In recent years, online gambling enthusiasts have been graced by the greatest thing to happen to online casinos since its inception: the adoption of cryptocurrency as a payment method.
It was an inevitability; bitcoin’s surge to the $20,000 mark in 2017 helped to heavily popularize crypto as a means of financial dealing, and the inherent attributes and features of crypto complement the online casino industry as if they were meant to be together.
It has led to 2 different kinds of casinos:
- Those that offer cryptocurrency deposits and withdrawals.
Those that are based on the technology that cryptocurrency is based on – blockchain.
The latter are known as ‘blockchain casinos.’
What Is Blockchain?
A blockchain is a distributed public ledger that records transactions between two parties, sequentially, efficiently, and in a verifiable and permanent manner. The records are also called blocks, and they are connected and linked using cryptography.
These connected blocks form a network or a ‘chain,’ hence the name ‘blockchain.’
A blockchain runs on a network of interconnected computers known as ‘nodes,’ and it does not require a single central authority to run it. Transactions are safe, secure, verifiable, and irreversible, eliminating the possibility of double spending and facilitating neutrality and fairness in transactions.
What Is a Blockchain Casino?
An online casino that runs on the blockchain technology is known as a blockchain casino. Typical online casinos that accept cryptocurrencies are just that – an opportunity to use crypto for gambling rather than real money.
And that’s where blockchain casinos differ – they use the technology for a wide range of operations on their websites, including real money deposits and withdrawals, provably fair gameplay and more.
Unlike traditional online casinos, blockchain casinos can actually show you that the results you get playing their games are completely fair and honest.
Decentralization Is Key
The decentralized nature of blockchain raises the appeal of blockchain casinos even higher. Classic online casinos have always have an intermediate entity, a ‘middleman’ if you will, that is responsible for conducting and verifying transactions.
This is a slow and expensive process prone to mistakes, which causes further problems to the consumer. Blockchain is completely decentralized and hence, doesn’t need middlemen or any controlling authorities.
Every transaction is secure, near instantaneous, unalterable, and error-free. Blockchain casinos are cheaper, faster, and fairer to the consumer.
A blockchain preserves the anonymity of a user while conducting transactions. A typical big top casino does not, and every transaction leaves a traceable footprint behind.
Also, in a blockchain, all records are scattered over thousands and thousands of blocks in a network using complex algorithms and mathematical formulae, making the technology virtually ‘hacker-proof.’
Traditional online casinos can be hacked easily by a determined group of hackers, which can lead to a massive leak of sensitive financial information.
A number of blockchain casinos are popping up all over the internet. The benefits they offer are comprehensive – they are fast, secure, provably fair, and hacker-proof, everything a gambler would need while looking for a place to play on the internet, a proven hotbed for scammers and fraudsters.
Satoshi Nakamoto blessed the world by inventing blockchain in 2009, and it has really become a boon for online gamblers everywhere.