Blockchain Benefits Attached To Gambling Online | CryptScout.com
It is expected to be a big year for cryptocurrency as the financial system is close to collapse and the competition is on for creating the perfect crypto replacement for fiat-based money. In the casino industry, cryptocurrencies are rampant and now all of leading providers have a payment option attached to their systems.
Expect to see lots of Bitcoin casino no deposit bonus 2020 promotions as platforms compete to gain market share in this new lucrative marketplace. Bonuses are only one of the benefits attached to gambling using blockchain online and in this article, I will talk go through the other advantages you need to know about.
The Crypto Side
The online gambling sector is a competitive multi-billion-dollar market that has seen casinos achieve double-digit annual growth rates. For new casinos to make it, they have to bend over backward taking the beaten path of huge welcome bonuses and spending millions in aggressive marketing campaigns. Such gambles mostly pay off; however, it requires more tactics to beat the competition.
Until a few years back, crypto gambling was a new concept that made the waves in the iGaming industry. Casinos gained more members in the form of crypto enthusiasts, while players profited from anonymous and expeditious transaction times. Crypto use boosted iGaming, and iGaming also boosted crypto. Estimates suggest that upwards of half of all Bitcoin transactions were linked to online gambling back in 2013.
Due to such innovations, gamers got used to new benefits; today, however, accepting cryptocurrency is no-longer advantageous. Why, because plenty of gambling platforms offer both crypto and fiat payment options. The competition is stiff now that being crypto-friendly is rampant all over the industry. That said, however, there are a lot of innovative and untapped opportunities that are yet to be unleashed behind cryptocurrencies. Many are working hard to release the hidden power.
A Plethora of Choices
Users can choose from thousands of online slots that come with all manner of innovations including, smooth graphics, an RTP upwards of 99% and an engaging atmosphere. Players can choose from a variety of payment methods fronted to them such as cryptocurrencies, fiat, points, etc. The player experience is advancing by each day; however, something remains unchanged such as provably fair gaming which is nonexistent.
Gamers still rely on the casino’s honesty when it comes to payments and winnings. Users don’t have any real tools to control the game statistics; neither do they have power over the casino balances, thus making it difficult to trust the casino operators. For some industry players, the lack of trust between players and casinos is a challenge they’re taking head-on.
FairPlay Blockchain Casino
The team running Fairplay casino stresses that operating a blockchain casino improves the trust between participants and the operator, something not witnessed in common crypto casinos. Fairplay became the first casino to intertwine its operations with TruePlay blockchain platform.
After the integration, every transaction on Fairplair.io passes through a smart contract on the Ethereum blockchain. Each deposit, win, withdrawal, loss, and bet gets tracked on Etherscan. The tracking is also done on the casino’s fund balance.
Because it’s impossible to reverse the data on the blockchain, players are not mandated to trust what casinos operators say. They can keep their eyes peeled on the transactions happening in the display on the casino site and the Etherscan.
This isn’t the first time that transparency was introduced to iGaming through blockchain technology. Numerous gaming developers have consistently been trying to resolve trust issues. They are building casino games on blockchain platforms, thus eliminating malicious behavior.
An excellent idea that is only at the inception stage, the blockchain slots are not only slow but primitive to compete with ordinary online casino slots. Hence why when it comes to trust and transparency, Fairplay casino is linked to truePlay solutions as opposed to waiting it out until blockchain games are made to become better.
I’m a highly sought-after speaker and advisor, and have been featured in major media outlets such as CNBC, Bloomberg, and The Wall Street Journal. I am passionate about helping others to understand this complex and often misunderstood industry. I believe that cryptocurrencies have the potential to revolutionize the financial system and create new opportunities for everyone.