The development of the Internet has enabled the birth and gradual growth of the online gaming market. Since 2009, the latter has undergone a major development. In fact, decentralization and the use of bitcoin as a reliable means of payment have revolutionized the world of online gaming. How has this type of currency affected the development of online betting? Our expert Pierre Deschênes presents the major changes.
The changes induced by cryptocurrencies in the rules of online casinos
Whether you are in the best Swiss online casino or not, the games are subject to rules. These ensure the safety of the players. They are quite strict and stiff. However, the success of cryptocurrency has facilitated the introduction of changes within them. In fact, they are now integrating the use of blockchain. Thanks to this, online betting becomes unforgettable and less demanding in terms of control.
Players can accept smart contracts. This type of contract makes it possible to carry out completely credible transactions.
In addition, the technology that comes with cryptocurrencies is constantly evolving. This type of currency works with fully automated systems. Functions that were once performed by humans are performed automatically. As a result, the parameters inherent in the various transactions in gambling have less important values. These include, but are not limited to:
• time limit ;
It is important to note that cryptocurrencies affect the profit margin of both the casino and the player. Statistically, the longer you sit around a gaming table, the greater the chance of loss. Models anchored on cryptocurrencies have changed the distribution of profits. They rebalance the player’s chances of winning by canceling the house advantage.
Changes in transparency and confidence in gambling
Transparency is one of the most important points in online betting. Every game played at an online casino must not suffer from any defect in this regard. Unfortunately, some casinos (among those that do not use cryptocurrencies) rig their games.
With blockchain technology, you no longer have to fear cheating. In fact, games that integrate blockchain technology take place in a transparent environment. It is almost impossible at the casino to rig the games. Thus, making online bets with bitcoin or another electronic currency is beneficial to the player.
Blockchains have eliminated the need to provide personal data. Thanks to them, it is no longer necessary to submit your PayPal information or your bank account data. As a player, you have the right to a certain degree of anonymity. To get started with the game of your choice, simply use your e-wallet address (BTC address or other).
Other changes related to the use of cryptocurrency in the online casino
The use of cryptocurrency in the online casino is similar to the use of an atypical currency. Cryptocurrencies such as BTC do not function as ordinary currency. They are not linked to any financial structure. They operate on Blockchain principles. The latter facilitates the flexibility of payouts and deposits. This technology is also operated by miners. Due to its virtual nature, this type of currency allows transactions that can be performed instantly.
The various transactions performed with virtual currencies are completely locked and encrypted. To perform transactions as an investor, you have a confidential password. This confidentiality guarantees absolute security during your various online financial transactions.
Cryptocurrencies are a fairly easy to use means of payment. This is explained by the fact that they embed a transparent and fast peer-to-peer system. Aside from the huge success it enjoys, this type of currency does not require any account maintenance fees. You have no commission or tax to pay. This situation allows investors to enjoy much greater gains.
The volatility of a currency like bitcoin is undoubtedly a major asset. It allows players to reap additional profits outside of their game.
The introduction of cryptocurrencies has greatly affected the world of online betting. The resulting changes are spread over several levels (regulation, transparency and trust). For the player, the use of cryptocurrencies has many benefits. Among other things, we find greater security, reliability, speed and ease of use. The use of cryptocurrency in online gaming restores the balance of odds between the player and the house.