The world of online gaming has always brought certain fears
around safety for players, but cryptocurrency is helping to make it a more
secure place for everyone.
Online gaming has been popular for over two decades now,
first coming to prominence at the start of the poker boom. Thanks to Chris
Moneymaker’s win at the WSOP in 2003, players realised they could join in at
home and aspire to qualify for big tournaments with impressive prizes.
That boom evaporated overnight, courtesy of Black Friday, a
day when regulators moved to seize control of the industry. Slowly confidence
returned, and online gaming is now more popular than ever. That has been fueled
by the recent global events, as players have had to indulge at home, but the
rise was already evident before 2020.
Being able to play from the comfort of your own home, as
well as the prizes on offer, both help to keep people on their mobile devices
rather than attend a brick and mortar establishment. It is not just poker that
thrives online either; fans of all table games are provided for. The selection
of online slots games is growing too, helping to keep gamers enthralled and
excited. A post by Foxy Games explains how slots have evolved to incorporate
exciting new features and functions, 3D graphics and cinematic sound effects to
attract a new generation of gamers playing from home. While those aspects keep
people playing on their couches, there is still a slight worry about online
security, which is where cryptocurrency is lending a hand, even in countries
with strict gaming laws.
Cryptocurrency has helped online providers grow into markets
they have not previously been allowed. Some countries will not allow sites to
offer real money games to players. All the so-called ‘standard’ options for
payment, such as cards and e-wallets, are regulated by banks. Cryptocurrency is
not, which means it can be used in markets where previously, providers have not
been able to enter.
Just because it offers a workaround does not mean it is any
less safe; in fact, the opposite is true. Blockchain casinos are using crypto
ledgers to become provably fair, meaning customers know their provider is not
deceiving them. Every transaction produces a ledger entry which cannot be
manipulated. Kaspersky explains that entry involves advanced coding to transmit
cryptocurrency data between wallets and to public ledgers, making it
impenetrable. In real terms, that means previous payouts from different slots
could not be altered to look more favourable. While that might not be common
practice, it is a comfort for gamers to know the information they are seeing is
above board and fair.
Cryptocurrency can also be used without the need to provide
the site with any personal details. This eliminates the threat of identity
theft, but also provides an extra layer of security for a player wanting to
remain anonymous. Also, the payouts in crypto are much quicker, meaning no long
waits or protracted withdrawal methods which have previously dogged players.
Gamers can even check their transactions on a public ledger and verify them at
home if they so desire.
On the other side of the coin, crypto operators are finding
benefits, particularly around time and resources. As payments are on the ledger
and indisputable, operators find themselves involved in far fewer arguments.
Their outgoings are also reduced as there is no requirement for conversion or
additional charges for handling the cash.
Crypto casinos are certainly growing in popularity on both
sides of the industry, with cryptocurrency offering a new and safer way to
enjoy online gaming.
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