Can Cryptocurrency Redefine the Online Gambling Industry?

Can Cryptocurrency Redefine the Online Gambling Industry? Crypto Gaming News
The Internet has changed the way that just about every industry operates. Also, it has tremendous growth over the past few decades. Furthermore, its more important to recognize is how many new industries on the Internet. As a result, you can protect yourself and clients.

Look at the entire online gambling industry. First, start with casino games. Now, let’s look to sports betting. Both niches grow even faster pace given the proliferation of online betting. More specifically, these venues grow around the globe. Moreover, people have easy access to casino gambling and sports betting sites online.
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How Can Cryptocurrencies Redefine The Online Gambling Industry?

Fueling this growth has been the rise in popularity of using Bitcoin and other cryptocurrencies to fund online betting accounts. Digital currency is not tied to a financial institution and it does not rely on personal information to process transactions. This makes it very attractive to anyone looking to protect their identities from some of the pitfalls related to online security issues.

Interestingly, we read a recent post by Chris Smith on Furthermore, his notion is that the cryptocurrency and the online gambling industry connect. Also, they may align to cause the ‘perfect storm’. Said differently, this may cause bigger growth in the coming years.

As mentioned, these two industries have been able to work in unison to fuel one another’s growth in recent years. There are some issues on the table that could cause cryptos and blockchain technology to actually redefine the online gambling industry in the not-to-distant future.

Crypto Gaming Helps Enhance Fraud Detection?

First of all, the first notion in this theory is enhanced fraud detection. Furthermore, there are growth and expansion of online gambling sites. As a result, it attracts a new wave of players in recent years. Moreover, it has also attracts the attention of cybercriminals all around the globe. However, sites improve blockchain performance. They improve their performance making it extremely hard to manipulate an online casino’s banking procedures. Ultimately, this works best.

If you cannot hack the banking system, gambling is safer. However, these sites are still subject to fraud and outright theft. In return, your winnings can immediately transfer to customers through the use of smart contracts.

Cryptocurrency Helps People Gamble Online Anonymously With Cheaper Costs

The sheer nature of how cryptos work make them a natural fit for the online gambling industry. Lower costs, higher security and overall ease of use are existing trends that can be enhanced even more with improved blockchain performance. As cryptos become more and more mainstream with active online gamblers, it is positioned to become a truly dominant part of all the online banking transactions involved with gambling online.

The land-based casino gambling industry is faced with an increasing amount of government involvement from a regulatory standpoint in the face of rapid expansion. Tax rates with land-based operations in the US alone are bound to cut into operator revenues over time. While some online casino gambling is tied to its land-based parent companies, many online operations are fully independent and self-sustained. The complete anonymity that cryptos bring to the table are a perfect growth factor for these stand-alone online gambling sites.

Related: OpenBet Gaming Software

So, Satoshi Dice?

First of all, the site in this post is Satoshi Dice. Furthermore, this is one of the first Bitcoin casinos. Also, they allowed players to simply transfer Bitcoin to a specific address. As a result, There is no need to set up an account. More specifically, you don’t have to download any software to begin play.

Source: Cryptocurrency and online gambling: The virtual storm From Knowtechie.comOn November 16, 2018.

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