology is a peer to peer network, which means that the computers are connected to each other and the transactions take place through the network. There is no central server. Consequently, the sender or the receiver of the funds themselves are the file server and the client. This process provides security among its users.
Bitcoin casinos provide you the benefit of not disclosing your identity. Players simply need to share their basic personal information like name, email id, etc., for registering onto the casino website. Blockchain technology speeds up the processes and the Bitcoin private key does the magic.
Additionally, blockchain technology provides global access and a lower transaction fee.
- How Blockchain Technology Can Improve Bitcoin Gambling or Casino Industry?
The reach of Bitcoin which is powered by blockchain technology is so far that it enables its users to gamble from a remote location or server without any hindrance, as per blockchain news. Payments are smooth and effective; it doesn’t need to be handled manually, everything is automated. Once the player confirms the wallet address, the blockchain technology enables it to process the transaction within a few minutes and the player can have full control of his funds.
Because of this technology, some Bitcoin casinos have ‘no registration’ system. These casinos totally depend on blockchain technology, as they don’t need to show the details of its players to any central authority for verification. These Bitcoin casinos simply register their players on their arrival at their site providing them with a Bitcoin deposit address to allow them to start playing.
- Advantages of using blockchain technology in Bitcoin Casino
- Blockchain Can Help Prevent Fraud in three ways:
- Preventing fraud in finance: As there is no third party or human interaction involved, the chance for financial fraud lessens. Additionally, it helps in reducing the cost of transactions.
- Preventing identity fraud: Cryptographic hashing makes it very difficult for hackers to gain unauthorized access to the system.
- Preventing fraud in a supply chain: We all hear about blockchain adoption in financial institutions and the gambling industry, but it can also help the supply chain industry. In the supply chain, there are many transactions that go unnoticed, blockchain technology can be an effective mechanism to track the transactions.
- Blockchain Brings More Transparency: Blockchain is a distributed ledger technology (DTL), which means the database is shared, and open to all members of a decentralized network (peer to peer, i.e computer to computer via the internet). The distributed ledger records the transactions in the form of synchronized blocks without any human intervention. This process makes it transparent, both the player and the operator trusts this system and continues to be a loyal user.
- Blockchain May Help Ease Gambling Restrictions: Many countries restrict online gambling because there have been lots of hacking and scams related to online gambling. Blockchain technology’s transparency can help bring trust in online gambling which can eventually help legal authorities to regularize Bitcoin casinos in those countries.
The online gambling industry, especially Bitcoin casinos have received a complete transformation due to blockchain technology. This innovative technology helps prevent pilfering hacker’s attacks or malicious users. Its multiple benefits of secured and fast transactions and the reliable network makes Bitcoin casinos stand out from the crowd.