Most traditional casinos have long been looking for new ways to support their customers. Initially, they accepted only cards and bank transfers, then switched to electronic money. Now such gambling platforms are massively transforming into so-called crypto casinos.
An example is the famous casino Winz.io, which in 2021 recognized Bitcoin as a stable currency with which you can pay for its services. It supported a project called Coin Dance, which was a startup at the time. At this stage, it has developed quite extensively and is one of the major representatives in supporting the workability of the blockchain.
And it’s not just about this crypto casino. This phenomenon is ubiquitous. Most traditional gambling websites are slowly starting to move to blockchain support for many reasons, which we will discuss today. More often than not, the amount of money that is donated to these events is not disclosed. This may be due to legal delays or trivial commercial secrecy.
Reasons for the Emergence of Blockchain Inside Gambling Places
We can talk about the disadvantages or advantages of blockchain endlessly, but let’s highlight the main reasons that are relevant at the moment.
For most casino users anonymity is still not an empty word. The constant pressure from government regulators, tax authorities, and relatives is something that players from all over the world feel every day. While cryptocurrencies don’t help hide your activities completely, they do help you stay hidden from government oversight. It also provides you with other huge perks that you can see further down the list.
Transaction processing speed
The transaction processing speed in cryptocurrencies is much faster than in any other payment system. Most cryptocurrencies hold the record for transferring money. In addition, you can easily verify the actual transfer of money and verify the transaction with the openness of the blockchain. You just need to know the sender’s wallet address and you can see from the history whether or not he really tried to send you money.
No matter how you look at it, blockchain is a stable development. Over time, it has proven itself even to ardent critics and hackers who still try to hack it or somehow cheat the system. Stable blockchains such as Ethereum or Bitcoin have never been hacked. In theory, it is possible, but there is no way to implement it, even with unlimited power and finances.
How Exactly Do Crypto Casinos Support Blockchain
What we see from the first paragraph is that the not-unknown Winz.io supported blockchain through direct investment in the Coin Dance project that works directly with the blockchain. The Coin Dance platform provides a lot of important and easy-to-understand info about cryptos releasing news and analytics to help develop the technology use. Most casinos and other gambling sites don’t invest in it directly, but they support blockchain indirectly.
The blockchain itself works by validating so-called blocks. These blocks contain confirmations of each transaction. Since crypto casinos have a substantial amount of cash, calculated in cryptocurrencies, they could potentially put it into business. But which one?
If you take Bitcoin into account, it’s complicated. Casinos could potentially buy Bitcoin farms to support cryptocurrencies and develop the price upwards to stay profitable forever. This carries significant risks, so they don’t usually do that.
So-called PoS cryptocurrencies are entering the scene. This is electronic money that has a completely different hash verification algorithm from Bitcoin. This is where you put cryptocurrencies “to work,” as if you were making a deposit in a bank. With the bulk of the money, you automatically validate the hashes of the transactions. This carries no risk, which is why it is used by institutions like casinos or others that have huge amounts of money to do this.