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The digital world is an exciting, ever-changing and growing realm. Since it is widely accessible to anyone at any time, social changes have demands that need to be met quickly and effectively but ingeniously. This is the cycle of the billion-dollar iGaming industry.
At iGaming, what is newer, cooler, and bolder is better and more fun. The transference of casino games on sleek screen devices in 1994 was incredibly innovative. It opened more opportunities and benefits through utter convenience, but little did we know that since the industry walks alongside technology, there is more to expect over time. Now, it has live casinos, esports betting, and the best one of all, crypto and blockchain.
Crypto and blockchain are the world’s two of the most popular and advanced technologies. Like in online gaming, consumer businesses, and even healthcare, they have also made their way to iGaming, as seen in any recent casino and sports betting review. Find out how they did it and provided benefits to any crypto-based online casino and sportsbook.
4 benefits of crypto as a payment option
The advent of digital currencies led to the paradigm shift in value and payment options in online casinos. As cash, credit and debit cards slowly become obsolete, they are the ideal solution for the digital world due to the following reasons.
Online payments can be quite sketchy at first for beginners, more so when you use a newly launched payment service. Digital coins, on the other hand, are easier to trust because they are powered by blockchain tech.
One of the most common fallacies between crypto and blockchain is that the former created the latter when it is the other way around. It is a decentralised peer-to-peer (P2P) network that records and protects every transaction from potential hacks and changes by deceitful groups. Meaning, all recorded pieces of information in hash functions are secure from changes by third parties because of their strong cryptography.
2. Faster and cheaper transactions
As an alternative to fiat money, one of digital coins’ unique assets is removing bureaucratic barriers and inefficient third-party middlemen. Again, this is due to blockchain tech’s decentralised network. You won’t have to worry about costly transaction fees and even taxes.
3. Payments are mobile
As the name suggests, digital currencies are mobile. With only a crypto wallet and internet access, you can pay and play casino games whenever you want and wherever you are.
4. Play anywhere
Geolocation-based restrictions are one of the few hindrances from playing online casino games. Apart from the jurisdiction of state laws over gambling sites, fiat currencies are, well, not really universal. So, enter crypto.
Blockchain as a system: Provably fair
Legally speaking, licenses and certificates are important elements to prove online casinos’ honesty and transparency. A trusted casino and sports betting review online also helps. However, you can also assess it through the tech algorithm called ‘provably fair’. While its concept works similarly to random number generator (RNG), it is more exclusive to crypto casinos.
The provably fair is a tool powered by a certain and sophisticated algorithm and cryptographic hash located on the blockchain. You use it to confirm whether or not the online casino you are using is cheating. Crypto users who also
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