How Crypto and Blockchain Are Shaping the Online Casino Industry
Cryptocurrency driven by platforms such as Bitcoin are revolutionizing finance and transforming industries. This still relatively new method of transaction has not bypassed the online casino world. In fact, the gambling industry has been one of the driving forces of Bitcoin and a long-time adopter of the cryptocurrency.
As such, many online casinos such as NetBet online slots have embraced Bitcoin as gamers have increasingly turned to BTC has a viable payment method. Interestingly, a new form of entertainment has been built around cryptocurrency, the so-called Bitcoin casino.
Undoubtedly, many will be unaware of what exactly a bitcoin casino is, so let’s break it down.
Firstly, it is important to know there is a distinction between an online casino that accepts Bitcoin and a complete Bitcoin casino. With the former, it is a service (the online casino) that accepts BTC as one of its payment methods alongside other traditional methods (credit card, PayPal, bank transfer etc.). The latter, the Bitcoin casino, only allows players to pay with Bitcoin.
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Here are a couple of examples:
- Traditional online casino that accepts BTC: When you make a Bitcoin deposit into your casino account, it will be automatically converted into the fiat currency the casino uses (USD, GBP, EUR, etc.).
- Bitcoin casino: When a BTC deposit is made, the currency used when playing will stay as Bitcoin. This means any winnings will also be paid out in the digital currency.
These online casinos have been built specifically for people who love BTC and like to gamble with it. As a relatively new form of entertainment, Bitcoin casinos are still nascent but are becoming increasingly popular, especially in the cryptocurrency crowd.
When visiting a Bitcoin casino, you can play games you normally would in a traditional online casino, such as roulette, slots, poker, blackjack, etc. Remember, the idea of both casino types is to have fun and play your favorite types of casino games. That said, a Bitcoin casino offers some interesting advantages.
If you like Bitcoin and use it as a payment method across transactions and services, there is a good chance you will value a Bitcoin casino. Not least because there is an added emphasis on privacy. Because BTC is decentralized, there is no authority that governs it and can influence your transactions. In other words, no-one will access your personal information.
Because there are no financial intermediaries, all transactions in a Bitcoin casino are instant. This significant advantage means your money will not get congested by transaction checking and other steps. It’s just a simple transaction between you and the casino, with no unnecessary middlemen.
However, there is another crypto player in town that wants a piece of Bitcoin’s casino business. BlockchainTRON (TRX) is emerging as a viable alternative not just to traditional online casinos but also to Bitcoin casinos. Over the last year, TRON gambling has enjoyed major growth gains with an increase in TRON casino decentralized applications (DApps) becoming available.
If you’re unfamiliar with BlockchainTRON, it was developed by BitTorrent CEO Justin Sun. Since its inception in 2017 through the Singapore-based non-profit organization, Tron Foundation, the crypto has become an alternative to the more established Bitcoin and Ethereum.
One of the remits of TRON is to create, develop, and promote a decentralized global digital gambling and entertainment system. So far, the digital currency has generated plenty of interest in the entertainment industry because it is affordable and an excellent way to share digital content.
In terms of decentralized apps (DApps), TRON is becoming an increasingly popular choice for casino developers. Players also value casinos leveraging TRON because they boast swift account setup and simpler buy-in methods. Like other types of casinos, standard games such as slots, roulette, blackjack, and poker are available.
So, how popular are TRON DApps becoming in the casino industry? Well, 64 percent of all TRON DApps that have been created were for the online casino industry. TRON is obviously a favorable blockchain choice for many casino developers.
Cryptocurrencies and blockchain are having an effect across the casino industry, but the influence is arguably most profound in the online slot world, where companies, developers, and projects are embracing the technology.
Blockchain and crypto have been making an impact within online slots for some time, but really exploded in 2017. Increasingly casinos are embracing the technology and are accepting payments in digital currencies. Many slot games will now only allow payments through crypto deposits. Again, the faster transactions times and independence from the banking process are major advantages for gamers.
Blockchain and cryptocurrencies took the world by storm in 2017, and the increasing number of businesses, governments, and projects are looking to incorporate or make use of these technologies. Online casinos have also got on board with this trend, and more of them have started accepting payments in cryptocurrencies.
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