«Blockchain Technology & iGaming Industry
Almost everyone has heard about Bitcoin and Blockchain. Let’s try to understand the connection between iGaming and Blockchain. They say that cryptocurrency can change the whole world, including the online gambling. We’ll make a little research about readiness of online casinos to see and accept the cryptocurrency boom. We’ll also explain the meaning of ICO and other interesting terms and acronyms concerning digital money. This topic might be interesting for gamblers, who prefer visiting online casinos, because some of them has already started to support digital money as one of their payment methods. That’s why it’s necessary to understand some theory about Blockchain.
Let’s try with the basic terms about cryptocurrency. It’s necessary to know their meaning in order to learn more about cryptos.
So, what is Blockchain? It’s a unique digital system, which consists of several independent nodes. They’re operated similarly and simultaneously by the same commands. It’s easy to understand this process as a distributed ledger. That’s the main advantage, brought to us by Blockchain.
This structure of a distributed ledger provides a database, which gets synchronized and shared by numerous websites. Here we see another advantage of Blockchain: it allows transactions together with some “public supervision”.
Blockchain can protect various iGaming platforms from such digital dangers as attacks, leaks and hacks. That’s extremely beneficial for owners of such iGaming platforms, protected by Blockchain, because they can forget about their fears of cyberattacks. All the transactions, coming to and from their platforms, are safely encrypted with the help of “if-then” principle.
It’s easy to understand with the help of a casino metaphor. Imagine that you spin the reels of any slot and land three similar symbols, for example, diamonds. It means that you’ve hit a jackpot, so the casino will have to give you the proper reward. And if you play roulette and put all your money on the red, but the ball stops on the black, it means that now it’s your turn to give your money to the casino. That’s how simple it is!
Should Blockchain Be Regulated?
It’s natural that every innovation is raw at the very beginning and needs some adjustments and regulations. The same situation happens with digital money and Blockchain. There’re still some weak spots in their system, no matter how good it seems to us.
We, human beings, love to improve everything we see, and Blockchain system is not an exception. The first drawback, found in all this digital money, is the fact that it’s too volatile. It means that cryptocurrencies can lose value or gain value with the speed of lightning.
BTC, Ethereum and other types of digital money are so vulnerable to fluctuation of their value because due to many reasons. We constantly hear about security breaches concerning cryptocurrency. What’s more, we see a great variance about their value. Some experts would even say that digital money has no value at all!
One of the possible ways to solve those problems is regulations of Blockchain. There should be some rules and standards concerning the channels of cryptos flows and exchanges. Only legislative framework can exploit the huge potential of digital money to the fullest. People trust something regulated, something, which follows some strict rules. So, introduction of digital money regulations will attract many new customers, including gamblers.
What’s more, gamblers and other owners of various digital money should know the meaning of all the terms and acronyms connected with it. For example, it’s necessary to understand the meaning of ICO. It means “Initial Coin Offering”, in other words, it’s some amount of coins, which will be exchanged for Ethereum or Bitcoin.
When a person creates some new type of digital money, they surely put some value in it, otherwise this new cryptocurrency will be totally useless. The investors, who will buy this new digital money, wants their investments to grow in value. The bigger growth, the better. Every new type of digital money wants to become the next Bitcoin.
Cryptocurrencies and iGaming
So why do so many online casinos start to support digital money and make it their new payment method? Actually, there’re so many advantages! Cryptocurrencies are connected with low fees, fast transactions, no chargebacks, and so on. Now it’s clear why popularity of digital money is constantly growing!
So, the main advantages of cryptocurrencies are clarity, security and transparency. Thanks to them, digital money is becoming a confident alternative to our traditional financial system. It’s clear now that not only online casinos, but gamblers are turning to digital money and using it as a comfortable payment system.