One of the most interesting uses for Blockchain technology is at online casinos. People have been using the internet to gamble for almost as long as it has existed, and the popularity of online casinos has massively increased in recent years as technology has improved. Today, users can sign up and play the latest games on their phone or PC, wagering cash to potentially win real money prizes.
Although online casinos have become more popular, many people are still put off by the idea of gambling their money online. There are safety and privacy concerns, and some players might be unsure about trusting their hard-earned cash with an online casino. Luckily, cryptocurrencies have the potential to address all of these concerns.
In general, the option of playing at a casino with cryptocurrencies is a good thing, although some cashback bonus offers will not work with crypto payouts.
Fast Secure Payments
Being able to transfer money in and out of your casino account quickly and without issues is very important. The best online casinos provide support for a number of different payment providers, allowing users to link their debit or credit card or make use of an eWallet service. While these methods are enough for most users, they can sometimes be slow or come with fees. On top of that, some users might not want to enter their bank details into a casino. Cryptocurrencies offer a new way to fund your gambling site account, allowing you to quickly make deposits and withdrawals with little risk to your funds.
Provably Fair
Blockchain technology has a lot of uses outside of digital currencies. Put simply, the blockchain is a public record that can store information. This information can be looked up by anyone, making it a useful tool for recording and verifying financial transactions. Most casino games work using a random number generator to determine the outcome, ensuring fairness. Although this system is fair, there’s no way for players to verify, so they must trust the site they play at.
A provably fair casino game is the solution, using blockchain technology to allow users to verify that their games are fair. This type of game involves a server seed, user seed and nonce (the bet number). The user can change their seed while the casino controls the server seed. Players can check the history of the game before they play, seeing the history of all of the bets ever made. All of this is recorded on the blockchain. These results can’t be manipulated, creating a trustless system where you can play without worrying about being cheated.
Improved Privacy
In some countries, gambling is still heavily restricted or even completely illegal. While it’s not advisable, there are plenty of people living in these countries who still enjoy gambling from time to time. For them, privacy is important, so having to enter all of their personal details when signing up to an online casino isn’t ideal. They’d also want to avoid using payment methods that can be traced back to them.
Once again, cryptocurrency provides a solution. Lots of Bitcoin casinos allow users to play as soon as they make a deposit, with no need to enter their personal details. Bitcoin also offers more anonymity than regular payment methods, although payments can still be traced. For those who are really concerned with their privacy, they can use coins such as Monero to hide their gambling activity.
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