How Blockchain Technology is Making Online Casino Gaming More Accessible

Mr. Pratik chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and has spent over a year as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the Financial markets.

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Blockchain is a word that you should get used to seeing more and more of. This emerging technology has been one of the biggest buzzwords on the internet in recent years, and its presence will only continue to grow. The online casino industry has been fast to throw its arms around this new technology, and increasingly, online gambling sites are harnessing its power to improve their casino offerings. Let’s dive into how blockchain technology is changing the gambling industry and making it more accessible. 

Secure Payments 

When they hear the word blockchain, most people first think of cryptocurrencies. The two go hand-in-hand, and more people are beginning to invest in cryptos than ever before. The days of cryptocurrencies being some obscure thing that only tech hipsters and shady characters use are long behind us.

Cryptocurrencies appeal to gamblers for many reasons. Cryptos open up several doors for gamblers that may have otherwise remained closed. The biggest advantage is that it provides a universal currency for people. Players no longer have to worry about visiting a casino and being hit with horrible currency exchange rates. Cryptos transcend borders and make things much more accessible for players. 

Crypto transactions are also insanely fast. Players do not need to wait for casinos or banks to process their payments, with their winnings being able to appear instantly in their wallets. The lack of involvement from banks also means that players don’t need to worry about being ripped off with transaction and exchange fees. 

They only offer a lot more security than traditional fiat payment methods. The blockchain records every transaction and ensures that players can track exactly where their currency is. This might appeal to people that are sceptical about where their currency is being stored and do not trust operators or traditional banking methods. The blockchain ensures that players are in safe hands. 

Security & Anonymity 

While the gambling industry has come a long way, there are still people out there that have their reservations regarding it. This could be for a number of reasons, with security and privacy being two of the biggest. 

For those that don’t want to share their personal details with online casino operators, blockchain and cryptocurrencies are very attractive. Users’ identities are kept secure and there is no way that operators, or third-parties, can get hold of any of your transactions. All accounts are linked to an anonymous wallet, meaning players never need to share banking information with an operator. If they do not need to share it with the operator, then there is no way it can be shared with a third-party. 

There are also people who do not want gambling transactions linked to their accounts for different reasons. Blockchain technology helps people stay anonymous and has made gambling much more accessible to these people. 

Taking Down Borders 

With online gambling becoming more and more popular on a global level, a lot of players feel as though their geographical locations restrict them. Cryptocurrencies can help this problem, with players from around the world able to use the blockchain to access online casinos. 

Of course, there are also dangers to this. Cryptocurrency casinos tend to be unregulated, putting players in a tricky position. An operator needs to hold a license so that no regulatory body can step in to help the customer if they need it. This can lead to many issues for players and lead the way for some questionable operators getting involved in the industry. 

From a pure accessibility standpoint, the lack of restrictions does help more players gain access to the industry than ever before. However, there is still some grey area surrounding unregulated operators, which the industry will have to work on. It is possible that we could see more regulators get involved and attempt to control the crypto industry. However, plenty will argue that this goes against some of the core philosophies of the blockchain and cryptocurrencies. 

The Future 

As we have outlined, there are still some teething pains with blockchain technology, however, the future looks very promising. The casino industry has been quick to embrace blockchain technology and cryptocurrencies and will continue to work hard to make them readily available for players. 

The benefits to accepting this form of technology are clear. Players will have more security and privacy when gambling, transactions will be smoother, and restrictions will no longer be as big of a problem. While there are still some stumbling blocks, the future of blockchain and the casino industry looks incredibly bright.

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