Why Blockchain Technology Is The Future Of Online Gambling

16 June 2022 4 minutes to read
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Joan from Nebraska in the United States asked the Whizz a very interesting question. She asked us, “Why is blockchain technology the future of online gambling”.

Nobody can argue that blockchain technology is a tour de force! It is a masterpiece of digital evolution, even more than what the birth of the internet was.

However, the best part is USA online casinos were the first to exploit this wonderful piece of technology. In other words, players can now play real money casino games at the best Bitcoin casinos.

 

New Technology Drives Online Casinos

Online gambling underwent rapid growth since the 90s. It advanced in popularity, and many top American online casinos now use blockchain technology.

Gone are the days of the one-arm bandit machines choking out bells and bars. Instead, online casino slots now offer players cutting-edge graphics and stupefying features.

Whilst live online casino dealer table games brings the casino to the players.

The Magic Of Blockchain Technology

According to magician David Copperfield; “magic and new technology go hand in hand”. Online casinos employ a broad-minded approach toward all things new.

When Bitcoin reared its head, you could literally feel the excitement in the air. Unfortunately, the world’s foremost cryptocurrency got a bad rap due to some shady practices.

The best part however is once Bitcoin added security features everybody jumped on board.

Now, real money online casinos in the United States adopt Bitcoin as a deposit and withdrawal method. The speed, security, and transparency of transactions are equivalent to a cheetah racing a tortoise.

Traditional banking methods take forever to clear to and from online casinos, and they charge fees that Bitcoin doesn’t.

 

What Is A Blockchain?

A blockchain shares a database among an extensive computer network. What makes it different from traditional databases is that the blockchain structures the data storage differently.

It stores information in group sets or blocks. As these blocks fill up with data, they seal and connect to the previous information block. This chain reaction of information blocks is a blockchain.

Cryptocurrencies such as Bitcoin use this technology to store their information in digital format. In addition, these platforms use the blockchain to process and protect digital financial transactions.

The storage remains highly secure in decentralized blocks. It stores each piece of data and records and timestamps it thus guaranteeing security and trust in the process.

The blockchain has applications beyond monetary transactions, like accounting and inventory control.

 

The Popularity of Blockchain Technology in Online Gambling

This is a question many people ask. The first answer that pops up is its unbreakable security. Information storage is not in one digital location.

You might remember the teenager who hacked into the Department Of Defense in 1999. The hack would have been unsuccessful if the DOF stored data on a blockchain instead of a server.

Due to its decentralized nature, blockchain technology is becoming more attractive as a database alternative to businesses.

Besides the obvious security benefits of a blockchain. Other advantages include building trust and providing a transparent activity log (or ledger).

Traditional banking institutions can’t promise customers that personal and financial information and transactions remain anonymous.

Many internet apps and businesses use a blockchain to create digital tokens as branded currencies for their specific use. Blockchain technology applies to self-executing contracts or Smart Contracts.

It automatically runs the encoded agreed-to conditions between the parties to the agreement. And last but not least, this technology reduces the costs of running any company, especially online.

 

What Is A Blockchain Casino?

Online casinos manage their business data on blockchains. Player and game information runs through a decentralized public ledger and processes functionality through the internet.

The players’ personal and financial details remain secure in these ledgers, making them impossible to breach.

Online casino game actions occur in these fortress chains too. For example, each slot spin or card dealt in online casino games verifies through a group of computers.

The outcome of each Random Number Generator activity uploads to the blockchain as a secure recordkeeping activity.

Online casino players that use cryptocurrencies to deposit real money already experience the speed and security of those transactions.

When it comes to cashing out money at online casino sites that accept Americans use a variety of cryptos.

In the past, players had to wait days on end before they received their casino winnings. Under heavy banking regulations, online casinos had to verify the users before processing any wins.

Players withdrawing wins via a cryptocurrency no longer need to undergo these stringent processes. For the simple reason, payments are highly secure, quick, and easy.

Once blockchain technology runs all the processes at online gambling sites; the most significant benefit will be to players. Crypto casinos will only require the players‘ cryptocurrency footprint to register, play and pay.

 

Conclusion

Online gambling casinos don’t merely focus on cryptos in their acknowledgment of blockchain technology.

It might sound complicated right now, but at Casinowhizz, we believe blockchains will soon overtake heavy institutionalized processes.

Blockchain will become as familiar as smartphones, and we can’t wait to see it all play out. It seems that we are getting to that point sooner than later.

At networking events, our team discovered that more and more players prefer cryptos. This can only mean that the player ultimately benefits from blockchain technology in online gambling casinos.

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