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Blockchain and cryptocurrency technologies are emerging and taking over existing industries. Blockchain is a decentralized system to keep track of data. Computers worldwide are all connected to the blockchain, so not one single entity is in control of the data. The online gambling industry changes drastically as a result of blockchain and cryptocurrency technology.
Nina Olsenberg, an expert in blockchain and cryptocurrency technology, is our author. You can view her profile.
This new decentralized technology is opening up the gambling industry and allowing more people to partake in gambling. Cryptocurrencies can’t deny you access to online casinos so that more players will find casino bonuses, such as free spins. This feature allows you to have a vast range of options when it comes to online casinos.
Norway, for example, prevents you from spending money at any online casino that isn’t state-approved. With the use of cryptocurrencies, Norwegian players can bypass the blockage of their bank account.
Blockchain and cryptocurrency technology is making the gambling industry open for all players worldwide.
More Reliable Data
One of the great features of blockchain technology is that all data is available to everyone. Since it’s a decentralized system, nobody controls the data. The outcome of each game and the amount bet are some data points available for public view.
The transparency of data allows you to calculate the house edge of each game. You don’t have to rely on a company to check the data periodically. You have access to all the data in real time.
Transparency of a casino’s data is necessary, and the blockchain will solve that problem. With blockchain technology, you can check every sketchy online casino.
Since blockchain technology allows for transparency, there won’t be companies giving fake audits. When a company checks a casino for fairness, it’s possible to claim that it’s fair falsely.
With a centralized system, you rely on trust when playing at a casino. Blockchain lets you see the data for yourself so you don’t need to trust a third party. All information is impossible to falsify.
Blockchain technology is also a cheaper process than having a third party test your online gambling platform. More companies can launch their gambling sites at a lower price over time.
All casinos are forced to make their games fair. Since players can calculate the house edge and payout of all games on the blockchain, casinos would be forced to provide fair games.
Due to worldwide competition, casinos have to offer games with a lower house edge.
When you’re gambling cryptocurrency, you get your profits almost instantly. Some cryptocurrencies are faster than others, but you can expect split-second payouts. That speed is completely different from casinos using fiat.
No matter how large your profit is, your transaction speed will not change. Cryptocurrency wallets don’t care about your transaction’s size, so you shouldn’t expect any disruptions that may come with a centralized bank.
The transaction fee for cryptocurrencies is lower than fiat. Many cryptocurrencies offer transaction fees lower than kr0.1.
When you create a cryptocurrency wallet, you are given an address. Your address is a random string of characters, and you don’t need to provide any additional information to use your wallet.
When using a centralized bank, you have to provide personal information to identify yourself. If you value privacy, then you may opt for anonymity when gambling. When you put your funds into your wallet, all you need is your wallet address.
Some casinos may still require personal information, but you are using a decentralized bank. The reason Norway can make banks prevent you from gambling is that they’re a centralized bank.
Blockchain and cryptocurrency technology is transforming the gambling industry into a more transparent and efficient system. Consider playing in a casino using blockchain technology and compare it to traditional casinos.