The Influence of Cryptocurrency on the Gambling Industry
Cryptocurrency, as the name suggests, is encrypted currency, digitally stored and transacted. The encryption by method of cryptography makes this currency almost impossible to tamper with. Another key feature, also one to give it more security than other currencies, is its decentralised nature — no one authority can govern or control it, which also means that there can’t be any governmental influence or manipulation. The currency is stored in blocks, and the blockchain technology is irreversible, and can be tracked by any participant. The database once stored in any one block, which later joins a chain, is set in stone. Although every participant can keep track, none have the access to make any changes to the data.
Ways in which Cryptocurrency helps the Gambling Industry
In casinos, the need for privacy, honest and secure transactions and a trusted database source are of utmost importance. The acceptance of cryptocurrencies in casinos has been beneficial to both – the gamblers and the operators. Cryptocurrencies are seen as the future of the gambling industry and for good reason.
The method of transaction allowed by cryptocurrency makes even heavy transactions easy and secure. In fact they’re as easy as transacting with Paypal or GooglePay. The transfers of cryptocurrency can happen online, with those gambling platforms that have a facility of accepting it, without the need for any middle man or banks. This makes the transaction instantaneous. Also, the close to faultless data tracking by the blockchain technology removes the scope of any errors or frauds. Cryptocurrencies being end-to-end, there are also lesser costs and formalities involved in any given transaction.
The blockchain technology — the decentralised digital assets — gives this industry the biggest advantage. By not allowing any authoritative access to tamper with any data, and by allowing every participant to keep track of their own transactions, the safety, privacy and data reliability offered by cryptocurrencies is the highest. The anonymity offered by blockchain technology is another lucrative feature that makes gambling and cryptocurrency an ideal pair.
Given that the value of bitcoin has seen a steady growth and predictions point to more and more people switching to cryptocurrencies for all online transactions, the gambling industry will only see a rise in the number of gamblers and operators switching to this method too. Many casinos are beginning to give out better promos and offers to the crypto-gamblers too! In a recent development, the International Game Technology Plc (IGT), world’s largest maker of slot machines, has announced its version of a technology that will enable and allow transfer cryptocurrency between a player’s gaming account and any external cryptocurrency wallet. This would mean one could simply use their phones to transact in bitcoin or other cryptos.