The connection between online casinos and blockchain is getting stronger every day.
A quick internet search will bring up numerous articles discussing the positive aspects of blockchain in the industry and how it will revolutionize the way online casino games are played. In the broader gaming market, cryptocurrency is captivating analysts and investors alike, with seemingly endless uses and no limit to how high the value can go.
However, blockchain is also a nebulous market. People are getting into an unpleasant relationship with many cryptocurrency scams, which creates a sense of anxiety similar to the one that caused the turn-of-the-century poker boom and its eventual collapse. Are cryptocasinos going to follow the same path? We consider the key points.
Why are online casinos so popular?
First, in order for cryptocurrency and blockchain to enter the industry with the force that they have, they have to be popular. The popularity of online casinos has exploded in recent years, not least because of the pandemic. With physical establishments closed, many people have turned to online providers for their games. The Mercury News shows that incomes fell after the pandemic eased, but only because people were allowed to go out again. Many online providers, such as bit casino site, have retained customers not only because of their availability, but also because of their variety of games. Providers quickly adapted to the new audience. These are not typical online games with simple graphics, but live games played by real people. This is one area that online providers have used very well during the pandemic to keep people coming back. They innovate and adapt, and that brings us to blockchain.
How are online providers using blockchain?
Online casinos can accept deposits and payouts in cryptocurrency, which has advantages for both parties. Transactions are quick and easy and benefit from the anonymity that blockchain offers. They also exclude third parties, which means there is no risk of your data being stolen or your account being hacked. No middleman also means no additional fees for handling your money, resulting in better rates for you, better prizes or lower costs for the supplier. Some vendors have embraced this wholeheartedly, while others offer both payment methods to cater to more potential customers.
What are the dangers?
It's a pertinent question – is it too good to be true? If blockchain was such a revolutionary way to make payments easier for online casinos, why wouldn't everyone be using it? This is a strong point, and the biggest reason is the fear of who you play with and whose money is taken. Structural Geology explains how cryptocurrency has been targeted by criminals as a method of laundering dirty money, and that means you could be sitting at a virtual poker table with someone playing with the proceeds of crime. You are still safe in terms of your money, but there is an ethical question that has yet to be answered. Bloomberg calls the market "hot but unregulated" and that the lack of regulation affects people. This is the same lack of regulation that hit the online poker world in 2011. What is the current growth in popularity of betting on sports in cryptocurrency, find out from this source.
So, are cryptocasinos safe?
The answer to this question depends on your point of view. Blockchain offers the end user more safety and security than most payment methods, and given the growth in user numbers over the past 18 months, that can only be a good thing. Any booming industry can be a magnet for those looking to rip you off, so the safer they are for the end user, the better. The real issue of security is broader and applies not only to cryptocasinos, but to the entire spectrum of cryptocurrency trading. However, as a general answer, yes, cryptocasinos are safe.