The Latest Development in the Online Gambling Industry
The online gambling industry has come a long way ever since the first Microgaming’s video slots.
09:34 18 September 2019
The market keeps on growing, so the software video providers are releasing new slots on the regular, and pages like this website are an excellent source to find your newest favourite title.
However, in order to have an influx of new video slots, the online gambling industry needs to keep on growing, and one of the latest technologies that can help popularise online gambling even further is the blockchain and cryptocurrencies.
So, how exactly can cryptocurrencies help the online gambling industry? Well, that’s rather simple — by making the whole experience a lot more convenient for players and, to do so, players can take advantage of numerous benefits that come with gambling by using cryptocurrencies.
There have already been many crypto-driven casinos out there. Since their platforms are based on digital currencies that are not regulated by any country nor any jurisdiction, such establishments can neglect many Know your customer (KYC) protocols that a lot of players find tedious.
Instead of giving casinos your personal information, such as your name, last name, phone number, street address and whatnot, with bitcoin casinos you can simply register using a username and a wallet address.
It might come as a surprise, but there are online casinos and payment methods out there that will charge a fee for using their services or making a withdrawal request. When it comes to using cryptocurrencies to play in your favourite casino, you will only have to pay minimal fees that are then used to pay the miners who validate the cryptocurrency transactions made on the blockchain.
Speaking of payments, since cryptocurrencies are not exactly controlled by governments or any regulatory bodies, players won’t have to go through numerous procedures before the money is in their wallets. Granted, it might not be the actual speed of lightning, but depending on the coin that you’re using to play in a casino, it will take approximately 5 to 30 minutes on average for a transaction to process.
Plethora of Bonuses
A lot of players decide on which casino to join based on the welcome bonuses that the casino has to offer, as well as other promotions that casino operators usually have in store. Casinos that operate using cryptocurrencies are like a whole new playing field for the players who enjoy the aforementioned bonuses.
What’s more, players can receive up to one bitcoin in bonuses, which is slightly above $10,000 at the time of writing, and a lot more than your regular casinos have to offer.
As we’ve mentioned before, while registering in an online bitcoin casino, you won’t have to disclose a ton of information as you would have to do in a regular online casino, which also means that your personal information is a lot more secure.
Furthermore, every bit of information that you share, such as transactions, for example, is stored on the blockchain. In other words, the information is virtually impossible to tamper with, which gives both your personal data and your funds an additional thick layer of protection.
While cryptocurrencies have been around for some time now, it’s only recently that online casinos operating strictly on digital currencies became a thing. Currently, we have numerous hybrid casinos that offer the best of both worlds (fiat and cryptocurrencies), which is already an excellent indicator of how the blockchain and cryptocurrencies are shaping the online gambling industry and, in time, we are positive that their influence will only increase.
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