Since the start of the COVID-19 pandemic, the popularity of online gaming has exploded. Among those that have gained the most market share are non-AAMS casinos that use cryptocurrencies, among other payment methods.
The spread of digital currencies in the world of online gambling, however, dates back to well before the pandemic. In fact, ever since Bitcoin began to gain popularity in 2017, more and more traditional gaming and casino sites have begun to accept cryptocurrencies. More and more people are becoming familiar with these payment methods and handling digital wallets and currencies
It is therefore not surprising that non-AAMS casinos are rapidly accepting more and more electronic currencies. Among other things, there are interesting overlaps on the type of users. Both sectors attract people who tend not to be afraid of risk and willing to lose money in an attempt to win more. Additionally, both gambling and cryptocurrency enthusiasts both tend to want to see quick returns on their investments.
How blockchain technology works
In short, blockchain technology allows for the recording of transactions that users make through cryptocurrencies such as Ethereum and Bitcoin . These transactions are handled and recorded by several computers. The blockchain has a decentralized network that tracks transactions in a public, immutable ledger after each transaction has taken place.
On a single network, the system can securely record transactions on many computers. Thanks to its decentralized structure, both security and privacy are guaranteed. There are actually many other tangible benefits of blockchain technology used in casinos that need to be taken into account in understanding how they can become one of the standards of the online gaming industry.
Here are some of the main benefits of using a blockchain casino over a land-based casino.
Blockchain technology increases transparency
Most land based casinos operate using a random number generator which allows them to offer fair odds to players. If you are unsure of the correctness of an online casino, you can quickly check slot reviews on many analytics sites.
One of the main benefits of using a blockchain casino is that it is completely transparent. This means that you can see exactly how transactions are processed and where the money goes when you lose a bet. This eliminates the worries of rigged or tampered games by increasing player confidence.
More security and fewer scams
Since the blockchain allows users to track and trace their funds, tampering is far less likely. This leads to fewer scams that could instead be implemented with traditional currencies.