With the emergence of online casinos, gamblers received an opportunity to play their favorite casino games at home. Since that time, the online gambling community has been expanding every year. Despite that, even today many players experience a lack of trust in the fairness of online casinos. Eliminating those suspicions is possible by switching to a crypto online casino.
These days, the global cryptocurrency market capitalization has already reached $2 trillion. Such huge numbers are possible due to the advantages that crypto gives. Blockchain technology guarantees transparency, trust, safety, and anonymity to all users. That is why online casinos are eager to adopt crypto. CSGO roulette was one of the first online gambling games to use cryptographic technology to prove it does not interfere with the results. How is blockchain changing online gambling? Find out in the article.
Transparency and Trust
Probably the most significant benefit blockchain brought into online gambling is transparency. The gambling platforms that are based on encrypting technologies use open-source programming algorithms. It means that all the bets you make and outcomes from them are being recorded on the blockchain ledger. As a result, you always have a provable source of your gambling history. Such transparency makes any kind of fraud nearly impossible. It increases the level of trust in blockchain-based casinos.
For example, if you want to play roulette in a land-based casino or ordinary online casino, you do not know whether the game is fair or not. There is no guarantee that the game will allow you to win at all. That is the most important advantage that both BTC and CSGO roulettes have over the traditional one. Both games are equipped with a fair system that protects the players from being cheated. At the same time, the rules of the game in crypto and CSGO roulette do not differ from those in ordinary online casinos. So, you can play a well-known roulette and be sure the game is fair.
Cryptocurrency Payment
Almost every player has experienced some problems with depositing and withdrawal. Usually, players have to wait for a long time until the bank gives the green light for the transaction to proceed. Things with withdrawals can be even worse, as they can take up to a few days.
Also, there is a possibility that the bank will decide to block all your gambling transactions. Finally, most players do not like the idea to share sensitive information tied to the bank account with online casinos. All the problems related to the payments can be solved with cryptocurrency and blockchain:
- No bank information shared
If you pay with cryptocurrencies, the online casino will not get any of your financial information as a crypto wallet does not hold it.
- Reduced time of transactions
Since cryptocurrency is decentralized, all payouts do not require approval from third parties. It speeds up both deposits and withdrawals.
- Reduced cost of a transaction
Financial operations with fiat money are charged with relatively high fees by banks. International transactions are even more expensive. But cryptocurrencies are more movable due to low fees that do not increase due to transferring abroad.
- Clear schemes of payments
Not only bets are recorded by blockchain, but all the deposits and payouts as well. Given that cryptocurrencies are decentralized, your account cannot be blocked.
As a result, crypto allows not only to build trust between players and online casinos using transparency. It also provides easier, faster, and more secure transactions.
Safety
Security of the transaction and personal information when using cryptocurrency goes without saying. But how exactly does it work? It is because of the built-in feature that every blockchain has. Every payment you make using cryptocurrency immediately becomes encrypted and added to a ledger. Every transaction ever made has a unique number and is chained with each other. That is the reason why the technology is called a blockchain.
There are huge databases with information that are managed by members of the blockchain community. Hence, those databases have millions of copies. Given the number of copies and the fact that every transaction has its unique number, blockchain is nearly impossible to hack. Hackers would have to change every copy to make it undetected.
So, for both online casinos and their clients, it is more beneficial to use blockchain for payment. Crypto provides a more secure system than fiat does.
Anonymity
Real name, phone number, email, and ID — it is enough to make a general identification of a player. But there are multiple reasons why players do not want to share any personal information with online casinos, even if this information is claimed to remain safe. Gamblers in some countries can have problems with the law, even when it is legal. Some players also do not want to get any advertisements and bonuses from the casino. They can avoid it by not providing an email or phone number.
Using blockchain in casinos allows you to play without providing any personal information. All you need to make a deposit in such casinos is access to a valid crypto wallet. Withdrawals are possible under the same conditions as well.
But be aware that anonymity is becoming a serious issue for a lot of countries. It means that new anti-money laundering legislation in some parts of the world does not allow online casinos to leave their players anonymous. Moreover, anonymity does not suit the age-check and self-exclusion rules that some jurisdictions apply. So, the ability to play anonymously depends on your current location.
Summary
Blockchain has made online gambling more convenient, transparent, and anonymous. Besides, using crypto is cheaper for the owners. Consequently, bitcoin gambling facilities are capable to offer more features. Players receive a broader variety of games, higher RTPs, and different bonuses. All those factors made crypto casinos more engaging and accessible than their regular counterparts.
On one hand, the current tendencies show that more and more online casinos introduce the option of paying with crypto to their players. And this will remain in the future. On other hand, there are a lot of countries that try to fight or heavily regulate the circulation of cryptocurrencies. It pours out into more severe regulations of the anonymity of crypto gamblers.
