The Blockchain Technology And Cryptocurrency In The Online Gambling Industry

For the gambling industry, the arrival of the internet was truly a game-changer as it made it possible for anyone with connection to the internet to access online casino platforms, such as https://www.all-about-magicians.com, to play there most favored casino games or even engage in sports betting wherever you may be. Although in many countries the online gambling sector is heavily regulated, the sector continues to grow at an incredible rate.

While this unceasing growth is indeed a good thing, the online gambling sector also deal with several challenges similar to other industries and sectors. For instance, on the part of many users, there is a lack of trust which is to some extent because of the fact that the transparency level of wins and losses is low. We can surmise that this may be one of the reasons why online gambling isn’t that much appealing to a lot of millennials unlike other generations.

Blockchain and Cryptocurrency in the Gambling Industry

But the gambling industry keeps up with the numerous technological advancements so as to come up with solutions to the different challenges they face. Competition in the industry is fierce so online casinos, like https://www.all-about-magicians.com, need to take the most of these solutions. Apart from adopting virtual reality and live casinos to make the games much more interactive and appealing for players, online casinos have to look for ways to gain the trust of the wider audience as well as solve this concern on transparency. One of the best solutions they found is the blockchain technology and cryptocurrencies.

Cryptocurrencies are digital currencies or virtual money that are decentralized, which means that they are controlled by the government or any major financial institution. However, they can purchase with fiat money as well as be used to purchase things from food to real estate. These cryptocurrencies run through the blockchain.

The Blockchain technology is a system of logging in or recording information and transactions in a manner that makes it tough, even impossible to manipulate, cheat, or hack the system. This then makes the use of cryptocurrency safe and secure as well as transparent. Because of these, increasingly more people prefer to use cryptocurrencies as a mode of payment. Hence, the blockchain and cryptocurrency is an excellent solution for the online gambling industry to attract a broader market as well as solve the issue on transparency.

Why Online Casinos Can Benefit from the Blockchain and Cryptocurrencies

Because of the transparency it provides, a lot of online casino have already incorporated the use of cryptocurrency as an option for payment. However, besides transparency, there are other several convincing reasons why online casinos should make use of cryptocurrencies and why players should consider using crypto as well. Here are a few other key reasons:

  • Anonymity: Some cryptocurrency casinos don’t necessitate players to sign up in order to enjoy playing online casino games. They also don’t need any information so as to be able to make a transaction using cryptocurrencies making online gambling an activity that is completely anonymous.
  • Low To Zero Transaction Fees: Because of the blockchain, cryptocurrencies don’t eliminates the need for a middle man to complete the transaction, which lowers or even removes any possible transaction fees.
  • Protection and Safety of Banking Information: Because players aren’t required to provide any of their banking details, their information are provided with an extra layer of safety and protection against scams and frauds. This works the same way for online casinos.

Know How Bitcoin Gambling Works in Traditional and Bitcoin Only Casinos

Using bitcoin (BTC) as mode of payment has attained a high level of popularity since nowadays, a single BTC commands a high price value of more than $50,000. That is why it’s not surprising at all why seasoned gamblers consider it more exciting to play at bitcoin casinos. Still, if you’re still contemplating on using bitcoin for your online gambling recreation, it would be best to first find out how bitcoin gambling works before doing so.

Difference on How Bitcoin Gambling Works in Traditional Online Casinos and in Bitcoin Only Casinos

Actually, there are two types of bitcoin casinos, the traditional online casinos that accept cryptocurrencies as a deposit option and the Bitcoin Only casinos that transact purely with bitcoins.

Bitcoin Gambling in Traditional Online Casinos

Traditional online casinos are leveling up by accepting cryptocurrencies as payment, to which the option includes not only bitcoins but also other popular digital money like ethereum and litecoin. The Slot Buddy online casino review site provides a list of reputable traditional online casinos accepting cryptocurrencies, which can be viewed in this page https://theslotbuddy.com/ .

In traditional online casinos that accept bitcoins as banking option, the bitcoin deposited will be converted into a fiat currency selected by the player. The corresponding value will then be reflected as account deposit. This denotes that all bets placed as wagers will be limited up to the value of the selected fiat currency. Winnings and losses will likewise be added or subtracted to one’s playing account in the same fiat currency.

