How To Using Cryptocurrency In IGaming
The twenty-first century, among others, gave the world such a phenomenon as the blockchain. This is a continuous sequential chain of blocks containing information, built according to certain rules. The connection between blocks is ensured not only by numbering, but also by the fact that each block contains its own hash-sum and hash-sum of the previous block.
How explain https://thebestcanadiancasinos.com/ one of the uses of blockchain is to use it for financial transactions. Based on this technology, you can create a so-called cryptocurrency. Bitcoin, Litecoin, Ethereum - these terms are known not only in the world of technology, but also far beyond its borders. These currencies are not provided by any bank, they are recognized by only a few states (and even then with significant restrictions). However, they can be used to pay for goods and services.
Of course, you won't be able to go to the store and buy a package of groceries for bitcoins. But you can pay with them on the Internet for a variety of services, from paying for hosting to ordering the services of freelancers from other countries. We will not touch upon the topic of ordering goods on the darknet. We are more interested in the prospects for using cryptocurrency in the field of gambling.
Advantages of using cryptocurrency at iGaming
Bitcoin and all derivatives are good primarily because they are not tied to real financial institutions. If a person gets himself a bitcoin wallet, then no one requires him to confirm his identity. Therefore, neither the bank nor the state can track the entire chain of movement of funds. And sometimes this is a problem.
In 2019, Apple announced that its Apple Cards would block all deposit attempts at online casinos and bookmakers. This is the first time for the American market, but other banks may follow;
in China, the government tightly monitors the spending of officials, thus fighting corruption. It is highly undesirable for a civil servant to pay in a casino with his own card, especially when it comes to large spending. By the way, it is China that issues (mines) most of the bitcoins;
international gambling sites accept payments in dollars and euros by default. When replenishing a deposit from cards of national banks of some Namibia or Georgia, the bank can convert funds at a very inflated rate. Sometimes it is more profitable to buy cryptocurrency first, and then either exchange it for dollars or replenish the bookmaker's account directly;
Banks have another problem - they are very slow compared to cryptocurrencies. No, you can, of course, top up your account with a card almost instantly. But when it comes to withdrawing funds, you often have to wait from several hours to several days before the winnings fall on the card. Bitcoin does not have such a problem and transactions are carried out in seconds. And only in difficult cases it can take a few minutes.
Finally, the bank can transfer the data to the tax office. The higher the amount of the transfer received, the higher this probability. Each country has its own requirements and restrictions in this regard. If a person receives his winnings on a wallet with a cryptocurrency, then he can further minimize the risks. For example, withdraw money in small amounts to different accounts through different exchangers.
A separate plus for a casino is that if a player has a small amount of money in his cryptocurrency wallet, then most likely he will spend it on gambling. For the reason that converting small amounts into real money is unprofitable due to the peculiarities of the course.
Provably Fair system
Anonymity and speed are not all that bitcoin is good at. Since its operation is based on blockchain technology, any transaction (within the blockchain network) can be tracked and checked for correctness. Thanks to this, the chance of money fraud drops to zero.
Many online casino players are very concerned about the possibility of being scammed. Like, the casino can tweak the scripts in such a way as to pay out the minimum winnings.
Business has long come up with a solution to this problem: using licensed software. There are large companies that make sure their software works the way it should. Any site or application can use this software under license. And the guarantee is precisely the fact that all operations are performed on the servers of a "reputable" company.
Some suspicious players are not satisfied with even having a license. The license is issued by other companies. And even if, according to the results of the inspection, these inspection organizations do not find any violations, then who knows what happens after. After all, a software developer, in theory, can make changes to the code at any time.
Overall, it works. But the element of trust still remains. The blockchain is not that simpler, but much more transparent. If bets are made in cryptocurrency, and not in abstract points, then each player can compare the sum of hashes before the start of the game (the sum of all bets) and at the end of the game (the amount of winnings and the share of the casino). If they match, then everything is fair.
Of course, you don't have to count manually. Casinos that use the Provably Fair system simply add a verification button to the interface. Any player can press it at any time.
It turns out that licensed casino software is not required. The players themselves can check the honesty of the company at any time. So, in principle, such licenses can be abandoned in the future.
If someone has special suspicions (including the operation of this magic button), then he can spend time and compare all the hashes manually using special software. Thus, the operation of a cryptocurrency casino becomes 100% transparent and no longer depends on licenses, inspections of inspection organizations, and so on.
Many experts predict a cloudless future for cryptocurrency. We will not argue for all areas, but it looks like gambling and blockchain are just made for each other. Anonymity, ease of deposit and withdrawal, 100% guarantee of fair play - all this is suitable for both players and business. So we recommend developing this area along with all the others.