Blockchain in iGaming Industry
The invention of blockchain technology, everything started to reshaping as the new concept will drastically change the traditional ways of payment but also other industries as well. Gaming, for example, is going to be much safer as the hackers will not be able to hack due to a decentralized ecosystem that will protect data or other confidential information. The crypto wallets make everything much easier. You can find a full list of real casino online at Gamblingcomet As the crypto-wallets are developing and expanding every day, it is natural to expect to see the crypto-wallets that will be able to store in-game assets and items at the same place, without the fear that someone might hack their account.
What's blockchain technology?
In simple words, the blockchain technology represents the concept of a database that is decentralized where all data records (any change, update, or depletion) are free of cost and free of single-user influence. This means that you cannot alter the data in a database until the other users (who carry the same "responsibility") confirm the data editing. Once the edit is complete, all users must verify the edit. When a party/user starts initiating the transaction, he starts the creating of a block, which is verified by millions of users around the network, which makes it impossible to perform fraudulent actions. This not only makes the whole thing safe for users and free from hackers but also means that all transactions are carried out instantaneously and free of charge.
Pros and Cons of using cryptocurrency in casino
The first thing is that the cryptocurrencies are free of taxation, so all your winnings cannot be taxed. Also, there is no need to reveal your identity as it is the case with credit cards or other ways of paying. So, we could say that your privacy is ensured. As some of the countries and financial institutions do not allow making deposits and withdrawals to the financial assets in case of the gambling actions, the cryptocurrency will enable users to hide the trail of the money, meaning no one will ever be able to find out where this money went to. While the deposits are instant, the withdrawals usually take some time for completion, which means that withdrawals through the cryptocurrencies would mean that all withdrawals will be completed instantly.
When it comes to the downsides, the first big downside is that cryptocurrencies have a changeable value, which means that you can deposit a sum of money that could be no worth at all in just 30 minutes. Also, the online casinos are not required to obtain the license for operating with cryptocurrency, which means there could be problems with regulations, especially as there are no fees. If you are playing at the website that has a slow crypto exchange office, it may happen that your deposits and withdrawals take some time. However, this is not always the case, so it could not be considered as all-the-time con.