How Have Cryptocurrencies Changed the Gambling Industry?
The crypto gambling industry is currently enjoying great success. There are more and more players who have realized the benefits of betting via cryptocurrencies. The notoriety of crypto-currency games is therefore developing dramatically. The solutions created with blockchain technology are no stranger to this success. Indeed, they have succeeded in providing an answer to the major problems that traditional games of chance could encounter.
Difficulties encountered in conventional games of chance
Data protection, sluggish payment deadlines, various limitations, and exaggerated fees are subjects of endless concern for players, whether in United States or internationally.
First of all, data protection! It is of course not only reserved for games of chance. It affects the Internet as a whole. It is reminiscent of the shameful data leaks that Facebook has suffered, for example. Few people still risk transmitting data concerning their private life, and even less concerning their finances.
Second point: payment deadlines. Nowadays, it seems quite absurd to have to wait a few days for the execution of regulation or to have to manage innumerable administrative problems in order to be able to recover one’s hard-earned debt at the casino.
Finally, the fees charged. No one wants to be billed large fees, let alone for third parties such as banking organizations. All the more so when the processes used seem to be automated. These shouldn’t cost a lot if cost nothing at all.
All these concerns here only the concerns of regulations. The players are well aware of the operation not very transparent and the machinations operated by many casinos on the internet. What if blockchain and cryptocurrencies could actually find solutions to these problems?
Cryptocurrency and blockchain save online games
Anonymity, end of intermediaries, and transparency of the actions carried out are the solid pillars on which blockchain and digital currencies were created. And they seem to have been successfully incorporated into online gambling.
To deposit or receive funds, there are only two sets of numbers that are required. These two series correspond to the number of the e-wallet (also called an electronic wallet) and sometimes also of a public key. No need for customers to transmit their personal data. Some betting sites now allow you to create an account with one click.
The elimination of third parties such as banking organizations makes it possible to speed up financial transactions and reduce costs. A number of crypto gambling sites do not charge their users. They may have to pay low network costs. The process of collecting funds can take anywhere from a few minutes up to an hour — depending on how the blockchain is loaded at the time of the transaction. But anyway, this process is surprisingly fast compared to conventional payment solutions.
Among these cryptos, the Ethereum network and its currency seem to want to keep its place of number 1 after Bitcoin. It is not surprising! Indeed, the Ethereum system is much more than a simple payment network that supports a currency. It is used above all to develop decentralized exchanges via decentralized applications ( dApp ) and autonomous contracts, called smart contracts or intelligent contracts. There are plenty of gambling dapps that you find and get started gambling online at Dappcasino.io, they have gathered the best dapps for gambling online.
Finally, the failure to offer bettors a reliable and transparent system is a real problem for sites that do not use the blockchain. The creation of TRON and EOS allowed a real breakthrough in the industry. Users can now verify the accuracy of their declared Return to Player Rate and the associated variance. Many developers are already using this technological innovation in their game creation.
