Digitization is making everything more accessible, and it is one of the driving forces behind more competitive markets. If you think about it, casinos were a type of entertainment only available to the wealthy elite, whereas now almost anyone has access to it online.
Blockchain and cryptocurrencies are now trying to make digital payments more accessible. It is also creating a completely new breed of digital trends like NFTs that allow users to be an owner of the original digital content. Clearly, cryptocurrencies and blockchain technology can be utilized in a variety of ways, and here we will talk about how they are changing gambling in Europe.
Safety and Compliance
One of the main selling points of blockchain is its multi-ledger validation or smart contracts. This allows transactions to be accurately recorded and eliminates the possibility of falsifying the documents. It is a great tool for ensuring that digital transactions and everyone involved are safe, which can help casinos keep up with regulatory standards. It also allows you to due diligence someone based on their payment history rather than who they are as a person.
This is why casinos that allow you to pay with crypto are so popular. In regions like the Netherlands and Belgium, regulations for online casinos and payments are quite strict. Meaning it can be difficult for many companies to comply with regulations and provide service that meets user expectations. Since these networks focus only on transactions and blockchain technology to process payments, you don’t need to share your identity. It makes the online casino no account platforms possible. In other words, you can play your games and withdraw your winnings solely on a URL or a pseudonym.
Automated Transfers with Lower Fees
Another perk of relying on blockchain as a payment network is automation. This is a decentralized system that relies on lots of mining rigs to process payments. It does consume a lot of power, but it is fully automated and self-governed, Meaning, there are no people involved that need to verify or check the request. In other words, both deposit and withdrawal fees are lower.
This can be a good thing, especially for gambling platforms, that want to keep entry fees low. For example, 1 euro online casino sites – their main appeal is that you can play with just a single euro. However, if you choose to play on a platform in the Netherlands or Belgium, and you don’t live there you will need to pay a higher transfer fee. This fee in some cases can be higher than the minimum deposit. With cryptocurrencies available, and lower transaction fees, these types of incentives will make even more sense.
Setting New Standards
In addition to practical advantages, having crypto casinos is lifting the bar higher. This means that more people will have to work on accommodating this payment system, which in terms makes it a more viable solution. Whether you are one of those who fully invests in cryptocurrencies, or just view them as fashion, you cannot deny the fact that blockchain technology is useful.
Currently, the only problem with blockchain is energy consumption and energy supply. So if it becomes prevalent and if it’s maintained in a more eco-friendly manner it can be a true game-changer in the financial world.
Conclusion
To sum up, cryptocurrencies and blockchain are making the gambling market safer, and more user-friendly. You can gamble under a pseudonym and the payments are going to be processed faster and at a lower cost. These are not just some minor benefits or aesthetic changes; these are outright improvements to the current systems.
The online casino trend started to grow in the early 90s’ and now after 30 years, the industry is massive. The same thing is seemingly happening to cryptocurrencies and blockchain. They started in 2009 but they are growing and creating a culture of their own today.
