To say gambling goes back a long way is kind of an understatement. The earliest six-sided dice known to exist can be traced back to ancient Mesopotamia in the year 3000 BCE. But these dice are said to have been based on Astragalomancy that dates back even earlier.
Regardless of how controversial and damaging it can be, gambling is a popular pastime for millions of people worldwide. In the United States alone, 85% of adults have gambled at least once in their lives, and 60% of those surveyed said they did so in the past year.
However, rather than traditional forms of gambling like horse racing, poker and roulette, many people are increasingly becoming interested in a trend called cryptocurrency gambling. Largely thanks to the revolutionary way that blockchain is altering the global market.
Through the widespread availability of the internet, the discovery of the advantages that come with blockchain has led to a surge in crypto gambling in recent months. The reasons behind it are fascinating.
Many gamblers naturally value anonymity in their hobby, and many cryptocurrencies can provide this without the awkward transactions appearing on bank statements, etc. With the advent of cryptocurrency casinos, players can indulge at any time and place.
The more it grows, the more people believe that blockchain and crypto will have an enormous impact on the world of gambling. That’s the topic we’re going to delve into today.
But first, let’s look at blockchain and how it works. If you already have a basic understanding of blockchain, feel free to skip this part.
A quick word of warning before we begin; if, after reading this article, you wish to invest in the promising future of blockchain technology, ensure you understand the volatility involved in crypto trading and blockchain-based assets. Most importantly, always make sure to use a popular and well-liked platform.
What is Blockchain Technology & How Does It Work?
The definition of Blockchain can confuse newcomers, but it doesn’t have to be like this. Put simply; the blockchain is a decentralised and digital record of transactions.
The blockchain is a database that caches encrypted units of data (blocks) paired together to construct a single documented ledger of transactions.
Every transaction that takes place on the blockchain is stored as a “block”. It’s also time-stamped and confirmed by each person utilising the blockchain.
Every arrangement of blocks is distinct, which is why blockchain is sometimes associated with a fingerprint.
Around the world, blockchain has dramatically impacted industries such as tourism, defence, aviation, and finance.
Increasingly, it is being rolled out in the gambling industry, with one of the most popular forms being Bitcoin gambling.
What’s The Deal With Bitcoin Gambling?
When it comes to the world of online casinos, navigating them can be a minefield due to the number of scam platforms that persist across the online gambling sphere. Thus, it was hard for people to put their hard-earned fiat currency in an online casino for fear of being taken by the casino itself, hackers, etc.
By using cryptocurrency, players could receive all the benefits of using an online casino without putting their fiat money at risk. Instead, they could use digital assets pulled from a digital wallet and use it to play at any online casino that accepts crypto.
4 Ways Blockchain Benefits The Gambling Industry
The previously mentioned perk of gambling with blockchain-based cryptocurrencies like Bitcoin is far from all blockchain brings to the table. Next, we’re going to look at the four main ways that blockchain can revolutionise the world of online gambling.
Security
For those who play online gambling games, security is a serious factor. Compared to conventional, centralised casinos, crypto casinos bring several security benefits to their users.
For example, all transactions that take place with a crypto casino are secure and transparent due to the characteristic feature of blockchain technology, meaning all transactions are encrypted from start to finish. This signifies that transactions cannot be revised, adjusted, or exploited.
When using crypto to gamble, players are not required to give any personal data to the casino. This is drastically different from conventional casinos, which, without fail, will often ask players to hand over the required personal data, including bank statements.
Privacy and anonymity
When it comes to online gambling, many players who want to play discreetly face a problem with protecting their private data due to a huge number of conventional online gambling websites requiring personal and financial data to activate their accounts and start playing.
With blockchain-run crypto casinos, this problem is fixed, as players’ private data is always securely hidden from third parties. Crypto casino players often don’t need to register to play on the platform. Depending on what crypto they use (such as ZCash), their entire gaming experience can be completely anonymous.
Conveniently Fast Payouts
When dealing with conventional casinos, players can experience huge delays when it comes to withdrawing any money they’ve won and actually seeing their winnings in hand. On the other hand, cryptocurrency is superior when it comes to speed and can sometimes take minutes or even seconds.
This is because blockchain technology does not need a financial or a third-party financial institution such as a central bank to verify transactions. Instead, the entire verification process is confirmed by blockchain at rapid speed.
Trust
Historically classed as a vice, the gambling and casino industry has always been considered a vice, which naturally means it is associated with danger and mistrust, not just among anti-gambling advocates.
Amongst regular gamblers themselves, there is often common distrust of conventional casinos, whether it’s accusations of game rigging, fraud, criminal involvement, or otherwise. The blockchain can change that.
With the blockchain, the network preserves records of all gaming trades and payouts, eradicating potential scams and giving a strong sense of legitimacy.
What Does The Future Hold?
As online casinos and the wider world of gambling increasingly move into the future, many people predict that blockchain technology and cryptocurrency will play an increasingly important role in the industry due to the numerous advantages that decentralised technology can bring to the gambling sector.
In addition, many people are certain that the number of online casinos that will officially accept the likes of Bitcoin, Ether, and other crypto assets as a form of payment quill increase dramatically as both the casinos and the player can benefit enormously.
Firstly, casinos benefit because crypto is far more cost-effective and secure than conventional fiat currency because central banks have next to no involvement in the process at all.
Secondly, there are numerous benefits for the players that range from increased anonymity and security while gambling to increased inclusiveness. Crypto casinos do not bar players based on their origins and instead welcome people from all over the world, irrelevant of the gambling regulations in the country that they live in. This is something that can open up online gambling to new and exciting markets which were previously closed.
So, to conclude this guide to the role of blockchain technology and crypto in the gambling sector, it’s clear that both could have the potential to seriously revolutionise and play a massive role in the future. If it does, then we could see the value of major crypto assets based on the blockchain increase dramatically.
If, by now, you wish to invest in the promising future of blockchain technology, ensure you understand the volatility of crypto investing. Do your research rather than fall for a shady platform that only seeks to rip you off.
