Blockchain technology and its power
The online world is rapidly changing with new technology being introduced every day. The latest trend in the iGaming industry is the introduction of the blockchain technology. There is so much debate whether cryptocurrency will be a game changer in the online casino industry. So many people are wondering if online casinos are ready to introduce cryptocurrency into their platforms.Read on below to find out how.
For all to understand this article, we have provided all the necessary information and the basic terms used in the cryptocurrency.
What is a Blockchain?
A blockchain is a system that contains a long list of records that are referred to as blocks. The records contain the details of transactions. The records are piled up into a block then linked to another block, hence forming a blockchain. Each block includes a unique and special number that is different from any other block in the chain. The power of the blockchain lies in the fact that it cannot be broken into and if it happens, it’s straightforward to spot. The good thing about a blockchain is that its publicly available for anyone to see, browse and verify. It’s merely a distributed ledger.
The fact that a blockchain is shared and visible to everyone makes it a robust system to use. All transactions are publicly supervised. Transactions in the blockchain are encrypted and visible to the public, making it hard for cyber attackers to harm the system.
Does the Blockchain Need Regulations?
Just like any other system, it comes with weak spots that need regulations. Let’s look at some of these weak areas.
Cryptocurrencies are strikingly volatile. They can quickly lose or gain value within 24 hours or less. Bitcoin and Etherium are an excellent example of decentralized digital money that is always under the risk of fluctuations in value, due to external factors such as rumors about breaches, bad press, and too much difference of opinion in the apprehension of the store of value.
It’s pretty much evident that the channels these coins go through need to be managed appropriately and well guided. For cryptocurrency to be fully exploited, a proper legislative framework has to be set to attract more investors to do business.
If you want to invest in cryptocurrency, you should be familiar with the term ICO. Initial Coin Offerings (ICO), means that you offer a certain amount of baby coins for either Bitcoin or Ethereum. In doing so, you will be funding the development of a new cryptocurrency in which you hope it will grow enough to catch up with the likes of Bitcoin, Ethereum, and Litecoin.
Benefits of Using Cryptocurrency in Online Casinos
Just as we have said in the beginning, there is a lot of transparency, clarity, and security in the blockchain technology. The benefits of using cryptocurrency in online casinos are that once paid, no chargebacks, the fees are meager, and the transactions are speedy. With such features, many people are joining online casinos that are using cryptocurrency as a mode of payment.
Every other day, online casinos are introducing cryptocurrency into their business. Digital transactions have proved to be the most efficient way of making online payments. Before choosing a casino, be sure to read reviews about the best online casinos for us players. There are so many online casino reviews, and as you have noticed, the use of blockchain technology in the iGaming industry is a very important step towards building and growing the industry. If you are looking to gamble in a casino that accepts Bitcoin, make sure to read reviews of the casino before depositing money or Bitcoin.