Bitcoin has risen very high in value and popularity in the online gambling community. At the same time, blockchain has gained a lot of interest among operators of online gaming programs. The impact that blockchain is having on the industry is massive. The online gambling industry is ready to take on the concept of blockchain and take advantage of the benefits that this technology has to offer for people on both the company and the business and the customer side. There are plans to use this throughout the industry.
Transparency And Fairness
One thing that is very important in any industry is transparency and fairness, especially in gambling. For one thing, people are not going to stay with companies that are unfair in their practices. One factor in the ability to accomplish this goal is blockchain’s decentralized system, which is network based. This system keeps any individual from gaining an unfair advantage over anyone else at any point when it comes to gambling. This removes the need for third-party trust.
Another factor that drives the increasing availability in bitcoin casinos is that there are a lot of users that are very interested in seeing transparency. Fortunately, this concept is very transparent. The users know how it works. There is nothing hidden. Therefore, the user does not have to worry about any nasty surprises. Another development that is encouraging users are “bitcoin 2.0” solutions with improved compatibility with sports betting and other online gambling activities.
Regulators And Data Access
One factor that plays into the trust of online casinos is the regulation of the industry. For one thing, the older system of gambling was a little harder to regulate because of the difficulty in accessing the required data. With the blockchain way of doing business, this makes data easier to access. Therefore, online casinos are easier to regulate. The decentralized and shared information gives regulators a better option for holding online gambling sites to a higher standard.
Mark Blandford, founder of SportingBet says that blockchain is very beneficial in preventing money laundering. This process of decentralization makes everything traceable. Everything can be audited. Therefore, anyone that is thinking about any underhanded tricks is not going to go really far. There is a smaller likelihood of gamblers getting cheated or scammed.
The Trust Factor
One good thing that blockchain does for the gambling industry is increase the trust factor. Online gambling has always had a polarizing effect on people. While it has been more convenient to gamble online than at a physical casino, people have been more vulnerable to scam since it was easier to remain anonymous. With blockchain, people could rest assured that their money will be handled fairly. Blockchain protects gamblers from fraudulent handling of finances.
Bitcoin and Other Currencies
Bitcoin is moving above other currencies in value because it is the only blockchain that has been proven to be safe and reliable. This is one of the reasons that casino operators are adding bitcoin to the list of currencies they are accepting. Some casinos are getting rid of other currencies in place of bitcoin since it is a universal form of currency. Bitcoin also allows for more options when it comes to the types of games that could be played.
Blockchain’s Future
The future is looking very bright for blockchain. People have quickly discovered plenty of benefits that go with this type of data. This concept is ultimately good for gamblers and casino operators alike.
