Why Cryptocurrency is Great for Online CasinosPublished March 21, 2021 by Elana K
Anonymity, instant transactions, and provably fair gameplay are just some of the benefits of playing at online casinos that accept cryptocurrency.
Bitcoin was created more than 10 years ago, but cryptocurrencies have only become mainstream in the last four years. When banks and traders started taking these digital assets seriously, online casinos also began to accept them as a valid form of payment. When it comes to online casinos, Bitcoin, or any cryptocurrency, has the distinct advantage of transparency in database transactions.
Transparency is achieved through the blockchain, the basis of cryptocurrency, which shows how each transaction is processed. In an industry in which the potential for scams and fraud is high, having a transparent database of transactions makes a huge difference. Transactions include how much you deposit, how much you bet, how much you win and lose, and even how much the casino earns from your deposit.
The blockchain, in essence, acts as a casino regulator. The purpose of regulators, like the UK Gambling Commission and Malta Gaming Authority, is to ensure that games are fair and that the casino isn’t taking any money that isn’t theirs. Blockchain replaces the need for these regulators because all transactions are literally transcribed in an open book. Casinos can’t steal because their customers will see it. Players know that the amount they receive in winnings is the right amount, because it’s all out in the open.
The Safety Benefits of Crypto Casinos
Casinos that accept fiat currency (USD, GBP, etc.) are usually regulated to ensure that nothing untoward is happening. If a fiat casino is not regulated, players should run the other way. As explained above, crypto casinos don’t need the same level of regulation, since the blockchain provides all the information.
There are other benefits of playing at casinos that support cryptocurrency. One is complete anonymity. Cryptocurrency wallets are not attached to personal information. Additionally, deposits and withdrawals all happen in real-time, there is no need to wait for approval from a bank or financial institution.
Provably fair is another concept that’s more easily done with a cryptocurrency casino. Provably fair means that the service operator publishes a method for verifying each transaction in the game so that players can verify that there is no foul play. It uses open-source algorithms that players can use to test the responses to their in-game decisions and evaluate the outcomes. Provably fair is best used in certain types of blockchains, the architecture of cryptocurrency.