blockchain Cryptocurrency

Why should casinos adopt blockchain technology?

July 5, 2019 Off By Sydney Ifergan

Talk about blockchain and the first thing that comes up is “cryptocurrency”. But the effects of blockchain technology are not limited to the crypto sphere only. Rather the state of the art technology has pervaded multiple other industries like banking, energy education and so on. Casino is a major industry which will also benefit from blockchain and cryptocurrencies.

 The blockchain technology assures the convenience of anonymity of public ledger for identity and for funds. Players here won’t require to showcase private data globally to perform risk-based activities. Besides, blockchain also assures fast noticeable payments. To top it, crypto transactions are relieved of taxation hassles.

Convenience of anonymity

At times casinos ask the players to submit documents and personal information during creation and verification of accounts. And, that becomes a cause of concern for many players who are hesitant to offer personal details randomly. But, as mentioned earlier, one of the most important attributes of blockchain technology is “anonymity”. It doesn’t compel users to provide personal details while carrying transactions which eventually prevents hackers from accessing users’ confidential data.

Reduced fees for players

A major reason why many players are apprehensive about online casinos is high withdrawal and deposit fees. Such an attitude deters many land-based casinos to expand online given the fear of losing out on players. Moreover, online casinos also can’t promise fast withdrawals.

Crypto-based payments can solve the problem to a great extent.

“Crypto-payment protocols allow minimal fees for withdrawals and deposits in online casinos”, stated rising blockchain crypto-based gaming platform Pbet. The portal is aimed to integrate land-based casinos and online casinos together – whilst incorporating instant cryptocurrency payments.

“Our crypto-based payment method also ensures quasi-immediate withdrawals and direct deposit of the fund in player’s crypto wallet.”

Transparency & credibility

Online casino frauds are not uncommon. There have been reports of casino sites stealing from players unbeknownst to their knowledge. Such instances have made many players apprehensive of casinos which has naturally been a huge blow for the entire casino industry. Players are the blood and soul of casinos. If they choose to stay away, the entire industry would be in utter loss.

But, blockchain technology carries the infrastructure to change this scenario by boosting trust among players and enabling them to play with confidence. The smart contracts of blockchain can verify records on shared ledger that can’t be manipulated by anyone. This kind of environment creates transparency and increases the credibility quotient for players which eventually direct them to casinos again.

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