Why Do Casinos Use Blockchain for Business?
The Use of Blockchain Technologies in the Gambling Business
As time goes by, the use of cryptocurrency on gaming sites is becoming all too common. For example, if you want to get your Mr. Bet free spins, you should not be surprised that the casino may also take Ethereum and Bitcoin as deposit or payment options. Why? Is there merit to this?
Today, we’ll walk you through the benefits of using cryptocurrency in gambling. In the end, you will understand why many online casinos are now transitioning to the blockchain.
Higher Degree of Security
Blockchain systems are formidable, so much more than ordinary banking systems. Once you make a payment, you cannot undo it. This feature makes it a safe payment option for online casinos. If a client uses a credit card, all they should do is file a chargeback, and then they will get the money back.
If this happens, the casino is on the losing end. The player managed to play, and yet the casino did not earn profits. If you think about it, it is also safe for gamblers. If their credit card gets hacked, hackers can use it for fraudulent transactions. A blockchain wallet is highly unlikely to get hacked.
The blockchain environment offers faster transactions because there are many computers that validate the transaction. The calculations and verifications are instantaneous and done with several checks and mechanisms in place.
If you rely on a bank, the only system that validates the transaction is the bank itself. The same thing happens in a credit card company. There comes a time when these systems get clogged. If this happens, the customers will experience a lag or delay in service.
Banks and credit card companies must charge fees to operate their business. Because of this, the users or customers have to pay a hefty fee.
With blockchain, the users pay less because it is the ecosystem of blockchain miners that operates the environment. If a casino processes a payment via credit card, it has to pay a lot of money for all these fees. With blockchain payments, an online gambling facility can save a lot of money. The fees are significantly much lesser than common financial transactions.
Freedom for Players
Many casino players live in countries where online gambling is banned. They cannot use their credit cards to fund their casino accounts. As such, it is a problem to even play and enjoy the gambling experience.
Cryptocurrency, however, does not have such limitations. A player merely has to buy crypto assets and put these assets in his wallet. From here, you can transfer the cryptocurrency to your casino account.
Casinos, of course, want to expand their markets. It does not make sense to offer their services to countries where credit cards cannot be used for online gambling. In this case, many gamblers transfer money from their credit cards to eWallets like Skrill, Neteller, PayPal, etc. From these eWallet accounts, they transfer the funds to their online casino account.
This process works, but then it takes a lot of steps. Add to that the fees that the player would incur for each transfer, and they are unhappy. To solve this issue, many online casinos accept cryptocurrency. It makes things easier for the player when it comes to depositing money.
Blockchain technology is no longer a fad. More and more people are using it, not just because of its potential to rise in value, but also because of its speed and security. As banks and credit card companies deny their users from depositing money into casinos, players have more reason to use cryptocurrency to fund their games.