Bitcoin’s continued growth around the world is shining a light on Blockchain technology—the distributed ledger of records through which all major cryptocurrencies operate. The blockchain records every transaction made by users.
It also stores this data permanently. Because it’s a distributed network, no single person can control the network. It’s difficult to hack and governments can’t take it over. Blockchain’s unique benefits come with multiple benefits for online casinos. Below are some of them:
Blockchain is the engine that powers Bitcoin and other cryptocurrencies. Without it, Bitcoin wouldn’t be different from Visa, PayPal, or checks. Blockchain facilitates borderless, peer-to-peer payments.
This means you can use Bitcoin or Ethereum to deposit money at any online casino in the world. It doesn’t matter where you live. If you own crypto, you can gamble online.
Naturally, casinos love expanding their customer base. And that’s why they’re now supporting digital currencies. At these crypto casinos reviewed by https://www.cryptocasinos247.io/, paying with crypto can earn you a generous bonus.
Some of them match your deposit 100% for a maximum of 1BTC. The most generous crypto sites give out bonuses worth up to USD 10,000. Keep in mind you can use a variety of coins for payments—not just BTC, ETH, and USDT.
Blockchain technology isn’t just a ledger of records. It’s a building platform for developers. Take Ethereum as an example. It allows developers to create decentralized apps, from social media networks to casino games like slots.
Some of the most popular blockchain-based slots are pretty entertaining. They also offer proof of fairness. This means you can check the algorithm used to determine whether you won or lost. Conventional slots don’t give you this kind of transparency.
With that said, there are not many blockchain-based casino games. Some of them also lag behind in quality, payout rates, and mechanics. Before you select a blockchain slot, always check reviews. Play top-rated games for a delightful experience.
Smart contracts allow people to do business without relying on trust. Some casinos use these contracts to provide casino gaming. As a player, you deposit money into a small contract.
Your casino then allows you to play your preferred slots or table games. If you lose, the smart contract forwards your money to the house. If you win, the same system deposits your winnings into your account.
Smart contracts are Ethereum’s biggest selling point. The blockchain hosts over 2800 projects that use this technology. Some developers believe smart contracts are the future of online businesses.
No need for social proof. No need for trust building. You lock money into a smart contract. The business ships your product. The blockchain forwards your money to the entrepreneur.
Some of the biggest crypto projects raised money through Initial Coin Offerings (ICOs). Ethereum is an excellent example. It funded its early projects by fundraising through blockchain.
ICOs work like Initial Public Offerings (IPOs). A new casino project built on the blockchain can create an in-house cryptocurrency. It can then sell its coin to investors at a low price before going public.
If the casino has a unique selling point, people might buy its cryptocurrency hoping it will grow in value. Presently, these are some of the biggest crypto-betting projects leveraging blockchain to raise money:
All crypto casinos share one thing. They welcome you with huge bonuses. We’re not talking about $100 or $200 bonuses. When you deposit money using Bitcoin or an altcoin, you qualify for large bonuses.
Some casinos have crypto bonuses worth up to 5BTC. Let’s assume BTC is valued at $30,000. A 5BTC bonus would be worth $150,000, more money you most people earn in a year.
Why do casinos give out bonuses? They’re marketing tools. A bonus attracts you to a casino. You might even create an account and make your first deposit. This is what casinos want.
Welcome bonuses attract new customers, while loyalty bonuses keep loyal patrons loyal to the brand. If you’re a player, consider bonus terms. A good bonus comes with fair terms and conditions.
Not every casino converts crypto profits into cash immediately. Some brands believe in Bitcoin’s potential. And as a result, they hold some of their money in crypto wallets hoping it will gain value with time.
Most crypto wallets are built on the blockchain. Some of them work online. These wallets allow casinos to process payments on the go. But on the downside, they’re vulnerable to hacking.
The best crypto wallets store funds offline. They could be hardware wallets, paper wallets, or even software programs. Many experts recommend hardware wallets for keeping coins safe in the long term. Hot wallets should only be used if you need to use your coins urgently.
Unlike bank payments, depositing with crypto doesn’t require an intermediary. Blockchain facilitates peer-to-peer payments. This increases transaction time and reduces fees.
On the surface, these features seem to benefit players alone. But that’s not the case. Gambling sites save a lot of money too by supporting crypto. The average payment gateway takes a 3% cut from every payment a business makes.
If a casino accepts $30,000 worth of deposits in a day, $900 goes to payment partners. By comparison, most cryptocurrencies charge $10 or less to facilitate huge payments.
These coins process payments fast. Speedy transactions help casinos close business deals more effectively. They also improve a brand’s reputation, which leads to increased loyalty. In other words, blockchain technology can help a casino make more money in the long term.
If you are interested in even more business-related articles and information from us here at Bit Rebels, then we have a lot to choose from.
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