Blockchain and Gambling
We are now living in an era where online gambling is undergoing a remarkable transformation, and a big part of that is owed to blockchain technology. We are not talking just about some minor upgrades, blockchain is basically redefining the core of iGaming by making it more secure and transparent.
Crypto gambling sites continue to grow in popularity and they continue to attract a wide range of players, slowly taking over the industry from traditional online casinos. So, how does blockchain gambling work and how can you use it to improve your gambling experience? Let’s take a closer look.
Blockchain Technology: A Short Overview
Transparency, security, and immutability are the three pillars of blockchain technology, which is a completely decentralized digital ledger system that stores crypto transactions across several devices. Blockchain emerged in 2008 when Bitcoin hit the decentralized world, but ever since, it has evolved to offer solutions that are more far-reaching than just digital currencies.
Thanks to cryptographic technology, blockchain runs on chains of blocks, each of which is a cryptographic of the previous block, thus creating a secure ledger. That ledger then eliminates the need for intermediaries in the transaction process, thus vastly reducing fees and improving the speed.
How Is Blockchain Implemented in the Online Gambling Industry?
Given the growing popularity of Bitcoin casino sites, it would even be an understatement to say that blockchain is revolutionizing the operations of betting and gambling sites. Here is how blockchain finds its way into the world of online casinos.
Payment Systems
First off, we have the most obvious implementation of blockchain technology—the development of blockchain-based payment systems. These systems allow you to enjoy more secure, faster, and cheaper transactions at crypto casinos compared to traditional banking methods.
By taking full advantage of blockchain technology, the best crypto gambling sites streamline payment processing, thus enabling players safe transactions with an eliminated risk of fraud.
Smart Contracts
Moving on, smart contracts play a key role in automating payments in crypto casino operators as they are programmed to automatically release funds once predefined conditions are met, such as winning in casino games. Thanks to smart contracts, you can enjoy even faster transactions, which will undoubtedly enhance your overall online gambling experience.
Immutable Record-Keeping System
One of the best uses of blockchain technology for gambling platforms is the immutable record-keeping system that ensures transparency and integrity. Every transaction online gamblers make on the blockchain is stored in a decentralized ledger, so there is no way a third party can alter it in any way. That is how the authenticity of transactions is also verified.
Provably Fair Games
Provably fair games are the flagship feature of blockchain gambling and they are the stark contrast to what you can expect with RNG-powered traditional casino games. Provably fair gaming algorithms allow users to independently verify the randomness and fairness of all game outcomes.
This is a technology that provides a mathematical guarantee that every game round is fair, which is unattainable in traditional casinos.
How Blockchain Casinos Improve Users’ Gaming Experience
Technicalities aside, how can the average crypto casino player benefit from cryptocurrency gambling? Here is how the standard blockchain casino uses its features mentioned above to improve punters’ gambling endeavors:
- Faster and Cheaper Transactions: Thanks to the decentralized nature of crypto payments, blockchain technology is fast and cheap, which are big qualities when gambling online. It is already clear that traditional payment methods are slow and expensive, especially when international transactions are in question.
- Transparency and Fair Play: Blockchain grants users a big advantage compared to fiat online casinos. This technology offers a tamper-proof and fair decentralized system with provably fair algorithms where gamblers can never feel cheated.
- Speciality Games: Apart from the standard casino games you may be used to in the traditional gambling industry, blockchain-based platforms include some speciality games like crash multiplier titles. We can categorize them under the instant win games section and they offer unparalleled suspense and big potential payouts for the luckiest players.
- Global Access and Inclusion: Decentralized platforms can offer their services to a wider range of customers in the world, especially in regions where restrictive banking regulations are enforced. Thanks to the global availability of crypto betting and gambling sites, they are now more popular than ever.
- Elimination of Intermediaries: Middlemen such as governments or other centralized institutions make the transaction much slower and expensive. On the other side, Bitcoin casinos transactions don’t rely on intermediaries, so you can never worry about possible denied transactions or big fees.
