How do cryptocurrencies and ICOs change the gambling world?
Cryptocurrency and ICOs are still a mystery to most people. Even the people who are supposed to regulate cryptos or advise the public on whether to adopt blockchain technology or not seem to be unsure of what say. But in all the melee of crypto becoming increasingly popular and governments trying to control the industry, one player is certainly reaping big. Many of the online gambling sites and casinos have embraced the blockchain technology with successful results. In the ICOs list and ratings that we have found, providing good ICOs to invest in 2018, its shown that gambling sector is the fastest adapter of cryptocurrency and ICOs.
The relationship between gambling and cryptocurrency
A cryptocurrency is a virtual currency which is meant to work as a medium of exchange. The currency uses cryptography in order to secure and verify transactions and also to control the creation of new units or coins. A cryptocurrency network automatically tracks every transaction which has ever been made with the currency. This means that cryptocurrency is a trustless, transparent and very fast.
Historically, gambling especially online gambling was a dark place where a player was not sure where the casino or the other players were. The uncertainty of online gambling made it possible for hackers, scams and cons to thrive. Banks which worked as intermediaries did not help matters as they impose countless procedures and restrictions.
Given the positives that cryptocurrencies offer, the gambling was definitely going to be among the first if not the first crypto adopter. When you use cryptocurrency in gambling or in any other place, personal information is not attached and you will transact anonymously. Gamblers are able to send money directly to their casinos and with no need to go through intermediaries such as banks. Moreover, the transaction fee is negligible to what banks usually charge.
The change cryptocurrency and ICOs are bringing into gambling
Bitcoin-accepting casinos started to spring up several years back. Since then numerous casinos which accept BTC, ETH, LTC and other cryptos have emerged. Not only that, casinos have issued their own cryptos and there are also good ICOs out there which are specifically designed for the gambling industry. The relationship between casinos and cryptos has grown so strong that Bitcoin-only sportsbooks and casinos are emerging. These casinos only allow BTC deposits and withdrawals.
Malta is a leader in the gambling industry. The relationship between blockchain technology and gambling seem so natural here such that Maltese authorities are looking for a way on how to best regulate and capitalize on crypto gambling. Moreover, since there is very little legislation on cryptocurrency with regard to gambling, online casino players often have a very easy time even when they are traveling.
The future of cryptocurrency and gambling
Casinos all over the world are exploring ways through which Ethereum blockchain can make the use of cryptocurrency in casinos easier, safer and more efficient. Adoption of cryptocurrency will certainly grow not only in gambling but also in other industries. In Venezuela, for example, the government has already launched the Petro cryptocurrency which will serve as a supplementary currency to the Fuerte. Senegal and Tunisia have already started looking at the possibility of using blockchain for digital versions of their currencies. Every other sector seems to be interested in cryptocurrency and it is, for this reason, that there are ICOs from every other corner.
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