Cryptocurrencies and Online Gaming: 4 Use Cases
In 2009, the first cryptocurrency was born. Bitcoin had its ups and downs, but is still here, as well as other 2,957 other ones. Cryptocurrencies, especially those based on blockchain technology seem to be overtaking the world. You would be hard-pressed to find a major technology company that isn’t at least dabbling in them. Most of them have gone beyond that and are actively developing their own cryptos. Several consortiums have been formed in the last couple of years with the sole goal of propagating and introducing cryptocurrencies in all spheres of the digital world. Online gaming isn’t an exception. Usually on the forefront of any new technological development, the online gaming industry has been actively participating in the development of cryptocurrencies. Here are some ways this development can affect the online gaming landscape.
To be able to play in any online casino, players have to give some very sensitive personal information, like bank account details or a PayPal address. This has put off many people from iGaming. The very idea of surrendering such information to an online vendor is enough for them to never even consider plating in an online casino.
One of the biggest contributions of blockchain to cybersecurity is that it allows people to remain anonymous during financial transactions. With cryptocurrency, all you need is a bitcoin wallet, which is anonymous. You don’t need to give any sensitive information to anyone. With cryptocurrency, we expect to see a sharp increase in players worldwide.
One of the most important features of cryptocurrency is that every transaction can be verified. Although the parties involved remain anonymous, the transaction itself can be viewed by anyone with an internet connection. This makes it impossible for rogue casinos to fake payouts and publish doctored gaming results in order to attract new players. Every financial statement can be checked and fake ones are easily spotted. In practical terms, this means that rigged games will become extinct.
With the wide implementation of blockchain technology in iGaming, it is becoming increasingly difficult for unsavory establishments to scam players. The blockchain environment is virtually impossible to manipulate and scammers will have a hard time trying to rig the game in their favor.
Cryptocurrencies are inherently safe, which is one of their biggest selling points. In the world of iGaming, this is a priceless feature. From day one, the industry was facing various safety challenges and any technology that can mitigate that is welcomed with open arms. That is why almost all new online casinos implement it in their daily operations. If you come across one that hasn’t, perhaps it is better to turn away and find another venue to spend your money.
Simply put, there is no reason for a new establishment to implement the latest technology to ensure the safety of its players and the casino itself. If they don’t, something is probably amiss and you don’t need to hang out to discover what.
Speed of Transactions
Having to wait until your transaction clears both the bank and casino is one of the biggest gripes people have with iGaming. To make matters worse, this waiting period is often measured in days. Not only you have to wait for your deposit or withdrawal to clear, but you can’t do anything while it does. To be fair, casinos are largely not at fault here. These waiting periods are the consequence of regulations aimed at preventing money laundering. That doesn’t mean that some of them are trying to take advantage of the situation. In the world of instant gratification, this simply won’t do.
Cryptocurrencies will eliminate this problem, or at least alleviate it. The blockchain transactions are almost instant. Waiting times are reduced to a bare minimum. The way technology works, you can have your money almost the moment you sent it.
Cryptocurrencies are a win-win situation for both casinos and players. Both sides stand to benefit from its implementation. Its main features, like safety and anonymity, will help the industry on the whole. With giants like IBM, Oracle, Well Fargo, Microsoft, JPMorgan, and many others all lining up behind blockchain, it can be expected that 2020 will be the year that we finally see blockchain cryptocurrencies becoming a reality.