Over the past decade, blockchain technology has been evolving and revolutionizing how companies across different industries conduct business. Blockchain’s impact has become so pervasive that it goes beyond ICOs and cryptocurrencies.
Blockchain is a decentralized online-based ledger system designed to keep a record of transactions. The technology depends on the interconnectivity of computers and servers across the globe, making the system immutable.
The Bitcoin betting industry is taking advantage of blockchain’s potential in a bid to enhance the online gambling experience. This article will look into how blockchain technology has revolutionized the online gambling sector.
Cryptocurrencies and Online Gambling
Through cryptocurrencies, blockchain technology has significantly changed the online gambling industry. Many betting sites are turning to blockchain and embracing its potential to augment the punters’ gambling experience.
Cryptocurrencies such as Bitcoin and Ethereum are not governed under the central government authority. Blockchain applies cryptographic data recording protocols to track every punter’s information, ensuring that this data remains safe from third-party access. Punters also get to enjoy guaranteed anonymity.
The blockchain, which is typically a public ledger, updates all transactions made at the bookie. This serves to promote transparency while protecting punters.
That being said, you will need a crypto wallet to make transactions at a blockchain-powered bookie. For Indian punters, this guide sheds light on some of the best Bitcoin casinos in India.
The Benefits of Blockchain Technology in the Gambling Industry
Below are some of the ways in which blockchain technology has revolutionized the online betting market.
Enhancing Trust in The System
Trust is a major issue in the online betting industry. Over the years, the industry has had a history of manipulative odds, underpaid payouts, and data breaches, among other cons.
Before the advent of blockchain technology, many unlucky players became the target of some fraudulent online betting companies. These companies would rig systems to make huge profits off players’ losses.
Others would keep winners waiting for days or even weeks before receiving their winnings. There were other cases where players were blocked from accessing the betting sites after raking in huge wins.
Luckily enough, the advent of blockchain served to enhance trust in the online gambling sphere. This innovative technology now serves as an effective record-keeping tool. This way, every bet, game, win, and payout are recorded. Importantly, and companies can no longer cheat the system.
Enhanced Transparency and Player Security
Blockchain also helps protect online gamblers against industry malpractices. One of the most notorious fraudulent practices was rigged random number generators, which favored online bookies and casinos.
The new technology is doing a great job at eradicating these devastating malpractices. This way, players feel safer when placing wagers using a blockchain-powered platform.
Data breaches have also been common in the online gambling space. Players were not certain that their personal information would be safe with online bookies and casinos. With blockchain, players do not have to fear anymore because their data is protected from third parties.
Blockchain technology ties every player to a unique digital wallet address secured using a cryptographic protocol.
Promotes User Anonymity
This is somehow an extension of the security offered by blockchain tech. More often than not, online gamblers prefer to keep their identity anonymous, and blockchain offers you exactly that.
Every blockchain-powered casino or bookie has an anonymity feature. However, you will have to give your wallet address for deposit and withdrawal purposes.
You should know that the anonymity feature only applies to crypto users. If you are using fiat currency on a blockchain-powered betting platform, you will not access the anonymity feature.
Blockchain Has Eased Transactions
Crypto bettors will attest that blockchain is a lifesaver when it comes to bookie transactions. This technology has completely changed how players transact with online casinos and bookies. It has made it easier to fund betting accounts and withdraw winnings.
Before blockchain technology, it used to take so long to transact fiat currency from the player’s bank account to their casino or bookie account. In addition, these bank transactions came with a fee, which could be high for international punters due to exchange rates.
With blockchain, which has paved the way for cryptocurrencies, it is now possible to make safe and instant transactions to and from online bookies and casinos.
Eradication of Cross-Border Discrimination
Cryptocurrencies, which are a creation of blockchain technology, have made it possible for anyone to access online bookies, regardless of their geographical location. With crypto, you are not subjected to exchange rates such as those associated with fiat currencies.
Cryptos are not affected by cross-border monetary limitations. This has opened doors for players who would love to place wagers on international bookies.
Cryptocurrencies and blockchain in the betting industry are subjected to offer efficiency through instantaneous transfers. Being a decentralized system, blockchain is not subject to the long and time-wasting inspection procedures laid down by central-authority bodies.
As blockchain speeds up transactions, it has the ripple effect of lowering the cost of transactions. This renders cryptos more cost-effective compared to other forms of payment such a bank transfers and credit cards. This benefits both the players and online betting companies.
In addition, crypto transactions do not necessitate the need for third-party approvals. Players have complete authority over their digital cash and are free to make withdrawals and deposits with instant blockchain verifications in real-time. The online bookie gets to know whether the transaction was successful within a fraction of a second.
The Future of Online Betting with Blockchain Technology
The transformation of the online betting industry with blockchain has just begun. With new features being launched every other day, we are optimistic that blockchain technology is set to eradicate some or all of the challenges that have been ailing the gambling industry for centuries.
It is vividly clear from how this new technology has infiltrated the industry that it’s the future of online gambling. Gamblers can now safely enjoy quick transactions, transparency, anonymity, and feel comfortable placing wagers at betting sites, all thanks to blockchain technology.
According to industry experts, this is just the tip of the iceberg when it comes to what blockchain technology has to offer. This fact is hard to dispute, given the potential of improvements such as tokenized virtual commodities and industry decentralization.