How to Start Playing Blockchain Casino Games
Step 1
Buy Crypto and Choose a Crypto Wallet
Your first order of business should be buying any cryptocurrency from an exchange platform. You can do so with various payment methods, including cards and e-wallets. You can choose from various crypto wallets to store your assets, but if you are completely new to the industry, we suggest you take advantage of the built-in wallet at the crypto exchange.
Step 2
Register at Cryptorush
Cryptorush Casino allows you to enjoy all of the above-mentioned advantages of blockchain gambling. All you have to do is register by submitting your email, new password, and currency. Then, choose your welcome bonus and enjoy the ride—no KYC processes will be asked of you.
Step 3
Make the First Deposit
Deposits and withdrawals with cryptocurrencies are near-instant, regardless of the token you choose. Cryptorush supports all the major digital assets, so choose your preferred option and make your first deposit.
Step 4
Explore the Game Library and Play
A wide catalog of casino games, including slots, table games, and live dealer games, awaits you, so you have a sea of options to choose from. The sheer versatility of the game library will ensure that you find a game that perfectly matches your preferences, whether they are bet-size-related, gameplay-related, or thematic.
Popular Cryptocurrencies for Gambling
Regardless of your preferences, reputable platforms offer you a rich quantity of crypto payment methods you can use for deposits and payouts. Here are just some of the most used coins by punters in the gambling community:
- Bitcoin: We start with the largest and most popular crypto in the world. If you are completely new to the crypto gambling world, then BTC is a good start. You can buy it at all exchange platforms, and transactions don’t take longer than 10-20 minutes to clear.
- Ethereum: Moving on, Ethereum casino operators are relatively newer, but they have taken the online gambling market to whole different levels thanks to smart contracts and decentralized applications, which are a step further in preventing fraud. The native Ether cryptocurrency is not capped, so it is a big advantage over Bitcoin.
- Litecoin: This is a cryptocurrency that was established in 2011 with the sole aim of eliminating some of Bitcoin’s disadvantages. Often referred to as the silver to Bitcoin’s gold, Litecoin is highly liquid and its transactions are processed much faster than Bitcoin, which is a great benefit of its own.
- Tether: Finally, we have a crypto that somewhat stands alone in the realm of blockchain gambling. Tether is a stablecoin, meaning that its value is tied to the USD, so there is zero to little volatility, which some gamblers find very attractive. Regardless of its nature, you can still purchase Tether on various exchange platforms.
Challenges and Considerations of Blockchain Gambling Operators
Now that we have explored almost all there is to know about crypto casinos and their benefits, it is time to take a look at some of the challenges they face:
- Legislation: Most existing laws predate cryptocurrencies and blockchain technology, so this creates a bit of uncertainty among operators and players in the crypto gambling industry.
- AML Concerns: The anonymity offered by crypto gambling platforms complicates AML efforts and responsible gambling measures.
- Scalability Issues: Since the number of crypto transactions grows all the time, one of the primary challenges blockchain technology faces is scalability. The network may struggle to process them, which can lead to delays and bigger transaction fees in the future.
Blockchain and Gambling: A Match Made in Heaven
It is reasonable to conclude that, as blockchain technology develops and catches up with all the latest developments, the gaming industry as a whole has a bright future ahead of it. We can anticipate further changes in the iGaming sector since it is evident that blockchain technology and online casino gambling are a great match.
Transparency, provably fair casino titles, low fees, and instant transactions are more than enough advantages to attract even more players. Over time, it is to be expected governments and centralized institutions to have a bit more relaxing approach towards crypto tokens, which will eliminate some of the long-standing concerns over their usage.
Until then, all that is left for you is to reap the benefits of blockchain technology and dive into the amazing world of crypto casino gambling. Register at Cryptorush Casino now and play the best games while claiming the most rewarding bonus offers in the market!
FAQs
What is blockchain?
A very basic definition of blockchain is that it is a list of transactions made on the network that anyone can verify. For example, the BTC blockchain consists of records of every BTC transaction.
Are crypto casino winnings taxable?
This mainly depends on the country you live in. Some governments in the world treat cryptocurrencies as property for tax purposes, so make sure to check your legislation on the matter.
Do I get bonuses at crypto casinos?
Yes, you do. The very best crypto casinos offer you a wide range of promotions, starting with the welcome bonus, which is available straight after registering.
