How Blockchain Technology Benefits Online Gamblers?

How Blockchain Technology Benefits Online Gamblers

The ancient Mesopotamians, considered to be one of the first gamblers in humankind’s history, were found to be fond of playing with dice. Gambling has evolved a lot since the time of Gilgamesh. It has since spread around the world, modernized, and became legalized in most countries. Afterward, sometime in the 90s, with the invention of the Interweb, gambling sprouted online and became a multi-billion-dollar industry. So, what’s next for gambling? Only time will tell, but advancements like blockchain have made changes that will likely reverberate throughout the next few years.

Blockchain’s Benefits For Online Gamblers

Cryptocurrency, or crypto, gambling is a new trend that actually seems like a real next step in gambling’s evolution. Crypto gambling is made stable and possible because of blockchain, a technology emerging as a game-changer in different markets. Thanks to this technology, online casinos that utilize cryptocurrency are taking a step further and offer benefits to online gamblers in multiple ways.

1.   Security and Privacy

The most significant advantage of casinos that utilize blockchain for digital transactions is that all transactions are safe and secure as blockchain technology is thoroughly encrypted as databases record and store all transactional information. Furthermore, it ensures that transactions cannot be changed, edited, or manipulated – as a blockchain is a decentralized and digital record of all online transactions utilizing digital assets. Blockchain security prevents illegal digital asset trading, eventually reducing hacking risks. Users or online gamblers also don’t have to provide personal information when conducting crypto transactions with blockchain technology.

2.   Transparency

As most regard gambling as risky or dangerous, especially when cash is involved, people’s faith in the idea of gambling on what they have with others is relatively low. Blockchain can eliminate online gamblers’ mistrust of each other by allowing them to share valuable data securely and in a way that will not bring them unnecessary harm. Furthermore, blockchain networks and databases maintain records of all transactions and payouts in online gambling, eliminating the risk of fraud and providing legitimacy. Also, blockchain displays your player record and transactional history transparently without any other personal information.

3.   Ease of Use

Most of the time, if you want to see the money you earned while playing in a conventional casino, you would have to wait several days. However, the money transfer process is speedy when dealing with cryptocurrency and can sometimes be completed in minutes. Consequently, online gamblers wouldn’t need a bank or third-party financial institution when they deposit their Bitcoin or other cryptocurrencies into their online gambling platform of choice. Moreover, the transfer process can be verified by blockchain in less than a minute.

Looking ahead to the future, if you follow what other experts say, cryptocurrency may become the future primary source of funding for online casinos like Bet88.ph. This is because of the many advantages such payment methods offer, which can be very handy and helpful in gambling. As a result, more and more casinos, conventional and otherwise, could be accepting cryptocurrencies like Bitcoin in the future. But, of course, that future wouldn’t be possible without the efficient technology of blockchain. Aside from that, casinos that deal with cryptocurrency welcome all players worldwide, regardless of their location and their country’s Mesopotamian gambling regulations.

Authors Bio: Luther Abrams is an online game and sports enthusiast who spent his younger years playing and watching basketball, baseball, soccer, tennis, and badminton games, among the many others. Today, as an early retiree, he continues to write about his love and passion for sports. On most days, he also loves to play ball with his two kids.