Cryptocurrencies aim to revolutionize the gambling industry
Games of fortune and chance have been gaining expression in recent times and much is due to the proliferation of information and communication systems. Even those who have never played have certainly heard of roulette or blackjack.
The popularity of games is indisputable and now it is not necessary to leave the house to be able to live experiences that previously were only possible by moving to a physical space.
The new era marked by the current use of technologies has resulted in multi-level dematerialization, particularly in money.
All industries have been affected, and the existence of more and more online stores is proof that everything is changing. This change makes everything more “comfortable” and accessible and innovation seems endless.
There is still a lot of room to evolve in the sector at the level of supply (more diversified and appealing), the relationship that is created with the customer, transactions, etc.
The most popular crypto-coins in online casinos
The currency launched in 2009 allows users to exchange digital currency without requiring a third party to facilitate and manage transactions.
This is due to the bitcoin cryptographic structure that allows us to validate payments by solving algorithmic problems. In this way, transactions with
Bitcoin are immune to incorrect practice and each transaction is available in Bitcoin blockchain, giving greater transparency to the public.
The closest competitor is Ethereum, which is able to offer smart contracts in many industries. One of the advantages associated with new currencies is that online casinos can bypass many charges that enhance the player’s experience.
Operators have to adhere to regulatory conditions due to fraud and money laundering, which sometimes entails some bureaucracy as players must provide government issued ID, proof of address and even copies of debit and credit cards. And then it is still necessary to verify the identity of new and existing players, having to wait days or even weeks.
That’s why new currencies like are not controlled or issued by any bank or government, allow casinos to spend less resources and also waste less time on bureaucratic issues.
Players can create a new account instantly, transact safely and withdraw their funds without complications. Digital currencies have substantially reduced the fees associated with debit / credit card deposits.
Ethereum, a competitor of bitcoin
Ethereum arose in 2015 and its purpose was to offer more than one currency. But what is Ethereum anyway?
Ethereum is a decentralized platform capable of executing intelligent contracts and decentralized applications using blockchain technology.
It is a platform that allows you to create a global and open source computer network through code scripts that can be implemented in the ethereum blockchain.
Smart contracts are similar to Bitcoin’s peer-to-peer technology because transactions do not require central or third-party authority services and allow users to publicly check a slot’s historical data to see if they are fair and true.
This is because, literally, it is impossible for an online casino to change the payment index displayed, since this process is cryptographically secure. If a player bets on roulette in a certain color, and if they do, then the smart contract is programmed to automatically return the winnings to the player’s private wallet.
This principle could be applied to absolutely anything in the online gambling industry, from fixed odds sports, peer-to-peer bets, among others.
This way of operating: automatic, transparent and secure, makes the entire process of gameplay and player-casino relationship quite credible. Not surprisingly, casinos are increasingly focusing on smart contracts and Casino DApps (decentralized applications) are in the very near future the preferred way to bet on the future.