The gambling industry is considered one of the leading sectors when it comes to following the most recent technological developments. This is because there is huge competition among online casinos. By implementing the newest technologies, certain casinos can gain the advantage over other operators on the market, so they always try to be the first.
Today, we will talk about one of the greatest developments that made a way for itself in the gambling industry: blockchain technology. Cryptocurrencies certainly brought a significant change for online gamblers. But how did blockchain technology influence online casinos in India? Keep reading, and you will know more about it.
Cryptocurrency as a Payment Method in Online Casinos
Several years ago, Indian players had some difficulties with using online casinos because making deposits and withdrawing money from the platforms were not so easy. It took days or at least hours for the transactions to be processed when selecting traditional payment methods like bank transfers or certain e-wallets.
Nowadays, cryptocurrencies can provide a better and faster way to deposit money into an account. The most common currencies accepted by online casinos are Bitcoin, Ethereum, Bitcoin Cash, Litecoin, Ripple, Stellar, Dogecoin, Tether, and Dash. However, casinos that accept Bitcoin are the most popular all over the world, so in India as well. If you would like to know which are the best bitcoin casinos in the country, take a look at the bestcasinositesindia.com/payments/bitcoin/ website.
In general, Bitcoin casinos work the same way as regular casinos. This means that the players can choose from the same variety of games. The only difference is that they can deposit money to the site in Bitcoin, and they can also withdraw their winnings by using this cryptocurrency.
Benefits of cryptocurrencies for online gamblers
Ultimately, the fact that cryptocurrency is available as a payment method has many benefits for online gamblers. In the following, we will discuss the main advantages that come with the adaptation of blockchain technology.
Short processing times
Processing times are extremely short, the money is transferred to the online casino almost instantly. And the same thing is true in the case of withdrawals. Fast transactions are a huge benefit for Indian players, they don’t have to wait several days anymore for a bank transfer to be processed.
Many people don’t like to give out sensitive information about themselves online because these personal details can be stolen and used in criminal activities. It is understandable that for this reason, many players are not comfortable with sharing their bank account data with online casinos.
Luckily, blockchain technology solves this issue as well. Cryptocurrency provides anonymity to its users as no personal data is required to send or receive crypto. The only thing people need to give out to the online casino is the public key related to the crypto wallet. But from a public key, nobody can trace down the owner of the wallet, so the player’s identity remains anonymous. Additionally, many Bitcoin casinos don’t require registration. This way, people can gamble completely anonymously.
Due to the anonymity provided by cryptocurrencies, even banks and authorities can’t find out where your money has been sent or from where you have received the money.
The next benefit is the higher security cryptocurrencies can provide. Cryptocurrencies are protected by a series of algorithms that make them super secure. Cryptography makes it almost impossible to hack and alter the code in order to change the blockchain.
This extra layer of protection makes online gamblers trust these currencies more than fiat money. Also, it is beneficial for the online casinos because they are less likely to be a victim of any fraud.
When someone sends money with traditional payment methods such as bank transfer, the middleman usually charges high fees for the transactions. On the other hand, cryptocurrencies are decentralized so there are no middlemen involved in the transactions. This also means that the transaction fees are usually lower. Therefore, players have more money left to spend at the online casino.
Plus, since there is no middleman in the equation, nobody can stop your transactions and freeze your money. Unfortunately, it often happens in the case of regular bank transfers.
Unlike conventional currencies like the Indian rupee, cryptocurrencies are accepted all over the world. Indian players don’t have to worry about whether their currency is accepted by the casino they would like to play at if they opt for cryptocurrencies.
After all, cryptocurrencies are easy to use and may be accessible also for people who don’t have a bank account.
In the future, blockchain technology can bring further changes to the online gambling industry. Besides using it for conducting payments, it can also be used to store data. By storing data like records of all games played in the casino, bets placed on the games, the results, the amounts of money won and paid out, blockchain can be the solution to a key problem: the trust issue. This way, the players could access the historical data and verify if the casino fulfilled all the transactions and paid out all their winnings, and they can check whether the odds were triggered.