The development of the Internet has enabled the birth and gradual growth of the online gaming market. The latter has undergone a major evolution since 2009. Decentralization and the use of bitcoin as a reliable means of payment have indeed revolutionized the world of online games. How has this type of currency influenced the development of online betting? Our expert Pierre Deschênes presents the most important changes.
The changes caused by crypto currencies in the regulations of online casinos
Whether you’re in the best Swiss online casino or not, the games are subject to regulation. These ensure the safety of the players. They are quite strict and rigid. However, the success of cryptocurrency has facilitated the introduction of changes in it. In fact, they are now integrating the use of the blockchain. This makes online betting tamper-evident and less demanding in terms of control.
Players can agree to smart contracts. This type of contract makes it possible to execute perfectly credible trades.
In addition, the technology associated with cryptocurrencies is constantly evolving. This type of currency works with fully automated systems. Functions once performed by humans are performed automatically. As a result, the parameters inherent in the various transactions in games of chance have less important values. These include:
• time limit ;
• cost ;
It is important to note that cryptocurrencies affect the profit margin of both the casino and the player. Statistically, the longer you sit at a gaming table, the greater the chance of losing. Models anchored on cryptocurrencies have changed the distribution of profits made. They rebalance the player’s chances of winning by canceling out the house edge.
Changes in transparency and trust in gambling
Transparency is one of the most important points in online betting. Any game played in an online casino should not be flawed in this regard. Unfortunately, some casinos (including those that don’t use cryptocurrencies) manipulate their games.
With blockchain technology, you no longer have to fear cheating. Indeed, games that integrate blockchain technology take place in a transparent environment. It is almost impossible in the casino to manipulate the games. For example, 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 essential to enter your PayPal details or your bank account details. As a player you are entitled to a certain degree of anonymity. To get started in the game of your choice, all you need is your e-wallet address (BTC address or something else).
Other changes related to the use of cryptocurrency in the online casino
Using cryptocurrencies in the online casino is equivalent to using an atypical currency. Cryptocurrencies like BTC do not work like regular currencies. They are not tied to any financial structure. They operate on Blockchain principles. The latter facilitates the flexibility of withdrawals and deposits. This technology is also managed by miners. Due to its virtual nature, transactions with this type of currency can be executed immediately.
The various transactions performed with virtual currencies are completely locked and encrypted. To carry out transactions as an investor, you have a confidential access code. 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. In addition to the huge success it enjoys, this type of currency does not require any maintenance fees for the account. You do not have to pay any commission or tax. This turn of events offers investors the opportunity to make much larger profits.
The volatility of a currency like bitcoin is undoubtedly a major asset. It allows gamblers to make extra profits outside of the games.
The introduction of cryptocurrencies has had a significant impact on the world of online betting. The changes brought about by this are spread over several levels (regulation, transparency and trust). For the gambler, the use of cryptocurrencies has many advantages. We find, among other things, more security, reliability, speed and ease of use. Using cryptocurrency in online games restores the balance between the player and the house.