Does the Future of Online Casinos Depend on Crypto Coins?
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by Ikenna Uwakwe · 3 min read
Photo: Pixabay
With the latest trend in decentralized technology, cryptocurrency experts consider an absolute endorsement of the digital tokens by online gambling site in the near future.
The Gambling industry is believed to gross an estimated amount of $400 billion USD annually on a global scale. As technology advances over time and with the emergence of decentralized technology, all facets of the world economy are rapidly adopting this trend.
The gambling industry, which is believed to be one of the biggest yielding economies worldwide, is not to be left out in this campaign. This pushed online gambling sites introduce fully decentralized features.
Latest Trends in Online Gambling
With all of these discrepancies, gave rise to a broadly applicable solution in the form of 888casino – the licensed online gambling platform registered in the state of New Jersey, according to the NJ Division of Gaming Enforcement (DGE). 888 casino employs top-notch standards with regards to an all-around gratifying client’s experience by incorporating excellence, transparency, and entertainment value into all the platform’s online games.
“Whether you’re a newbie or a seasoned player – we value your support and will reward you accordingly. The platform allows all players to enjoy a generous selection of bonuses and promotions,” stated 888Casino on their site.
Although there exist numerous other online betting sites accepting Bitcoins as well as other cryptocurrencies already in the market. The 888casino is one of a kind, in the sense that it not only offers a wide range of innovative casino games, but also allows for a decentralized and distributed resource allocation on the platform, as well as multi-platform availability on Mac, PC, iOS, and Android devices.
The Prevalent Challenges and the Blockchain Solution
The ’Verification’ of a client’s participation, as well as the ’Cash-flow’ on conventional online gambling sites, has always stood as a significant obstacle for these electronically connected businesses. Bettors often become wary when they cannot get their payments as a result of an inefficient and centralized allocating mechanism. The ’Cash-flow’ on the other hand becomes an even more demanding hindrance as online gamblers would generally want to know where and how their money is been cycled within the system.
A summation of the aforementioned disputes in the sphere of online gaming can be tackled by virtue of an utterly decentralized solution that can be salvaged from the neoteric blockchain and cryptocurrency innovation. Embedding blockchain technology ensures the following advantages.
Ensured Serviceability
In a world where businesses tend to delve into the web so as to reach out to a wide range of people. Thus the advent of various kinds of cyber crimes. Through blockchain technology, smart contracts can be automated to initiate an incessant execution of betting activities, thereby guaranteeing a 24/7 serviceability to Bettors.
Transparency
It is pertinent to note that online casino site administrators would go at any length to increase the profit margin of their web-pages sometime even if it involves exploiting unsuspecting gamblers on their platform. Through a transparent, trusted and decentralized blockchain ecosystem, records of all transactions can be registered on an immutable ledger and can be viewed by all the platform participants.
Scalability
In order to tap into an ample market opportunity, there has to be provision for high scalability on any online betting platform. Scalable attributes such as transaction speed, latency, and throughput hinge paramount importance to gambling sites. The issue of scalability is another restraint that can be scaled by the emerging tech.
Keeping in mind the above challenges and future expectations to be explored on a far more greater horizon. It becomes palpable that the benefits to be garnered from blockchain technology as well as cryptocurrencies by online casino ventures can never be overemphasized.
Ikenna Uwakwe has been a writer since he could hold a pen. Having a lot of literary works in his portfolio including Poems, Articles and Essays. He enjoys a natural likeness for anything related to technology. His Educational background includes computer science and programming. As a seasoned cryptocurrency enthusiast with a professional writing career path of over two years of blogging for blockchain related companies. Working with various Fintech startups in the past, has aided him to better understand what IT proponents as well as financial Investors look out for.
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