Four reasons that cryptocurrencies will revolutionize the online casino industry
When Bitcoin was created in 2009, its main concept was to revolutionize the global payments system. By utilizing the benefits of the underlying blockchain protocol, Satoshi Nakamoto's innovative design allowed people to transact on a peer-to-peer basis without the need for a third party intermediary. However, it is not just the monetary system that is set to benefit. One such sector that is also set for grand disruption is the online casino space. Here's four reasons why.
Anonymity
When users play at a traditional fiat casino, they are required to provide the platform with a range of personal information. Moreover, they are expected to upload multiple documents such as a passport, proof of address and a copy of the payment method used to deposit.
On the contrary, online casinos that specialize purely in cryptocurrencies are not required to follow the same set of regulatory red-tape. In most cases the user is required to supply nothing but an email address, subsequently facilitating an anonymous gambling experience.
Speed
Although the deposit process at fiat casinos can be instantaneous when funding an account with a debit or credit card, it is the withdrawal procedure that really struggles. When a player makes a withdrawal request, it must first receive authorization from the platform's internal payments team. Moreover, if the player is yet to have their KYC documents verified, this can add additional time. Once the request is processed by the casino, the player must then wait until their respective card issuer settles the payment. All in - it can take up to a week before the player receives their winnings.
On the other hand, online casinos that specialize purely in cryptocurrencies are able to process withdrawals instantly. Ordinarily, the platform will process the request in an autonomous manner, subsequently allow the player to receive their winnings back in their personal wallet in just a few minutes.
Trust
When playing software games such as blackjack, roulette or slot machines, there is no way to verify that the fiat casino is playing fair. As a result the player needs to trust that the odds on display are legitimate.
This is in stark contrast to a cryptocurrency casino that implements a provably fair protocol. Provably fair is supported by the art of cryptography - meaning that each and every gaming outcome can be guaranteed for its fairness. Moreover, this gameplay data cannot be pre-defined or manipulated by the casino.
House-Edges
The burdens of regulatory compliance in areas such as anti-money laundering cost fiat casinos a significant amount of resources. They must install vast KYC policies, enforcement teams and legal departments to ensure that they do not fall foul of domestic regulations. These additional costs are subsequently passed on to the player in the form of house-edges.
Online casinos that focus purely on cryptocurrency deposits do not have any relationship with fiat money, meaning that they are able to operate burden-free. As a result, they are able to pass these savings on to their player's by offering reduced house-edges.
The Conclusion?
Cryptocurrency casinos are starting to increase their market share at unprecedented rates. Not only do the aforementioned specificities benefit the player, but they are also advantageous to the casino too. Ultimately, choosing a credible cryptocurrency casino can still seem like a daunting task. Make sure you review the platform in its entirety prior to parting with your cash.
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