You may have heard of blockchain technology and cryptocurrencies. In 2017, Bitcoin almost made it to $20,000. And today, we have seen the many potentials of using cryptocurrencies for different purposes. And so far, the gambling industry is seen as a niche that can benefit from cryptocurrency. But how exactly does a public ledger come in handy for casinos?
Online casinos that are using cryptocurrencies are offering 0% house edge. This only means that players do have a level playing field whenever they play. And also, this means that there is a chance for them to actually win. In addition to this, 0% commission is expected from the cryptocurrency online casinos out there. Sports betting exchanges can also choose different leagues and sports and not worry about the commission taken by the casino. With blockchain technology, it could easily remove the middleman involved in the transaction making things easy.
Application of A Cryptocurrency
There are casinos that have adapted a cryptocurrency that they can use on their platform. Just like Bitcoin, the number of tokens is usually set at a fixed number. And as the demand for the cryptocurrency increases, expect that the cost of the cryptocurrency to also increase. And because of the hype behind cryptocurrencies today, there are casinos that are actually looking to build a reputation using the technology.
There are already some online casinos that are opening their Pre-ICO, which is a way to get money from potential investors who see value in the cryptocurrency market.
Issues Surrounding Crypto Casinos
But of course, there are some issues along the way that has to be addressed. For instance, is it easy to turn the token into dollars that can be used outside? It is important for the online casino to address where to actually exchange the token. Are you simply going to exchange the token to Bitcoin and then find a crypto exchange after?
It is also important to note the actions of regulators when it comes to cryptocurrency-related issues. There are a lot of changes that happened in the world of digital currencies over the last month especially after the end of 2017. Now, there are countries that are already banning the use of cryptocurrencies including China.
In addition to this, for those who are trying to hoard the token released by the casino, this could mean that it is also a gamble in itself. There is a chance that the token could decrease in value the next day or increase in value the next day depending on the demand and the utilization of the said token.
A lot of people and industries are seeing the possibility of using cryptocurrencies in order to improve transactions. And the good thing about blockchain technology is that it can also be applied in the gambling industry. In fact, it offers transparency to its users.
Does it mean that the world is already changing and cryptocurrencies adopted by casinos is actually a good thing? In reality, this can be seen as a great innovation that casinos should take advantage of.