The gambling industry has rapidly gained popularity around the world and as it is a huge business, many operators have cashed in on it. Related to this sector, blockchain technology was launched to facilitate the payment transactions of the gamblers. The top gambling site or online casino means three main points: the best products and services, a license from a reputable authority, and last but not least safe and easy payment methods. That is probably why many firms have used blockchain technology to solve problems. This innovation was originally invented for digital currencies like Bitcoin and others but since 2018, it has been used by many platforms for transparent transactions. In fact, this technology blocks all information about transitions meaning the highest degree of security and privacy. What are the main advantages of using blockchain on online gambling?
Advantages of blockchain for iGambling
Privacy and accessibility
Since its appearance in 2009, the use of cryptocurrencies has increased and, today, they are considered as the well-known payment options in the online casinos. One of the most recognizable is Bitcoin that allows users to play anonymously and without providing documents. Besides, they don’t need to open an account but it depends on the site they choose. The low cost of the transaction is lucrative for both the players and the operators.
Build trust and a good reputation to the online gambling industry
As the online gambling platforms are subject to fraud, the gamblers certainly find the most trusted sites to avoid disappointment and money loss. With blockchain technology, all parties are able to check the permanent and unchangeable transactions record. For example, by using in the online casino Bitcoins, players can benefit from an unrivalled sense of safety and anonymity. Therefore, by applying this innovation, the gamblers can play with assurance as the outcomes are completely fair.
Many online gambling sites are banned in some locations meaning a bit of letdown for the players. Blockchain technology is the solution to the gambling sector enabling every player to be the member of the casino they want. Actually, this innovation supplies a decentralized site allowing the users to move funds anywhere in the world. Therefore, the worries about games prohibitions are over since you can entertain with your favourite games as long as you have an excellent internet connection. Some crypto platforms launched the projects like Slice which means a decentralized crypto program where those who hold tokens get automatic dividends from the advantages generated by the platform.
Disadvantages of blockchain for iGaming
Blockchain’s advantages outweigh the disadvantages since it is the best solution to purchase services online without intermediaries.
Sources of many illegal activities
Although anonymity is considered a big benefit of using Blockchain for all the parties, it can attract many criminals as it is untraceable.
A limited number of gambling websites
The second significant drawback of this technology in the iGaming industry is the lack of Bitcoin casinos today. As only a limited number of gambling websites is available, the gamblers cannot take advantage of the cryptocurrencies when they make deposits or withdrawals.
Blockchain is one of the buzzwords on technology which is an ingenious invention that will change the world especially the online gambling industry. With this innovation, Not only can the blockchain transfer and store the transaction process but it can also substitute all processes which come with lower fees. Today, some countries are planning to legalize Bitcoin and other cryptocurrencies at the gambling sites. One of these countries is Malta and as it is the capital of the gambling, it is exploring the best means to enhance the use of this technology in this field.