Bitcoin has been around for over 10 years now, and while it is still a long way off from replacing cash, it certainly seems to have found a place in society.
Adoption of and other cryptocurrencies has been hindered largely by the fact that they don’t yet offer many real-life use cases. So long as people can continue to use cash and credit cards safely for everyday purchases, they don’t see the point in changing to Bitcoin. While it seems likely Bitcoin or some variation of it will almost certainly replace cash one day, it most likely won’t happen tomorrow.
In some industries, however, Bitcoin [and the blockchain technology upon which it is built] offer significant advantages to day-to-day operations. Online gambling is one such industry.
Peace of Mind
When it comes to money, there is nothing more important than giving your customers peace of mind. Banking and personal details are a difficult thing to ask for over the Internet, even if you are a well-known and trusted company. Traditionally, people don’t trust giving their personal data away on the Internet, no matter how secure the platform claims to be.
With online gambling, it can be especially difficult to gain customer trust, particularly if you are new to the sector. This is where cryptocurrencies offer a fresh perspective when it comes to making payments online. When gambling with Bitcoin, there is no need to hand over banking or card details to some strange or unknown entity.
Digital assets like cryptocurrencies already exist online and can be sent safely and securely between two people without needing to reveal any personal data other than your Bitcoin wallet address.
An online casino that accepts Bitcoin can instantly receive a deposit of funds from a customer without even needing to know their name. The customer can rest assured that none of their banking or personal details are sitting on a random database somewhere, vulnerable to a hack or cyber-theft.
Faster and More Affordable
Above and behind the peace of mind , there are the additional benefits of speed and affordability. Traditional banking transactions are slow, often taking days to clear. If you want them to be quicker, you will need to use a credit card – which usually attracts high fees.
With cryptocurrencies, transfers are instant and practically free – often attracting only a tiny transaction fee to cover network costs. The beauty of blockchain technology means there is no need for a third-party intermediary like a bank or credit card company to verify your transaction. The blockchain network is supported by thousands of computers which instantly and automatically verify transactions in a 100% secure and reliable fashion.
The technology is far more advanced than anything else that the banks currently use and not only removes unnecessary staffing costs but also the possibility of human error.
A perfect record of events
works by recording each and every transaction on a massive digital ledger that is distributed amongst thousands of computers worldwide. While this information is entirely transparent and viewable by all, it cannot be altered or changed by anyone. In addition, it is encrypted in a way that offers all the necessary information needed to confirm an event without ever revealing any personal details.
This means that no parties involved in a transaction can ever cheat the system. For online casinos, this offers the perfect environment of trust between customer and operator. The customer knows the casino can’t rig the system and the casino knows the customer feels confident that he is playing a fair game.
Blockchain technology also offers methods by which casinos can operate ‘provably fair’ [RNG]. This means customers can put into question the outcome of a dice roll or roulette spin. The computer algorithm that generates the random number is not controlled by the casino and code and resulting data is entirely transparent immutable.
This means all disputes can be easily and unquestionably resolved, making the casino operators lives easier.
Gambling should always be as fun and enjoyable as possible without any extra safety concerns. When competing online, you will play your best when in an environment that is trustworthy and stress-free.
Gambling with Bitcoin assures you that while you may not get a perfect hand every time, at least you know you can trust the dealer and that your money is safe.