The times they are a changing. Just about everyone is aware of Bitcoin, the cryptocurrency allegedly created by ‘Satoshi Nakamoto’. Initially seen as something of a curiosity, Bitcoin defied its critics and went on to become something of a phenomenon, and almost a symbol for the autonomy the internet enjoys from forms of regulation. Estimated at 9 billion USD today, the currency has come into its own as a bargaining chip for internet transactions. Unsurprisingly, Bitcoin and the Blockchain technology that makes it possible have found their way to online casinos. More and more industry insiders are directing their attention to the possibilities afforded with this new way of doing business. We’re going to a look at what changes you can expect in the coming years, including:
- The advantages of Blockchain technology to the gambling industry
- The basic concept behind Blockchain technology
- The technology’s successes to date
How Does Blockchain Technology Work?
The key concept (or at least, one of the main aspects) behind Blockchain is the idea of decentralisation. While other currencies are controlled by centralised financial institutions, Bitcoin has no connection to any nation or bank. By using algorithms and the connectivity provided by the internet, it is able to function as its own instant stock market. No human manipulation is possible, and any changes to the market are effected immediately, dependent on the thousands of transactions being made every day.
What Does Blockchain Technology Offer to the Gambling Industry?
Perhaps the most obvious benefit Blockchain and Bitcoin offer to gamblers is increased privacy and security. In an age where internet fraud, and even just simple mistakes, are commonplace, Bitcoin puts an extra level of security over your funds. On top of that, you can enjoy lower fees, and with some sites, less identity requirements. And the other plus side is, it’s completely legal. You may even be able to use it after collecting your star spins no deposit bonus.
But that’s just what Bitcoin has to offer. The actual Blockchain technology itself can open up some new doors for the industry, particularly in the world of decentralising. A number of scandals have arisen recently on account of unscrupulous sports tipsters offering losing tips, in order to bring more money into the casinos. This is a good example of the dangers centralisation can pose the industry. What Blockchain technology does, is it puts access to information in the hands of the punters, rather than the bookies. That way, information can flow freely, and with zero delay. Sports punters are no longer dependent on the whim of the bookmakers, who will inevitable fix their tips and odds to suit themselves. While this isn’t the first attempt at decentralised, peer to peer sports betting (Smarkets have made a roaring trade on the back of the idea), it is the first time the idea is being married with technology as significant as Blockchain.
So there it is. It’s obvious this technology offers some amazing innovations, just around the corner. If you like what you’ve read, maybe now is the time to start investigating the world of Bitcoin, and the opportunities Blockchain tech offers.