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Many industries are looking for secure online payment options across different online platforms. In this regard, Cryptocurrencies based on Blockchain technology are emerging as a suitable option. One industry that is slowly adopting the use of Cryptocurrencies is the online casino industry. Top online casinos like JackpotCity Casino, which offers the best slots games, are adapting the latest and best technologies for their clients. The future of crypto and casinos is bright as the industry continues to evolve.
What Is Cryptocurrency?
Cryptocurrencies are electronic peer-to-peer currencies. The peer-to-peer aspect of this digital currency means that there is shared access to files without a central server’s involvement. These decentralized files are stored in Blockchains. This leads to the next question:
What Is Blockchain Technology?
A Blockchain is a digital ledger of the transactions distributed to a network of users. When you store a transaction file in the Blockchain, it is impossible to hack, alter, or delete it. As more people invest in Cryptocurrencies, the number of Blockchains grows. Therefore, the increase in the number of investors significantly contributes to the security of the data.
The Blockchain is not under the control of one person; it is transparent to all investors. No one can duplicate, fake, or hack the currency. It also offers anonymity and independence from banks and governments.
Benefits of Cryptocurrencies to the Casino Industry
- Anonymity – cryptocurrency allows punters to transact with online casinos without revealing their identity.
- Data Security – the transactions on the Blockchain are protected. Casino players don’t have to worry about their personal data being stolen by hackers.
- Personal safety – digital transactions are secure, unlike physical cash. Therefore, you are sure of the security of your winnings.
- No intermediary – Cryptocurrencies are peer-to-peer currencies meaning you don’t need a bank to transact. This makes online transactions faster as it eliminates the red tape.
- No fees – bank charges and transaction fees are eliminated.
Drawbacks of Cryptocurrencies in the Casino Industry
- Non- acceptance – casinos have not embraced Cryptocurrencies fully as a payment option. This has had a negative effect on the patrons’ perception of digital currency.
- Centralized network risk – there is a possible data security risk where the online casinos host Cryptocurrencies.
- The “dark side” perception – cryptocurrency emerged primarily through the dark web with links to arms dealers and criminal enterprises. It will take some time before it sheds this ugly tag off.
What about Regulations?
The legal obligation for casinos is to establish whether their players can support their bets. The challenge with Cryptocurrencies is that the player remains anonymous. Another thorny issue is the volatility of the crypto.
Experts argue that investing in crypto is gambling in itself. Regulators have accepted Cryptocurrencies as legal tender in the gambling industry. However, there is a condition that the industry operators should have tight controls to manage the risk involved.
Experts suggest that there will be an industry-wide transformation in the next ten years. As a result, only forward-thinking casinos will remain competitive while others play catch up. There is a lot of progress in the adoption of Blockchain technology in the casino industry. As the various concerns are addressed, you should expect to see more online casinos adopting this technology. The future of online casinos is crypto.