How Blockchain Is Disrupting Traditional Online Casino Scene?

Guest Author | August 25, 2018 | 9:00 am
casino, blockchain, Bitcoin Soon to be Accepted at Online Casinos
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How Blockchain Is Disrupting Traditional Online Casino Scene?

Guest Author | August 25, 2018 | 9:00 am

The online gambling industry is a booming business which is growing day by day. The fact that gambling is addictive, combined with the ready availability of online gambling platforms over the internet has made the industry even more lucrative.

But there have been scenarios where online casinos offer unfair platforms for gamblers with 1-15% house edge games. A few online casinos have been shut down after too much foul play was found after investigation. With all these reports of tricks and scams by traditional online casinos, there was a need for decentralized casino system to prevent gamblers from being exploited. The blockchain casinos such as www.zerocoin.bet have filled the gap since then to disrupt the traditional casino scene. The blockchain casinos have taken over with less house edge advantage as compared to traditional casinos that offer over 10% house edge games.

A Decentralized System

Blockchain casinos have a decentralized system. This means that a third party is not needed to verify data. These casinos have no way to access and manipulate the games. Therefore, each game is played fairly and transparently. Furthermore, it makes it impossible for investors to include gambling bots which are known to create a collusion and therefore alter the final results of the game as observed in traditional online casinos.

The decentralized system ensures the safety of funds. This is because the funds are stored in blockchain smart contracts as compared to traditional casinos where funds are stored in the system. Strict rules and regulations in the blockchain industry also make it hard for blockchain online casino investors to fraud or treat their players unfairly.

The system also ensures transparency in the games. In traditional online casinos, most information is hidden from the public such as winnings and errors during the game. Blockchain online casinos system ensures that all information is available to the public therefore ensuring transparency and trust.

Secure and Anonymous Transactions

Most traditional casinos require one to make deposits by credit cards or debit cards. That’s why when you sign up on an online casino you need to provide your card details and personal information. Where verification is needed, the process can be tedious and risky since you are not sure if your information is safe.

Blockchain has disrupted the industry by eliminating all of this tedious work and not only simplifying the deposit and withdrawal of funds process, but also ensuring safe and anonymous transactions. You don’t have to provide your personal information or card details. In most cases, you just need to send the currency to an address when making a deposit. Your transactions remains anonymous. This keeps your information and the origin of funds safe from hackers and other malicious web users.

Easier Accessibility

On most traditional casinos, it takes days to process your winnings so you can withdraw and this is annoying. Blockchain has disrupted these old habits that gamblers experience in traditional casinos by offering easier accessibility of players’ funds. Most cash outs are instant. This gives the players morale to play on blockchain casinos over the traditional casinos. This way, the blockchain casinos are gradually taking over traditional online casinos.

Blockchain casinos offer bonuses to new members and many more random offers such as free spins and free hands in poker games thus motivating players to gamble on blockchain casinos. By doing so, blockchain casinos are further strengthening their foothold in the industry, and are here to stay for a long time.

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NewsBTC is a news service that covers bitcoin news, technical analysis & forecasts for bitcoin and other altcoins. Here at NewsBTC, we are dedicated to enlightening people all around the world about bitcoin and other cryptocurrencies. We cover news related to bitcoin exchanges, bitcoin mining and price forecasts for various virtual currencies.

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