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February 18, 2019

Blockchain-Based Online Casinos - Myth or Reality?



With the blockchain technology threatening to disrupt the world around us and take over the tech throne in the near future, one cannot help but wonder which pores have been left unfilled when it comes to redefining our society.

On the other hand, online gambling has been on the rise over the last couple of years, resulting in never-before-seen revenue across the globe.

It was only a matter of time for the two to shake hands and start a relationship that could turn fruitful in the future.

A Bone of Contention for Casino Lovers?

People who enjoy spending their time at online gambling sites have very polarized opinions regarding blockchain and its involvement in the online casino industry. While some believe in the utopian idea of fraud-free, anonymous, and private casinos, others deem it unnecessary and praise the state of affairs as is.



So far, blockchain has been through a heavy test phase, and while some casinos rely entirely on it, others just pick up the paraphernalia necessary to sustain the cryptocurrency-based payment methods. That being the case, we should all make a distinction between:

  1. Online casinos
  2. Online casinos that include a cryptocurrency as a payment method
  3. Blockchain-based casinos

All things considered, one might feel that blockchain-based casinos are still standing on a shaky ground vis-à-vis traditional online casinos. Notwithstanding, let's scrutinize the facts and process all links in this (block)chain.

Advantages of Blockchain-Based Casinos

Remember dementors from the Harry Potter series? They are these ghastly creatures that can suck out a human soul, should they come in contact with one. The human perception of the web in the 21st century is somewhat similar. The Internet is filled with hackers, algorithms, and all sorts of bogeymen looking to suck out your personal data.

However, instead of yelling Expecto Patronum and casting a spell out of your magic wand, you are protected by a layer of privacy that blockchain offers. In other words, there’s no need to reveal your data in any step of the registration process on blockchain-based casino platforms.

The second most significant advantage, besides privacy and anonymity, is the exclusion of intermediaries such as banks. Players are directly connected to the casino platform, and all they need is a crypto wallet that they can link to the casino to make transactions. That means no additional fees, no additional waiting time, and, above all, no “evil people” meddling with your finances.

Finally, casinos that use blockchain to fuel their platforms are often more transparent and their games are provably fair. Due to the nature of this technology, it is simply impossible for them to engage in unscrupulous behavior.

Disadvantages of Blockchain-Based Casinos

The main downside of blockchain-based casinos is that all cryptocurrencies are still highly volatile. Imagine winning one bitcoin in December 2017 and one in December 2015. At one point in 2017, a single piece was worth almost $20,000. Two years before that, you could have bought a bitcoin for $460. The same happened to all other cryptocurrencies that are still heavily determined by bitcoin’s volatility.

The second most significant disadvantage is the lack of regulations and licenses. All casinos that use fiat currencies must have some kind of license in order to be considered trustworthy. At the same time, cryptocurrencies and blockchain are a real pain in the neck for the lawmakers who are in a legal quagmire, struggling to sort things out with this disruptive technology.

Furthermore, everything related to blockchain technology requires a meticulous understanding of both the underlying philosophical implications and technological utilization of blockchain.

Ask yourself whether you would try to keep up with the latest advancements in a couple of decades. If your goal were to have fun all along, you would probably just search for casual games, regardless of their key technology. This article provides a great overview of what the web currently offers.

Conclusion

Are you an experienced player? Or do you just want to learn how to play online slots and other popular casino games? It doesn’t matter which group you belong to — you are either going to love or despise the changes that blockchain casinos bring to the online gambling industry.

It will either be an additional acceleration to the already skyrocketing industry or its tragic demise. At the moment, the whole blockchain thing is still just spreading roots in an undefined direction; these roots could eventually penetrate the surface and turn either into a fruitful tree or a malicious weed that will kill all the seedlings.



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