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Bitcoin Soon to be Accepted at Online Casinos

Avatar Yashu Gola 4 years ago

In an effort to enhance the safety and security of payments processing options, online casinos are eyeing cryptocurrencies like Bitcoin. Digital currencies have multiple advantages over traditional payments methods, and they have the added advantage of anonymity. The convenience and user-friendliness afforded to players by cryptocurrencies are a big part of their appeal. Leading the charge is Bitcoin, but other cryptocurrencies are also available in the form of Namecoin, Clam, Litecoin, Monero and Reddcoin among others.

Coin transfers between players is possible, and player to player transactions are uncapped. However, some online casinos may live the commissions on transactions that exceed a certain dollar amount. The manner in which transactions work is as follows: players can transfer coins from their wallets to each of the addresses that are available for each of the cryptocurrency coins like Bitcoin. It should be pointed out that every coin will be associated with a unique address key. Withdrawal of coins from an online casino account is easily accomplished by clicking on the withdrawal button and then completing the withdrawal amount (provided it is available).

Upcoming Bitcoin Benefits  

Online casinos that will be adopting Bitcoin as an accepted form of payment are also working hard to create player loyalty programs. When players wager their coins, they earn valuable BTC to be deposited into their accounts. Various rewards are available in the form of cashback, prizes, lossback etc. there are discussions underway for a BIP (Bitcoin Improvement Proposal) which is slated to improve the functionality of the cryptocurrency’s blockchain. In online casino gaming, one of the primary concerns among players and site operators is security, and proposal such as the one by Johnson Lau are quickly gaining the attention of site operators.

The scripting language that defines Bitcoin will be bolstered by additional opcodes, as defined by Lau. These are the rules and regulations that govern the manner in which this digital currency will be utilized. For example, one of the most common rules for Bitcoin usage requires that a valid signature is given. When Bitcoin first burst onto the scene, Satoshi had disabled many of these codes. This was done as an emergency response, but reimplementation is fairly easy to accomplish. In Lau’s opinion, it is possible to perform highly complex transactions using Bitcoin with updated opcodes. The online gaming industry is but one industry that will certainly look to this technology to safeguard player accounts, transactions and the security of online gaming sites.

Opcodes and Online Casinos – How Does it All Work Out?

One of the front-runners in the opcodes industry is Russell O’Connor. Others include Peter Todd and Pieter Wuille. The whole point is to re-enable opcodes to allow for more complex operational activity. The improvements to the scripting system allow for greater efficiency and privacy of transactions – precisely the ingredients sought out by financial institutions, e-commerce websites and online gaming sites. Opcodes are being created for trust-free betting purposes. Ever since Satoshi Dice there has been an urgency among online casino operators like 888casino to explore the potential inherent in Bitcoin operations. The benefits of Bitcoin casinos lie in the available knowledge in the preannouncement with the hash of the randomly generated number prior to the player placing a bet.

If the online casino win that wager, they will be greater clarification about the precise timing of the random number being generated. In other words, credibility is assured with Bitcoin operations. While the case can certainly be made that this type of system is not essentially trust free, it goes a long way towards creating the right conditions for that. All in all, the implementation of re-enabled opcodes is not the most complex component of the overall process. The overarching concern is the safety, security and functionality of the opcodes. This is where a great deal of emphasis needs to be placed, and where in-depth testing and reviews are necessary.

Header Image: NewsBTC

Yashu Gola

Yashu Gola is a Mumbai-based finance journalist. He is profoundly active in the bitcoin space since 2014 – and has contributed to several cryptocurrency media outlets, including NewsBTC, FxDailyReport, Bitcoinist, and CCN...

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