By
Mayowa Adebajo
March 12th, 2024
The many ways that Blockchain technology has changed the gambling industry.
Strange as it may seem, many forms of technology have come and gone but none have been able to change the Gambling industry like blockchain technology. Blockchain technology has created a new paradigm where the gambling industry is coming into its own with new and innovative platforms that have been able to all kinds of options that the average gambler can see and enjoy.
The existence of cryptocurrency tokens which are powered by blockchain technology has made it possible for remote gambling online to have the kind of reach that would hitherto not have been possible before now.
Being able to process real-time payments in a way and manner that has made the process of depositing funds in a fast and effective manner, blockchain technology has made deposits to become automated without the need for human intervention. This process occurs when payment on a blockchain (say Bitcoin for example) reaches a certain numb of confirmations. As such, once the payments are confirmed within the blockchain to the wallet address of the online casino, the money is credited to the layers account instantly.
The reverse also happens when the player wants to cash out his or her winnings. The withdrawals usually take place without human intervention as well. Although, for higher amounts in order to reduce the risk of fraud, humans do check for verification purposes the legitimacy of the winnings that are being withdrawn.
The major difference between blockchain-based transactions and those based on other money systems is the open nature of such transactions. There usually isn’t any question of a dispute. This is because the online casinos know that when they process a transaction via any of the popular blockchains such a transaction is final. With other money systems, the problems are usually many ranging from spurious transactions, delayed transactions to chargebacks which are especially common in credit-based systems.
Again, in order to get the best experience out of gambling online, the choice of an online Casino with provable odds great customer care and a wide variety of games and opportunities on offer is vital to the experience of choosing the best casinos.
A perfect example of such a casino is the Bitcoin casino Syndicate which is hardly what the name implies. It is more of a perfect example of great branding than most. The syndicate uses both blockchain-based and non-blockchain based technologies to be able to process players’ funds in a timely and effective manner. The offerings that the online casino provides the players are varied as well as the possibilities to play slot machine online.
In the next five years, traditional financial systems will be going into decline. Blockchain systems are said to rule and online casinos definitely have the future.