Blockchain and iGaming. Where is the connection between the two? Will the cryptocurrency really change the game of online games? What are the ICO? Are online casinos ready for the cryptocurrency boom? As you have seen, many questions about cryptos and their use in online games clearly show that blockchain technology is changing the online gaming industry. We try to discover how.
The power of blockchain technology.
To understand this article, we will provide the necessary information about the basic terms most used when talking about crypts.
The blockchain is a system in which several independent nodes work simultaneously when processing the same commands. The most important advantage of blockchain is the concept of distributed general accounting.
This innovative structure provides a common and synchronized database in multiple locations. The next big benefit of Blockchain is the ability to approve transactions under “public supervision”.
With the blockchain, the iGaming platforms are better protected against piracy, attacks and leaks.
The result is beneficial in many ways, starting with the prevention of cyber attacks with less effort, since all transactions are encrypted and the system is used to program smart contracts. These systems work best if they are created in a “if this is” formula.
For example, if you win three diamonds by spinning the reels in the online slots, you win a jackpot and the casino will pay you. On the other hand, if you put your money in the red number and the ball in the black stops, then the casino takes your money.
Why should the block chain be regulated?
However, no matter how innovative, each invention has connections or weak points. So, what are the weak points of Blockchain and Cryptocurrency?
Previously it was found that blockchain could be improved as a structure based on existing cryptocurrencies. First, cryptographic currencies are extremely volatile. This means that they can gain or lose value significantly in a day or even in a shorter period of time.
Decentralized digital money, such as Bitcoin and Ethereum, is vulnerable to fluctuations in value for a variety of reasons, including printing, information on security breaches, very little option value for large cardholders and excessive deviation in the perception of accumulated value.
The use of blockchain technology needs to be regulated.
The obvious conclusion that follows is that blockchain and cryptos must be regulated. Above all, the channels through which they could flow should be properly managed.
The huge potential of cryptos would therefore be maximized by creating a legal framework that is likely to attract more actors and businesses to use the cryptocurrency and create new businesses.
If you are considering using the cryptocurrency when investing in it, you should also become familiar with the meaning of the term ICO. Basically, ICOs means initial offers of currencies, that is, an investor offers a certain amount of baby coins in exchange for Bitcoin or Ethereum.
In this way, the creator finances the development of a new cryptocurrency and the investor expects the investment to increase in value and become the next bitcoin.
Benefits of using Cryptos in the online game
With the benefits of using cryptos as a means of payment. For example, without chargebacks, extremely low rates and very fast transactions, it is not surprising that blockchain technology is receiving more and more fans per minute.
Thanks to transparency, clarity and security, the key benefits of cryptocurrency, the world of digital cash has become a powerful alternative to traditional financial mechanisms and money transactions.
The number of online casinos that use cryptos as payment methods is growing and there is no forecast when the process slows down. In addition, regulators such as the Malta Gaming Authority are working to promote blockchain technology, and that alone is proof that Blockchain is not yet at its maximum potential.
How do you rate cryptos or cryptocurrency deals? Drop your comments below.