The gaming industry has become a promising area of application of cryptocurrencies – modern virtual casinos. The most important link between gambling and blockchain is cryptocurrencies. Their use allows you to safely transfer winnings to users. Smart contracts have taken this system to a higher level. Until recently, cryptocurrencies seemed to be something unknown and fantastic. And today, those who believed in the future of digital currency are already making huge profits and continue to invest in it.
Currently, many online casinos have begun to accept cryptocurrencies as a form of payment, and some of them are built exclusively on digital currencies. The use of cryptocurrency (most often Bitcoin) in modern online casinos allows you to guarantee complete anonymity, since the players’ personal data is not displayed in Bitcoin wallets.
The market capitalization of cryptocurrencies is currently at its highest level. Thus, there are areas that have benefited from blockchain technology more than others. An example of this is the gambling business. It is these principles that allow anyone who wants to become a miner (casino member) and receive a share of the profits in exchange for their contribution. Some casinos that support crypto allow players to automatically receive dividends from the profits generated by the platform.
BLOCKCHAIN TECHNOLOGY IS TRANSFORMING GAMBLING
Blockchain protocols contain original features that could revolutionize the online gaming industry. Blockchain solves the biggest problem of gambling, the fact that the host always wins. Blockchain is completely secure and transparent. The decentralized database provides a certain level of anonymity, thereby guaranteeing fair and secure transactions. The use of blockchain technology prevents gambling operators from cheating or interfering with the results.
New technologies have significantly increased the comfort of using gaming sites. Blockchain simplifies the input, transfer of data, as well as the settlement of transactions. Until now, most sites have deliberately hidden some data, which scared gamers away. Companies were suspected of cheating during pranks and games. Here, the solution was the use of cryptography, with the help of which gambling platforms can easily prove their honesty.
Fortunately, more and more online casinos are implementing blockchain solutions. Transparent, decentralized platforms are being created, free from third-party interference.
As you can see, cryptocurrencies, blockchain and technologies based on it completely change the current structure of online casinos, making it more reliable, transparent and safe. Blockchain technology has become the solution to many of the problems we face today. Users acutely felt the problems that arose in the gambling industry, and the blockchain arrived in time to help.
TYPES OF CRYPTOCURRENCIES FOR PLAYING IN A CASINO
The most popular are digital currencies with the highest market capitalization . Below is a list of cryptocurrencies whose market capitalization has long exceeded $10 billion.
Bitcoin is at the top of the list. Its popularity, including in online casinos, is largely due to the fact that it was the very first cryptocurrency. The first Bitcoin block was created by Satoshi Nakamoto on January 3, 2009 as the first money without any central authority. This is the first successful application of blockchain technology.
In total, only 21 million bitcoins can be created in the world, but there are currently about 18.9 million in circulation.
The second most popular digital currency, in particular in online casinos, today is Ethereum. It was launched in July 2019 to support decentralized applications and smart contracts.
Ethereum supports the blockchain, and not only serves as a currency. In this case, there is no maximum limit on coins. There are currently around 119.2 million in circulation. Ethereum is also listed on most stock exchanges.
The third most popular coin, which was launched in 2014 under the name RealCoin. The coin was first integrated into trading platforms in February 2015. Today it is listed on many exchanges.
Tether is not highly volatile like most cryptocurrencies, as it is pegged to the US dollar. By purchasing Tether, you can place bets in an online casino. Its price cannot be much higher or lower than $1.
BINANCE COIN (BNB)
This is the native token of the Binance cryptocurrency exchange. It was created in July 2017 using the ERC-20 standard.
BNB is a utility token used to pay for trading fees, exchanges, and other transactions on the Binance blockchain ecosystem.
Binance coin has a strict limit of no more than 200 million BNB tokens.
There are many more varieties of digital currencies that have appeared relatively recently. But in this list we have included the most common and gaining popularity, including in online casinos.
BENEFITS OF CRYPTOCURRENCIES IN ONLINE CASINOS
Cryptocurrency has had a huge impact on the gaming industry in recent years. It is expected that in the next few years it will continue to revolutionize the way a gamer interacts with an online gaming platform. When analyzing the increasing popularity of crypto casinos, a number of important advantages can be noted.
In many countries, crypto can be legally used but is not considered legal tender. However, when winning in an online game, the proceeds (digital money) are transferred to users’ personal electronic wallets. In addition, players can convert their winnings into real money, i.e. legal tender.
It is important to note that cryptocurrency transfers are not associated with other financial institutions, such as banks, and therefore have a lower transaction fee.
Cryptocurrencies offer casino benefits that far outweigh traditional banking transactions in terms of anonymity.
Digital currencies allow you to play anonymously, so you don’t reveal your personal information. Transactions using blockchain technology do not identify you as a specific player. Instead, the system uses an electronic wallet and a unique code.
Ease of transaction
Banks and other financial institutions are unable to meet the growing needs of online gamers. Often, credit card restrictions and banking regulations prevent certain elements of online gambling. We are talking, for example, about issues related to cross-border financial transactions when a player is in an area with limited withdrawals or a ban on online casinos.
Digital currency offers ease of asset transfer. As long as the gamer has an internet connection and an online wallet, they can play.
With over 1,000,000 BTC, digital currency creator Satoshi Nakamoto owns more Bitcoin than any other person. Under this pseudonym, both an individual person and a group of persons can be hidden.
With a current total of just over 18.9 million, 2.1 million bitcoins remain to be mined.
This is money that exists only on the Internet. They do not have a paper expression. You can send them to anyone on the planet without a bank. To make transactions using cryptocurrencies in the casino, you do not need to provide any personal information.
You first need to sell your cryptocurrency. For this, there are special services (exchangers). Then you can either transfer funds to a bank card or payment system. The amount of cryptocurrency you can sell is unlimited.