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Blockchain technology ushering in a new era of igaming?

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Blockchain technology ushering in a new era of igaming?

Gambling industry is one particular sector that is constantly updated with the latest technological advancements. Considering how competitive online casino industry is nowadays, it’s only natural that these platforms are willing to adopt latest technologies and get any advantage they can possibly get over competitors.

Portals like Jackpot City online casino are a very good example of how casino sites quickly spotted the mobile revolution, and optimised their services accordingly, releasing dedicated mobile games for the interested players. Some operators even went to the extent of adopting VR technology, offering players realistic casino gaming experiences.

The next big change in this industry is coming through blockchain technology and adoption of cryptocurrencies. Let’s learn more about it below.

About cryptocurrencies and how online casinos are using them

Cryptocurrencies such as Bitcoin can be termed as digital currencies which aren’t directly controlled by any government. They can be purchased with local fiat currencies and used for the purchase of goods and services too. That being said, some of them are solely for investment purposes, with their price witnessing frequent changes based on demand and supply. Many people also use cryptocurrencies like Bitcoin at online casinos, instead of normal cash, to play their favourite games.

Although digital currencies have a long way to go before they completely replace the fiat currencies, they are being increasingly used for gambling purposes world over today. Apart from Bitcoin, some of the altcoins commonly accepted by online casinos these days include: Ethereum, Ripple, Bitcoin Cash, Litecoin, Dash, and Bitcoin SV.

Making deposits and withdrawals in cryptocurrency at an online casino is quite like using a regular credit/debit card. Just head to the deposit/withdrawal section of the platform, select the amount you wish to deposit/withdraw, specify your wallet address (for withdrawals) and process the transfer.

Why people use cryptocurrencies for gambling?

Advocates of cryptocurrencies offer several compelling reasons why it is advantageous to use them. When it comes to online gambling in specific, below-listed are some of the commonly highlighted benefits:

Low to zero fee – The main idea behind using cryptocurrency is to cut out the intermediaries, thereby eliminating the fee charged by them.

Security – With no requirement of any banking details, you receive an extra protection layer in your transactions.

Anonymity – There are many Bitcoin casinos that don’t require any personal details for bitcoin-based gambling, potentially making it a completely anonymous activity.

Another pro associated with gambling through cryptocurrencies is the possibility of withdrawing more than what you actually won, keeping in mind their constantly fluctuating prices. Please note, your winnings may reduce as well if the crypto’s price witnesses a fall.

 

Blockchain technology ushering in a new era of igaming?

Final word

When cryptocurrencies started becoming popular, many predicted that they would eventually replace the regular fiat currencies. If that happens or not is something only future will tell. However, cryptocurrencies are a good thing to happen in both the financial as well as gambling space, giving people an additional option for deposit/withdrawal of funds, sometimes in a completely anonymous way.

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