Several markets have been influenced by a new form of digital currency known as cryptocurrencies. Most of you might be accustomed to the term Bitcoin which is currently one of the most popular cryptocurrencies around. However, there are several other cryptos apart from Bitcoin and many have taken to influence the online gambling market too.
But ever wondered how exactly these digital currencies work and how they have come to influence the online casino industry?
Keep reading to get to know all about it!
In simple terms, digital currencies work on the basis of blockchain technology. A list of growing records known as blocks which are interlinked through cryptography is termed as Blockchain. Every block in the chain documents the cryptographic hash of its previous block along with the transaction time and data. Blockchain was constructed as a means of general transaction ledger for the Bitcoin crypto.
While few industries like eCommerce and online gaming were slowly taking advantage of blockchain technology, the casino industry too has entered this arena recently.
Blockchain Technology and Casino Industry:
The online casino industry is rapidly growing. It subsumes the latest of the technologies to make it more convenient for punters to gamble online. Blockchain is one such tech which the casino industry has used to offer players with the effortless transaction. But it is more than just a means of transaction.
There are several reasons why the online casino industry has been influenced by blockchain technology. These include:
The decentralised nature of the digital currencies shows no authority of any particular country or its Government on the players’ money. This helps to evade tax and such other fees which the Governments usually levy on the gambling incomes earned by the players.
Most online casinos ask for personal verification documents to ensure players’ identity, address proof, etc. However, the crypto casinos have provided the players with the option of anonymous gambling.
This means you can gamble on their online platform using the cryptos without sharing your identity. Moreover, you can also withdraw your winnings conveniently using cryptocurrencies and maintain anonymity.
No Geolocation Restrictions:
Some online casinos strictly offer gambling services for players of particular regions. They make use of geolocation application to know the location of the users. Along with it, they also restrict the users trying to access their platform from any other than the ones allowed.
However, as mentioned earlier, online casinos using the blockchain-based currency offer players anonymity. Hence, there are no restrictions on geolocation involved here. This allows players to use the casino of their choice to gamble online.
With bank transfers and other means of payment, the middlemen often charge some fees to process the transaction. Since there are no middlemen involved in digital currency and the users directly deal with each other, there are usually no fees applied here.
These and many more reasons have led to the rise of blockchain technology in the online casino industry. In the upcoming years, you can expect the influence of the cryptocurrencies to exceed even more on this platform!
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