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Why Blockchain Technology has the Potential to Revolutionize the Online Gambling Industry?

The recent Corona Lockdown has triggered the number of portfolios on gambling sites to increase considerably. With novice betters embracing digital payments, there is always a hesitation of fraudulent activities.

In a nutshell, the betting activities include opening an account, deposit and withdraw funds, gamble and benefit from these betting activities. 

What will happen if online transactions are not accounted for? Also, there is no legitimacy of the operators’ funds. There is also debate on the security of such online games. In these scenarios, users will lose their hard-earned money, isn’t it? 

Blockchain emerges as a solution to these issues.

How blockchain solves these issues?

There are numerous reasons why gambling and blockchain are meant to be. Here are some of them:

Decentralization-

Gambling with decentralized ecosystems is much safer and cheat-proof rather than using your conventional centralized method wherein data can be tampered anytime they want and manipulate the game itself.

Lower Cost Gambling-

As the name states, lower fees are always a good factor for me and for any other gamblers out there!

Anonymity and Privacy-

In crypto, anonymity is the most sought out factor, and privacy is it’s number one key factor that draws people to it. 

“Any business that’s a money business, like a casino, needs an additional level of privacy and security, which blockchain improves through cryptography.”

Online Gamblers Focus More on Cryptocurrency Casinos-

Blockchain Gambling offers endless benefits for the players along with the ones mentioned above.. Here are some enlisted –

Account Creation & Easy Withdrawal –  

Blockchain betting allows players to open accounts in any gambling sites within seconds. With proper email address and password, players can start betting. 

This is one of the most sought out benefits. With a single click, players can deposit their winnings into their crypto wallets in a short span of time. No need to wait for the payment to get credited to your accounts.

Less or No KYC

Traditional gaming sites ask for proper documents like passport/driving license; which in turn raises a red signal in terms of security. Blockchain betting sites do not ask for KYC and players are ensured about 100% anonymity. 

“Provably Fair” Games

Blockchain has introduced a “Provably Fair” tool that enables the player to verify each roll result and make sure that he is not being cheated by crypto bitcoin bookmakers. This feature guarantees the fairness and integrity of each and every game.

With the above findings it can be said, Blockchain technology has a huge potential to revolutionize the gambling industry for players, operators as well as regulators. 

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Why Blockchain Technology has the Potential to Revolutionize the Online Gambling Industry?
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Why Blockchain Technology has the Potential to Revolutionize the Online Gambling Industry?
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What will happen if online transactions are not accounted for? Also, there is no legitimacy of the operators' funds. There is also debate on the security...
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Qadir AK

Qadir Ak - Co-founder of Coinpedia Blog - His interest as crypto Author, Editor, Speaker at cryptocurrency conference has made him known as passionate blogger and startup in Asia.

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