Blockchain technology has taken the online sphere by storm. Revolutionizing the traditional financial system by enabling instant and anonymous transactions of capital, it has forced us to rethink our views on money; its physical manifestation, how we use it, trade it, and even the role it plays in our wider world.
If there is one similarly radical industry in existence, we’d posit that the internet gambling sector might just be it. Experiencing an equally sudden and unexpected growth in popularity, its value is expected to reach $51.96 billion by the close of 2018.
Like blockchain and the cryptocurrencies it spawned, its worth is not the only thing that’s phenomenal, but also its impact – in the sense that online casinos have fundamentally altered the way the gambling industry works – its form, its function, and perhaps most importantly, its accessibility.
So imagine, for a moment, an even more innovative idea; the merging of the two to create the most contemporary of casino experiences…
Understanding blockchain technology and its applications
Those who have followed the industry and its rapid developments will have recognized something important: that blockchain technology has numerous applications beyond those understood by the layman. Representing an online ledger entry, each blockchain – essentially, a virtual record of online transactions – is tamperproof, digitally signed, and ironclad in its integrity.
It’s little wonder, then, that this technology is being put to good use in all sorts of ways. Already used to support and enable a whole host of smart contracts, digital currency transfers, and attempts at information dissemination, it’s little surprise that the online gambling industry has decided to sit up and take notice.
Indeed, there are already lots of casinos which accept crypto such as Ethereum and LiteCoin in existence. Located all around the world, from Canada through to Columbia, these typically implement a decentralized payment system to make expensive transaction fees a thing of the past.
How online casinos benefit from allowing cryptocurrency transactions
One of the main drivers behind the increasing number of online casinos adopting blockchain is the technology’s vast potential. Not only capable of reducing transaction fees, creating provably fair gaming, and ensuring absolute transparency, it is also a notable lure for new clients – largely because of the combined benefits listed above.
Take, for example, a guy who gambled at CasinoRoom. The site prides itself on recognizing player appetites and fulfilling them in any way it can. Offering a range of banking options for those who wish to try their hand at gaming, it is modern and well-thought-out. It’s evident that a variety of payment methods, just like cryptocurrency, is important to players.
This means that for our mystery man, there are numerous boons he simply couldn’t find elsewhere, not least increased choice, improved transactions, greater security, reduced fees, and even unique bonuses and cash-back incentives.
It is, arguably, a match made in online heaven: the blending of two unique industries whose shared focus is on innovation, improvement, and making their respective sectors safer and more streamlined than ever before.
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Is Grupo XP signaling a greater digital currency adaption?
Brazil’s largest brokerage, Grupo XP, made headlines last year when it became the first major exchange to open itself up to the trading of Bitcoin and Ethereum. As a development long anticipated, this involvement of cryptocurrency on the highest stage signaled a level of acceptance and mainstream viability which many crypto followers have been predicting for years.
As the two biggest names in the cryptocurrency market, Bitcoin and Ethereum are acting as vanguards in this respect. This has not only raised the public profile of the two currencies, but it has also driven significant additional interest to crypto and digital currencies as a whole.
As Brazil stands as one of the progressive and forward-thinking markets when it comes to financing, this raises questions as to the role which digital payments might play in an increasingly technological world. Can we ever expect it to take the place of traditional cash?
To answer this question we need to look at just how far digital currencies have come in the short time they have existed. Nowhere is this growth more evident than with PayPal, perhaps the most well-known digital money system on the planet.Originally founded back in December of 1998, PayPal was not the first in the business, but it offered a level of user-friendliness and convenience which set it above all of its contemporaries. Pushed by such well-known names as Peter Thiel and Elon Musk, PayPal proved itself in how well it integrated into many major online retailers. The most famous of these was the most powerful online auction house in the world, eBay, which later acquired PayPal in 2002 for $1.5 billion.
Since then, PayPal continued its path to victory by offering high-quality security and international connectivity, and through the acquisition of related companies such as Fraud Sciences, Braintree, and Hyperwallet.
Now with 254 million users, PayPal’s success has shown that there is room for competitors, which helped shine a light on the road which competing forms of currency, and newer digital systems like crypto, would follow.
While PayPal prides itself as a jack-of-all-trades, others preferred to follow their own path. Idebit, for example, instead focuses on offering services dedicated to users in Canada. Some of the more popular services offering idebit include online casinos like Guts and Rizk. As these are bound by similar regional limitations, it makes sense that they would operate in cooperation, as this has proven the best way to legally offer the best bonuses and deals.
With dedicated markets for crypto and other forms of digital currency now offering goods and services on a level which challenges traditional fiat currencies, the fact that the old-fashioned will increasingly be usurped is nothing short of inevitable.
While the inherent power and connectivity-reliant nature of these mean that they will never entirely replace the coin or note, the decrease of worldwide emphasis on these older systems is already happening, and will only grow more pronounced in the future.
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