Cryptocurrency has sent a wave through the realm of finance that we can still feel today. Over a decade after Bitcoin’s release there are people who are still talking about its impact on the digital world. That isn’t even mentioning the new altcoins being released to this day. Legitimate businesses are now embracing digital crypto payments as viable. There are even some countries that have made Bitcoin a legal tender.
But there is no doubt that the greatest impact of Bitcoin is the popularization of blockchains. The blockchain is a digital ledger capable of recording and storing transactions. The decentralized nature is what attracts many fans towards this new technology. Theories and proposals for how the blockchain could be used to improve the web have been brought up by tech moguls and cyber-oriented thinkers. But online casino experts are also interested in this new technology.
How Digital Payments Can Change Gambling
The growing popularity of blockchain technology has made cryptocurrency all the more respected by the general public. Crypto was largely seen as a niche for the internet savvy and tech recluses when Bitcoin first dropped. Today we can see that the average housewife might be informed about what it is; she may even have a stake. It is no wonder that businesses are so willing to embrace the new concept. IGaming was among the first markets to accept crypto-based payments.
But the innovative side of iGaming extends far beyond just crypto deposits. Gambling websites have embraced digital payments as a whole. Fans can now discover online slots with Casino Days; and use e-wallets to make quick and easy payments. But what advantages do digital payments bring to the table over credit card deposits? New players may be excited to learn about some of the major advantages of crypto-based deposits.
The first is that they are incredibly fast. Credit and debit card payments usually take a few days to process. Crypto wagers will be done in a couple of hours because of the peer-to-peer system that stands behind Bitcoin. A lot of gamblers will be happy to know that anonymity is also strengthened when using cryptocurrency to make payments. The encryption technology used to power crypto powers the security that is behind this technology. We see how digital payments can change gambling. But what about the blockchain itself?
Blockchains Lead to Provably Fair Gambling
One of the biggest issues that players have with traditional gambling is the question of fairness. The myth that online casinos fix odds and don’t payout permeates to this day. Though experts have done their best to quell the fictitious notion, there are still some gamblers who take it at face value. That doubt will be completely eliminated from their minds if online casinos were to embrace the new era of blockchain technology.
Cryptographic algorithms that are backed by the blockchain can allow the players to verify the outcome of every single spin or draw. This type of technology would completely uproot the digital versions of games like roulette or blackjack. Players would instantly be able to identify any sort of backend manipulation that they fear might be taking place. It would lead to a level of transparency that few have even been able to imagine.
It would also make crypto gambling a lot simpler and safer. Crypto casinos are taking off nowadays. But there are still those who worry about regulation and licensing. A lot of gamblers are on edge in this era of increasing iGaming restrictions and regulations. Furthermore, there are plenty of newcomers to gambling who don’t exactly know how to determine their coins’ worth without any external help. The new interest in crypto is why we must educate the population on the topic.
Decentralized Autonomous Organizations
People say that the house always wins. They are the ones in charge of the casino after all. The house is calling on shots on all games involved. But what if that was not the case? Could it be possible for the community to take charge of the casino? That is the concept behind decentralized autonomous organizations; which have come to be called DAOs. There is no house at the helm of a DAO. Instead it is a casino governed entirely by the very community of gamblers that make it up.
One would need to purchase a stake or token in order to become a member of a DAO. Token holders would have the power to vote on every single aspect of the website. They would be in charge of new game releases and bonus suggestions. They might even have power over updates made to the platform. It would be a way to democratize gambling and blur the line between player and stakeholder. It would even be possible for some organizations to distribute earnings to their token holders. This would ensure passive income for each member.
DAOs are a bold new model that has only been introduced in theory. There is no certainty that anything of that nature will ever come to pass. But it certainly is an impressive theory that resonates with many online gamblers. It is especially enticing for those who have a lot of experience with cryptocurrency; and have been following the market since day one. A gambling page where the community could replace the house certainly sounds like something worth checking out in the future.
Prospects for the Future
Blockchain technology is having a serious effect on the iGaming industry. Players are fascinated by the innovations that blockchains bring to gambling. It would not be a shock to see iGaming professionals go all in on blockchains. That being said there are plenty of new and exciting technologies that might pull players and developers in a different direction.
Virtual reality is one of these advancements that seem fascinating to many. Gamblers are really keen on the idea of visiting a realistic gambling hall while also relaxing on their couch. The tech that powers VR is not at a point where it can provide players with what they want. But in ten or twenty years we might see an industry that is entirely virtualized.
