Many people fail to realize how blockchain is changing the gambling industry. That happens because blockchain is a relatively new kind of technology. Remember, Satoshi Nakamoto invented in 2008. People are still trying to understand it. Most people relate it to the cryptocurrency market where traders use it to record transactions. Banks have started using this technology by creating distributed ledgers with it. Here is how blockchain is changing the gambling industry.
Depositing and Receiving Cash with Cryptocurrency
People deposit their cash with online casinos through various means. They include PayPal, VISA, and MasterCard. They withdraw their cash through PayPal and wire transfer among other means. However, blockchain technology is changing the way online casinos deposit and receive their cash. These changes are helpful to gamblers in various ways. For example, cryptocurrency transactions are cheaper than traditional financial transactions are because they are a few intermediaries facilitating these transactions.
Increasing the Level of Transparency in the Industry
A Canadian online casino is a profitable business. Unfortunately, unscrupulous online gambling firms exist. These firms maximize their profits at the expense of their clients. They defraud their customers through various tricks including placing hidden charges. Many people have stopped gambling altogether because of these tricks. Blockchain technology is changing this industry by increasing the level of transparency in the industry. It does that because manipulating blockchain records is impossible. That means unscrupulous online cannot defraud their clients with this technology.
Encouraging Anonymity for Online Gamblers
Gambling is a controversial activity. Consequently, there are gamblers who value anonymity as they participate in gambling activities. Many of them go for online gambling because it allows them to gamble from the comfort of their homes. In other words, they can do it away from prying eyes. Unfortunately, online gambling is not as confidential as people like to believe it is. That is especially true when you deposit cash with online gambling firms or receive it from them. In this case, sharing your information is inevitable. In contrast, anonymous transactions are possible through Blockchain technology.
Helping Online Gamblers in Censorship Areas
Sometimes, resistance to gambling activities leads to censorship. Consequently, gamblers lack access to online gambling sites. These gamblers turn to illegal gambling sites. Doing so is dangerous for many reasons. For example, identity theft could happen when you share your information with these sites. Fortunately, blockchain technology is making it hard for these sites to operate. More specifically, erasing files recorded with blockchain technology is impossible. Therefore, defrauding gamblers who have turned to underground gambling sites is becoming difficult. It becomes difficult because as an increasing number of gamblers demand blockchain technology. They are demanding it as their preferred means of making and recording transactions financially.
Developing Localized Digital Casino Currencies
Currently, numerous digital currencies exist. They include Bitcoin, Ether, and Ripple. Others are Bitcoin Cash, Stellar, and EOS. Venezuela and Iran have talked about creating and promoting localized cryptocurrencies. Significant players in the gambling industry have seen an opportunity in the creation and promotion of customized cryptocurrencies. For example, online gambling companies that have customized cryptocurrencies exist. For example, Zero Edge is a leading company in the online gambling industry. It has a digital currency known as Zero-coin.
Predicting the Results in Gambling Activities
Predicting the result of a gambling activity with certainty is impossible. However, improving the odds of your prediction is possible. You can do that by gathering as much data as possible. Unfortunately, traditional means of accessing this data are unsatisfactory. Interestingly, a near-perfect prediction is now possible because of blockchain technology. This technology improves prediction odds because it gathers data from a broad variety of sources. Thousands of people can share their predictions online. Data from previous activities are available as well. Therefore, comparing possible odds based on a large pool of people and previous winnings improve your odds of winning.
Decentralization because of blockchain technology is helpful to gamblers and online gambling firms. For example, gamblers benefit from improved levels of transparency in the industry. They can predict results with a greater level of accuracy than they could do in the past. Online gambling firms receive cash without negotiating contracts with traditional payment-transfer companies. Decentralization because of blockchain technology also means that people living in regulated areas have access to their services. As you can see, Blockchain technology is changing the gambling industry completely. Some of these changes have taken effect immediately while others will take a while.