It has now been over 10 years since cryptocurrency started its life as a new form of digital money and things are progressive at a rapid pace with this new technology. It is been used to create unhackable decentralized platforms that can be used for a wide range of services. One of the sectors it is perfectly suited for the gambling industry and developers are working around the clock to create the next generation of gaming platform. The results so far have been groundbreaking which is why casino operators have started to make the switch to crypto casinos to take advantage of the many benefits it presents and gain a competitive edge over competitors.
There are still many casino operators that only see cryptocurrency as a form of payment and do not understand the fundamental benefits it presents. One of the major issues it helps to overcome is privacy which has been a concern of gamblers since online gaming started. Presently it is required that players register their full personal details which include banking info which puts them vulnerable to fraud along with potential credit score damage risk.
A real blockchain casino platform is decentralized which means no third parties are involved. Smart code is used to transact business which is done without the requirement of having to supply any personal information. Instead, a unique address is created on the block which is used for the gambling transactions. A public record of all the transactions carried out on this address is available which ensures transparency to that checks of the algorithm can be independently checked but no personal info of the player is available as it is not a requirement.
Since crypto casinos are decentralized it means anyone around the world can download the applications and play. They can do so knowing that they are betting in the world’s most secure network which offers 100% transparency and accuracy. They are going to make it possible for betting to take place where it is restricted or banned. At present this is not possible due to regulators using the electronic money system to ban all transactions related to gambling.
The present casino model is set up to benefit the operators first and foremost. They are all about generating as much profit as possible and many are willing to bend the system to make sure this happens. Developers of blockchain-based gambling platforms have set these up putting the gamblers requirement first. Due to being designed around the user, they offer far greater rewards and benefits that are missing from the traditional online models.
There are many player benefits when comparing crypto games against online casinos which is why operators such take the threat seriously as they will eventually become the mainstream choice. Complete anonymity is one key factor that is helping to drive players to cryptocurrency-based models but it does not stop there. The processing of payments is carried out instantly and with zero fees attached which is a big improvement compared with real money.
Provably fairness is a key advantage that crypto casinos hold as each bet carried out can be verified which provides complete honesty. This assurance that betting is accurate and transparent is a major incentive for players to switch. The blockchain gambling model also offers players funds greater security as it is stored in their wallets and not accessible by third-parties.
It is not just the players that benefit from crypto casinos as they are designed to make it easier and much cheaper for operators to set up their blockchain casino. The present traditional model costs a fortune to set up which has limited competition in the sector with organizations owning many different sites that make up a large percentage share of the sector.
Blockchain casinos can be set up extremely fast as the code for the games is open source and can be implemented in only a couple of clicks with the like of developers FunFair. All of the licensing is included in the smart contracts which cut the costs down and makes it simple to offer fully regulated games. Due to the elimination of errors or fraud due to smart code running on the decentralized network, it means operators do not have to waste resources on handling disputes or verifying results.
Cryptocurrency casinos are also the fastest growing sector in the gambling space so it presents a lot of growth opportunities for operators to cash in on this new market. It also gives them key advantages that will help to attract new gamblers to the platform which are not available via traditional money platforms.
Operating casinos online is one of the hardest business models to carry out but by using blockchain technology it can streamline the process and presents major cost savings. Smart contract-based models will eventually make it possible for anyone to set up their casino by adding gaming code which comes with regulation. With the money staying in players wallets it means all that operators have to do is sit back and let the smart code handle the rest.
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