If a player wants to withdraw funds, the amount withdrawn should be sufficient to allow conversion of fiat currency into BTC. Otherwise, the withdrawal request cannot be processed. If the remaining deposit balance cannot converted into bitcoin, the player has no other recourse but to continue gambling. and perhaps gain additional credits that would enable him to withdraw in cryptocurrency.

The conversion rate used for the withdrawal will be based on the same rate used when the digital money was deposited.

Gambling in Bitcoin Only Casinos

Inasmuch as Bitcoin Only Casinos accept only BTCs as deposit. All wagers, winnings, losses and withdrawal of funds will be in BTCs, since no conversion transaction transpired at all. Moreover, these type of casinos keep their requests for personal information at a minimum, whilst allowing players to engage in online gambling activities with utmost discretion.

Usually, an email address is required in the event that password recovery is requested, while some form of identification will be needed as requisite for processing of a request for BTC withdrawal.

Yet the most important difference between a traditional bitcoin online casino and Bitcoin Only casino is that with the latter, the operator uses a proprietary online gambling software that discloses how their online gambling algorithms work. The purpose of which is to gain the confidence and trust of bitcoin gamblers in playing at their Bitcoin Only site.A peer-to-peer assessment can be performed through the use of a gaming technology known as Provably Fair.

Provably Fair Gaming Technology is available by default in all trustworthy Bitcoin Only Casinos, as it offers protection for their players. It is actually the gold standard as far as Bitcoin Only Casinos are concerned. Mainly because the technology gives players the ability to check, if the outcome of their games were achieved under fair gaming conditions.

Making Money Using Cryptocurrency

Blockchain is all around us and many are showing interests on earn from it. First and foremost, what made blockchain extremely popular is its decentralized nature. As a matter of fact, it’s a lot easier than you think. You don’t necessarily have to buy and invest Bitcoin to make the most out of blockchain. For newbie and for someone who does not know much about this, it can be a risky move to take. So why don’t we take a look of the other ways to earn from cryptocurrency.

Trading

As mentioned, for someone who doesn’t have much information about this, making such decision can be risky. But who knows, you might be great in terms of asset trading and chart analysis. If so, then you’d be so happy to know that there are tons of wonderful opportunity to be exploited from crypto trading.

But before you do any of that, you need to make purchase of some digital assets and make the right prediction of market movements. This way, you’ll know when you should trade.

https://www.youtube.com/watch?v=EOu2K8aGdEg

In order to do this, you have to master your trading skills by practicing regularly, studying and analyzing trends and technical charts, stay updated with global news and several other elements that may affect the price of cryptocurrency.

Accept Cryptocurrencies as Form of Payment

Believe it or not, getting paid using cryptocurrency is a nice substitute to accept fiat currency or any digital payments. As a matter of fact, there are some cryptocurrencies that are being used to pay for their online shopping carts or even when playing online slots such as in https://spookslot.com.

Of course for this to happen, you have to ensure that the site you are on accepts cryptocurrencies as payment methods. Otherwise, it will render useless.

Mine it!

Cryptocurrencies could actually be mined using computer to solve complex math equations. While experienced miners are using specialized CPUs, there are tons of companies that programmed handy blockchain mining programs applicable for both PC and mobile devices. Or, you can take advantage of cloud-based computing power to mine. At the end of the day, it is your personal preference how you like to do this.

Introducing: Crypto Online Gambling Platforms

The online gambling industry has enormously rise and continuously growing these days. With the help of the invention of smartphones, these advancements, including the world of gambling, are highly noticeable. In connection to this, the cryptocurrency also makes its way to be a part of this growing industry.

Bitcoin offers greater privacy and international access than that of the conventional payment mode in gambling.

Moreover, as part of the growing industry of online gambling and cryptocurrency, there is a growth of crypto platforms for gambling.

Different Gambling Platforms for Cryptocurrency

The following crypto gambling platforms allow you to wager the bitcoin and other assets as part of modern-day payment mode. Payment transactions under this method is fair and safe.

Fortune Jack

The oldest existing bitcoin casino, Fortune Jack has more than 1,500 games to offer. Aside from that, they have tons of BTC perks for new signed-up members.

1xBit

This cryptocurrency gambling platform has many more to offer. From high accessibility to numbers of games to the utilization of more than 50 various types of cryptocurrencies, you can digitally enjoy gambling with this platform.

bitStarz

The thing that bitStarz boasts for is its highly experience staffs in the world of online gambling. Because of that, this online cryptocurrency online gambling platform garnered the excellent support from most casinos online.