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The coronavirus pandemic has forced people to increasingly order products online and use online payment systems instead of classic physical money. If you look at the traffic statistics of various popular resources that accept online payments as the main means of payment, you can notice a noticeable jump after the start of the coronavirus pandemic and mass blockages around the world. In some cases, the popularity of certain sites has more than doubled. This applies not only to stores where consumers can buy the necessary goods, but also to various kinds of online casinos, which have now switched completely to the blockchain as the future of the contactless method of transferring digital assets.
Blockchain is an advanced method for conducting various kinds of transactions in the safest and fastest way possible. In fact, this is what this article will talk about. Most researchers and technical experts now consider blockchain to be the main driving force in the direction of finance.
Biometrics is the future of security
Passwords have long been an outdated method of user authentication, since most scripting solutions are aimed at enumerating and predicting generated or existing passwords. The exception, however, is the presence of a rather long and complex variety of symbols in the protective word. Blockchain just provides a security word called seed, which cannot be picked up even at random. Some wallets currently also use biometrics, like KYC facial recognition. If such technical capabilities allow, then you can connect a fingerprint scanner. Although the European Union and the United States are skeptical about the use of cryptocurrencies on a permanent basis in banking and other financial transactions, it is the main driver of the entire development of financial affairs. It is the blockchain that allows you to use your financial assets as safely as possible and not fall under the gaze of an excessive number of law enforcement services. The most complete range of security for their users is carried out by BTC casinos in Canada, which began to develop this trend immediately after the start of the coronavirus pandemic. This is another significant proof that it is the cryptocurrency and blockchain sectors that will develop the financial sector as a whole.
Currently, there is an active development of security applications that can be implemented not only in the banking sector, but also in individual consumer applications. Already, such applications can generate a 3D model of the face for future analysis using the phone's camera, and they can also recognize the location of the veins in case deeper biometrics are needed for access authentication.
A greater role for pure cryptocurrencies
Pure cryptocurrencies are the engine of all progress, and are used even in higher financial institutions such as banks. Cryptocurrencies like Bitcoin or Ethereum are fundamental to all other existing payment options for electronic money. There are different cryptocurrencies, which are actually ordinary smart contracts on ready-made blockchains or copies of the above. When the Ethereum blockchain had great difficulty with the gas fees, Binance, put a full copy of the Ethereum blockchain into circulation and introduced a new standard in the form of BEP-2 or BSC20 with lower fees.
The beauty of cryptocurrencies is in their complete transparency. You can track every transaction that was made at any given time. Because of this increased transparency, you may also experience increased anonymity. This is what bitcoin casinos, the trend of which we talked about above, use.
Thanks to this technology, Bitcoin casinos have become much safer to use than their traditional and classic counterparts that have been around for decades. Moreover, if we compare cryptocurrency casinos with land-based options, then cryptocurrency casinos win at times not only because of the presence of contactless payment. By itself, blockchain technology allows the most secure transactions to be made in the most open way for each user. As we said above, you can observe different kinds of biometric additional security systems to prevent human error. All this allows, without unnecessary troubles and problems, to create the safest and most comfortable environment for each participant in financial activities, which determines the future development of the entire industry of financial relations as a whole.
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.