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The Washington Independent

The growing popularity of online blockchain games

The growing popularity of online blockchain games

Any person who has heard of online gambling has also come across cryptocurrency gaming. With digital currencies making giant waves globally, it was only a matter of time before they proliferated the online gaming sector. Traditionally, gambling was always about cash.

Jaya Mckeown
CryptoFinance
Sep 29, 2021

Table of Contents

Any person who has heard of online gambling has also come across cryptocurrency gaming. With digital currencies making giant waves globally, it was only a matter of time before they proliferated the online gaming sector. Traditionally, gambling was always about cash. However, when casinos went digital, so did the payment options. Gamblers could deposit and withdraw through various online means. Now, there is another way to transact – cryptocurrency. Blockchain gaming involves the use of digital currency to play on internet casinos.

The last few have seen interest in crypto rise dramatically. As digital coins reveal their real value, various industries have been rushing to incorporate them into their services. Online gaming is one area that is successfully changing how people view cryptocurrency. Although internet gambling and betting is a billion-dollar industry, it still encounters several issues. The ability of digital currency to solve some of these challenges is what makes this payment method worth considering. Understanding the role of crypto in online gaming puts its rising popularity in perspective.

How does blockchain gaming work

Knowing that blockchain gambling exists and grasping how to operate are different things. Even seasoned gamblers can get confused about gaming with crypto when they don’t know how this currency option works. Blockchain refers to a digital ledger that records and distributes encrypted blocks of data. It then chains the blocks together chronologically. A blockchain is an immutable network that stores cryptocurrency transactions. So, blockchain-based casino games allow players to capitalise on the benefits that this system offers.

Crypto gaming gave birth to two main kinds of casinos. The first one is the site that only accepts digital coins. With this option, gamblers have to deposit, bet and withdraw through cryptocurrency. Even bonuses are available as digital coins. The second type is a hybrid casino, which supports both fiat and digital currency. These sites are the most popular because operators provide players with the benefits of transacting with both currency options. The suitability of a cryptocurrency casino comes down to individual needs. Looking at how Casino.Guide compares Crypto Casinos can help you pick an ideal platform.

The problems that crypto gaming solves

As mentioned earlier, cryptocurrency gambling is gaining dominance because it fills gaps that conventional payment methods have not been able to. This section looks at some of those solutions.

Increased privacy and security

One of the biggest USPs of cryptocurrency is that transactions are anonymous. Well, they are, to a point, but that is an entirely different topic. The main point is that, compared to fiat payments, crypto affords you a degree of privacy. When depositing at a blockchain gaming website, you don’t have to provide a credit card number, a bank account or other sensitive details. Blockchain transactions only require the wallet address of the sender and receiver. In an age where cyber threats are a huge concern, the private nature of digital coins comes in handy.

Online gamblers have to be extra careful because gaming websites are favourite targets for cybercriminals. The risk of data breaches is high, and customers can lose their information and money. When using digital currencies, gamblers can protect their data. Another advantage is that transactions don’t leave a paper trail. Gamblers who prefer to keep their activities unknown can do that easily. Nobody needs to know how much you spend on online entertainment or where you spend it.

Reduced transaction fees

When playing at a fiat casino, you might incur service charges when you deposit and withdraw. A majority of operators don’t impose transaction fees. However, the payment method you select might. Depending on the chosen service, you could pay between 1% and 5% of the amount transferred. These fees can eat into your gambling budget or winning. You end up spending more while leaving the casino with less. Blockchain gaming solves this problem. As a decentralised ledger, the blockchain network doesn’t have the interference of central banks or governments. Therefore, transactions don’t generate traditional service charges. Some digital coins have small transaction fees, while others don’t have any. For this reason, you get more out of your money.

Speedy payments

For the same reason that crypto has little to no fees, the option provides fast transactions. When you deposit digital coins to play online casino games, you don’t have to wait for a bank or another third party to authorise the payment. So, funds transfer in milliseconds. The speedy process of cryptocurrency is particularly beneficial during payouts. Complaints about customers waiting too long to receive their winnings are some of the most common ones. Besides operators having lengthy withdrawal times, payment services can also be tedious to deal with. Credit cards, for instance, make you wait for three to five business days before your money is available for use. When you cash out with digital currency, it can take anywhere from 15 minutes to an hour to get your winnings.

Is blockchain gaming safe?

Amid the excitement to discover what crypto gambling has to offer, one important element should not be neglected – safety. As with most emerging technologies, it makes sense to be wary about the implications of gaming on the blockchain. In itself, cryptocurrency provides certain safeguards that make this gaming alternative safer than regular casino gaming. For one, it limits the amount of information that currency holders require for transactions.

Another way that the industry protects players is through provably fair games. Provable fairness involves the use of an algorithm that allows gamblers to verify every wager they make. Hence, you can easily trace where each cent of your bankroll ends up. Almost every crypto-only operator provides provably fair gaming.

The intersection between online gambling and blockchain was expected, given that the two sectors complement each other. However, the reluctance of governments to recognise cryptocurrency transactions hindered the adaption of digital coins as payment methods. The situation is different now. Internet gambling is one of the sectors driving the use of crypto because the transactions offer various advantages to both operators and players.

Jaya Mckeown | Jaya moved to Boston from New York to pursue a master's degree in corporate communications at Emerson College. This experience, combined with her undergraduate degree in psychology and teaching, has equipped her with valuable skills that she employs on a daily basis in real estate negotiations, homebuyer and seller education, and successful promotion of the team's listings. Jaya's clients often characterize her as meticulous, proactive, and enjoyable to be around.

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