It's 2020, when the face of the internet keeps changing every day, with users being provided with more choices than ever when it comes to online interactions. However, due to the ever-increasing situations of hacks and breaches, it is becoming more important to be wary of your digital security.
Fortunately, technological growth in the blockchain sector has offered developers a whole new means of ensuring that online safety is at the lead of the customer experience. One area that clearly benefits from these advancements is the online gambling and gaming industry. With so many people betting online, there is a need for both clients and casinos to protect themselves from such incidences.
We cannot downplay the growth of the blockchain industry, with the pioneer cryptocurrency, Bitcoin, marking its 10th anniversary this year.
During the past decade, it has become not only an acceptable means of getting all types of goods and services but also a highly profitable business. Additionally, these anonymous, decentralized money systems are apparently perfect for gambling.
But are they safe to use? Read on to learn more about why it is safe to make use of cryptocurrencies at online casinos.
What's a Cryptocurrency?
The first thing that comes to mind when you think about cryptocurrency is, most probably, Bitcoin. According to the Washington Post, this outstanding system was presented in Japan in 2008. It relates to digital money protected by specific cryptographic technologies.
It exists only online and has no tangible analogs. Notwithstanding, it can be utilized to purchase all types of goods and services, withdraw funds internationally, as well as invest money. The key principles of the system`s work are decentralization and anonymity.
However, a particular characteristic that makes this currency really valuable as compared to fiat money is that the Bitcoin issue process is finite. So, there can't be a creation of over 21 million coins.
If you'd like to get a bitcoin purse, there are two ways to do it at the moment. You can either download the app from the official site using a third-party resource like Blockchain, or you can simply purchase it with the help of brokers, similarly to how you would acquire shares.
Lately, there has been controversy and uncertainty surrounding the safety of the cryptocurrencies. How safe and reliable is it to transact using this new currency? Of course, people are concerned about whether hacking affects it as well.
However, it is important to note that holding a Bitcoin involves several measures. A person is required to maintain the confidentiality of a Bitcoin address 'private key,' a classified password, put away in a digital wallet, that enables the transaction and spending of cryptocurrencies.
So, your bitcoin is completely safe. However, according to the BBC, hacking the Bitcoin is a common criminal enterprise since compromising that key.
It allows attackers to send the entire victim's Bitcoin to an intermediary or themselves, or just delete the key and digitally get rid of the Bitcoin. This is what most users are usually afraid of while trading using cryptocurrencies.
Cryptocurrencies in Online Casinos
The gambling and casino industry began breaking into the digital scene during the late 2000s. However, it was instantly faced with big hurdles, most especially linked to trust and transparency. According to the New York Times, while Bitcoin may not be doing really well today, criminals still love it.
Being able to hide behind an unknown online network gave deceitful operators the shot to trick customers in ways that were initially unavailable in the physical world. Besides, the need to give sensitive personal data, including bank details, provided hackers with a highly lucrative database that was too good to ignore.
Therefore, tons of high-profile breaches as well as exposing fraudulent operators threatened to stop the online expansion of casinos. However, with the entry of the cryptocurrencies, things began to change.
Soon, Bitcoin casinos started to pop up once the currency gained momentum. The very first casinos that accepted Bitcoin started operating a couple of years ago, and since then tons of other casinos have joined the bandwagon. Some of them have already opened Bitcoin-only sportsbooks and casinos, with others having established casinos providing BTC as a withdrawal/payment option similar to any other banking method.
Since Blockchain gets rid of the middleman, you will soon get the chance to directly play casino games from your e-wallet. So, you don't need to wait for withdrawals or deposits to process.
So, we can expect the currency to revolutionize the gambling industry further. Still, how safe is it?
The Safety and Reliability of Using Blockchain
A lot of online casinos are now accepting cryptocurrencies as a form of transacting including Ignition Casino. Still, the trust and safety you can expect while betting using Bitcoin are outstanding. Here's why.
First, playing using cryptocurrencies in an online casino is a great way of making use of little amounts of these currencies. It can be difficult to spend any kind of cryptocurrencies profitably in small numbers by other means since they cannot generate profit at a standard withdrawal.
Besides, the purse of the player will be protected from any national authorities' restricting actions. It is impossible for national authorities to legally block or freeze Bitcoin purses because they are not being used to store any type of fiat currency. So, players can comfortably play all over the world, even in nations where gambling isn't allowed.
Also, in an era where huge data leak scandals seem to be a regular thing, using cryptocurrencies at online casinos prevents having to provide yet another entity with your personal banking details. Similarly, several banks have tight limitations on sending and receiving cash to online casinos, even though it is technically legal. So, while using digital currency, you can easily skirt this problem since it is easy to deposit, withdraw, and play with more anonymity and freedom.
Finally, transacting with cryptocurrencies is not only safe but cheaper. In addition to the extra security benefits that come with transacting using cryptocurrencies, it is not only cheaper and faster but more seamless and less complex as compared to using traditional fiat currency.
The Future of Gambling Using Cryptocurrencies
The online casino gaming industry is among the ones that have gotten in on the blockchain action. So many casinos are taking this route due to its safety, transparency, and reliability.
For instance, a casino Slots.lv also accepts cryptocurrency, and it is working further to increase the trust and safety of transacting using Blockchain. For more, read this review here.
So, this is just the beginning with a lot of Blockchain advancements being expected in the gambling industry. Improvements in the Blockchain industry should revolutionize the gambling business as well.