How cryptocurrencies will change the online gambling world

Cryptocurrencies such as Bitcoin and Co. are increasingly finding their way into online gambling like

Everyone is talking about cryptocurrencies and blockchain. Bitcoin, arguably the best-known of all cryptocurrencies in 2017, experienced a surge in value that even the greatest proponents barely dared to dream of during the past few years. Cryptocurrencies are only one of the possible uses of the so-called blockchain technology.

The technology

Blockchain makes it possible to decentralize transactions between individual transaction participants via a global network using complicated mathematical computing protocols. This means that intermediaries like banks are no longer needed and the whole transaction remains anonymous and secured.

The advantages of currencies

For many, high bank fees, especially for international transfers, are a thorn in the side. In many parts of the world, people do not even have access to a bank account. The expansion of the internet and the spread of smartphones are advancing even in the most remote corners of the planet. Therefore, the popularity of crypto and digital currencies is very high.

Cryptocurrency in online casinos

In the world of online betting and online casinos, the money from numerical codes has already been introduced. A lot of online casinos accept Bitcoin and the like as a means of payment and the first decentralized betting platform which is based on blockchain technology is delighting in great popularity.

The benefits of crypto technology for online gambling are obvious. As a player, you save transaction fees and the bitcoin deposits stay anonymous. There are usually minimum deposit amounts because the fees would otherwise grow immensely. The players remain unknown even if they win a large amount of money, which is a big plus in terms of envious players and thieves.

In addition to anonymity for the player, the use of blockchain technology for withdrawals and deposits also means that a player can maintain certain security. Due to the technology of many transaction protocols, there is transparency with which it can be traced at any time whether and to what extent transactions have been made. For example, an online casino provider could, in case of doubt be held responsible or would be exposed right away if he did not make a payment correctly.