The growing popularity of online blockchain games
Any person who has heard of online gambling has also come across cryptocurrency gaming. With digital currencies making giant waves globally, it was only a matter of time before they proliferated the online gaming sector. Traditionally, gambling was always about cash.
Author:James PierceReviewer:Gordon DickersonSep 29, 202180 Shares79.5K Views
Any person who has heard of online gambling has also come across cryptocurrency gaming. With digital currencies making giant waves globally, it was only a matter of time before they proliferated the online gaming sector. Traditionally, gambling was always about cash. However, when casinos went digital, so did the payment options. Gamblers could deposit and withdraw through various online means. Now, there is another way to transact – cryptocurrency. Blockchain gaming involves the use of digital currency to play on internet casinos.
The last few have seen interest in crypto rise dramatically. As digital coins reveal their real value, various industries have been rushing to incorporate them into their services. Online gaming is one area that is successfully changing how people view cryptocurrency. Although internet gambling and betting is a billion-dollar industry, it still encounters several issues. The ability of digital currency to solve some of these challenges is what makes this payment method worth considering. Understanding the role of crypto in online gaming puts its rising popularity in perspective.
How Does Blockchain Gaming Work
Knowing that blockchain gambling exists and grasping how to operate are different things. Even seasoned gamblers can get confused about gaming with crypto when they don’t know how this currency option works. Blockchain refers to a digital ledger that records and distributes encrypted blocks of data. It then chains the blocks together chronologically. A blockchain is an immutable network that stores cryptocurrency transactions. So, blockchain-based casino games allow players to capitalise on the benefits that this system offers.
Crypto gaming gave birth to two main kinds of casinos. The first one is the site that only accepts digital coins. With this option, gamblers have to deposit, bet and withdraw through cryptocurrency. Even bonuses are available as digital coins. The second type is a hybrid casino, which supports both fiat and digital currency. These sites are the most popular because operators provide players with the benefits of transacting with both currency options. The suitability of a cryptocurrency casino comes down to individual needs. Looking at how Casino.Guide compares Crypto Casinoscan help you pick an ideal platform.
The Problems That Crypto Gaming Solves
As mentioned earlier, cryptocurrency gambling is gaining dominance because it fills gaps that conventional payment methods have not been able to. This section looks at some of those solutions.
Increased Privacy And Security
One of the biggest USPs of cryptocurrency is that transactions are anonymous. Well, they are, to a point, but that is an entirely different topic. The main point is that, compared to fiat payments, crypto affords you a degree of privacy. When depositing at a blockchain gaming website, you don’t have to provide a credit card number, a bank account or other sensitive details. Blockchain transactions only require the wallet address of the sender and receiver. In an age where cyber threats are a huge concern, the private nature of digital coins comes in handy.
Online gamblers have to be extra careful because gaming websites are favourite targets for cybercriminals. The risk of data breaches is high, and customers can lose their information and money. When using digital currencies, gamblers can protect their data. Another advantage is that transactions don’t leave a paper trail. Gamblers who prefer to keep their activities unknown can do that easily. Nobody needs to know how much you spend on online entertainment or where you spend it.
Reduced Transaction Fees
When playing at a fiat casino, you might incur service charges when you deposit and withdraw. A majority of operators don’t impose transaction fees. However, the payment method you select might. Depending on the chosen service, you could pay between 1% and 5% of the amount transferred. These fees can eat into your gambling budget or winning. You end up spending more while leaving the casino with less. Blockchain gaming solves this problem. As a decentralised ledger, the blockchain network doesn’t have the interference of central banks or governments. Therefore, transactions don’t generate traditional service charges. Some digital coins have small transaction fees, while others don’t have any. For this reason, you get more out of your money.
Speedy Payments
For the same reason that crypto has little to no fees, the option provides fast transactions. When you deposit digital coins to play online casino games, you don’t have to wait for a bank or another third party to authorise the payment. So, funds transfer in milliseconds. The speedy process of cryptocurrency is particularly beneficial during payouts. Complaints about customers waiting too long to receive their winnings are some of the most common ones. Besides operators having lengthy withdrawal times, payment services can also be tedious to deal with. Credit cards, for instance, make you wait for three to five business days before your money is available for use. When you cash out with digital currency, it can take anywhere from 15 minutes to an hour to get your winnings.
Is Blockchain Gaming Safe?
Amid the excitement to discover what crypto gambling has to offer, one important element should not be neglected – safety. As with most emerging technologies, it makes sense to be wary about the implications of gaming on the blockchain. In itself, cryptocurrency provides certain safeguards that make this gaming alternative safer than regular casino gaming. For one, it limits the amount of information that currency holders require for transactions.
Another way that the industry protects players is through provably fair games. Provable fairness involves the use of an algorithm that allows gamblers to verify every wager they make. Hence, you can easily trace where each cent of your bankroll ends up. Almost every crypto-only operator provides provably fair gaming.
The intersection between online gambling and blockchainwas expected, given that the two sectors complement each other. However, the reluctance of governments to recognise cryptocurrency transactions hindered the adaption of digital coins as payment methods. The situation is different now. Internet gambling is one of the sectors driving the use of crypto because the transactions offer various advantages to both operators and players.
James Pierce
Author
James Pierce, a Finance and Crypto expert, brings over 15 years of experience to his writing. With a Master's degree in Finance from Harvard University, James's insightful articles and research papers have earned him recognition in the industry.
His expertise spans financial markets and digital currencies, making him a trusted source for analysis and commentary. James seamlessly integrates his passion for travel into his work, providing readers with a unique perspective on global finance and the digital economy.
Outside of writing, James enjoys photography, hiking, and exploring local cuisines during his travels.
Gordon Dickerson
Reviewer
Gordon Dickerson, a visionary in Crypto, NFT, and Web3, brings over 10 years of expertise in blockchain technology.
With a Bachelor's in Computer Science from MIT and a Master's from Stanford, Gordon's strategic leadership has been instrumental in shaping global blockchain adoption. His commitment to inclusivity fosters a diverse ecosystem.
In his spare time, Gordon enjoys gourmet cooking, cycling, stargazing as an amateur astronomer, and exploring non-fiction literature.
His blend of expertise, credibility, and genuine passion for innovation makes him a trusted authority in decentralized technologies, driving impactful change with a personal touch.
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