by Elmar Aliyev
Posted on February 6th, 2020
Many industries in the world are going through digital transformation. Online gambling is one step behind. Land-based casinos are still top-rated. And online casinos are like the new dimension of classic casinos. But we start to hear about blockchain casinos more often in recent years. It is hard to determine how fast it will ultimately happen. In this article, we will look at what makes blockchain casinos so significant. Then we will differentiate them with bitcoin casinos.
You have probably heard of some cryptocurrencies. At least you have the necessary information about Bitcoin. Online casinos have a way to go in using them in action. Other than Bitcoin, there is another cryptocurrency- Ethereum. If we think of them as money, blockchain is the database. This database contains all the transactions that happen via these cryptocurrencies. It also can trigger specific actions we know as smart contracts. Some people can not adapt to this new system. But it makes little difference if you like cryptocurrencies or not. Eventually, they will take over and start to spread globally. That is what has happened with all the new technologies down the years.
Most people are aware that there are problems with current casinos. Especially, when it comes to casino payouts, there are challenges. Let us look at some of the main issues in the casino paying system.
If the player uses a casino with one chain, that means a lot of issues. First of all, that person can be in another country while playing. And when it comes to getting money, the player has to undergo different procedures. Money transfer has a lot of problems. This process is slow and tiring. Also, there are some transactional fees on the way that will be taken from your winnings. Second, there can be different regulations and laws on online gambling in different countries. For example, if you win money from a country that has different rules, you may not get the same amount you win. In the worst cases, you may not even get anything. Another problem is that the player can not control money in the account.
So the blockchain casino offers a different solution to this bunch of problems. If the financial documents of the casino are in the blockchain ledger, it means you are two-step ahead. Because you can access it from anywhere, you want in the world. It is a problem for most people, as you can see, they complain in their online casino reviews. Secondly, there is a developed blockchain-based wallet for the players. Third, players have a chance to cash in and cash out their winnings. Through custom casino token, they can exchange their winnings.
The first thing we have to mention about blockchain is that it is unhackable. It would help with the security and reputation of the casino so much. Because financial security is something, each internet casino aims to have. And blockchain guarantees it at the highest level possible. The blockchain network also provides fast transactions. These transactions may be cross-border, so there is no need for additional fees. Other than that, there is no way your money slips out of your hand. Because you have full ownership of what you win. The data in the blockchain casino is impossible to tamper. And another innovative feature it has is the possibility of borrowing money. You can lend money easily from other players. It is a feature that not even the safest online casino slots you know can offer.
In most cases, people who are interested in the gambling industry use them instead of one another. But they do it wrong. Because although it is hard to spot the differences, there are still some. Sometimes people think that accepting Bitcoin as a payment method turns it into a blockchain casino. To be called blockchain, your casino has to have all the things we have mentioned above. These include decentralized ledger and brilliant contracts.
These casino platforms bring transparency to the gambling industry. In the online casino platform, that means everything for the players. They can see for themselves all the transactions happening during the game. And they can compare, check by themselves. It will give them a sense of safety that no other casino site may provide. Considering all the features above, let us look at some examples of top blockchain casino platforms.
It is a platform for i-Gaming operators. Here you can create your site. The target of Cashbet is to allow gaming operators to develop their blockchain. The transparency and trust are above all among their principles. So if you want to start an online casino, it is a casino business opportunity for you. It will be a significant contribution to the history of gambling gameplay. Cashbet has taken care of all other factors: minimal fees, instant payouts, and full transparency.
It has a lot of similarities with traditional casinos. But there are certainly some differences. The main difference is that it runs on blockchain. The smart contracts will make you feel full of control. Here, no one controls what you do. So the rest is simple: you sign in, choose the game you want and activate a wallet.
There is a possibility for game developers too. For example, if you are a casino slots game developer, you can have your app on this platform.
When we talk about TruGame, we should mention what we say about other blockchain casinos. The main target is to protect transparency and fairness while offering services. Again, to ensure random number generation, they use smart contracts. There are no worries about any cheating or scams; everything is transparent. And you can get your winnings from wherever the country you are.
If you have a licensed gambling company online, that is an opportunity for you. Not only the transactions, but also the whole structure of your casino will change. That will bring more players to your casino for different reasons. There will be immediate payouts for them alongside many other features. Do not forget that the whole aim of blockchain is to bring trust and transparency to gambling.
As we have mentioned, we can not certainly know how fast the process of blockchain transformation will happen. However, from the specified and practical examples, we can see that it is a revolution for gambling.
From now on, the players who use blockchain casinos may feel comfortable. They can be sure that they are in a fair and smooth environment. No matter how many players and transactions there are, the system works fast and operative. That is why, it is time to let the blockchain technology take over. And not only in the gambling industry.