How Cryptocurrency Has Changed the Entertainment Industry
According to Statista, the number of available cryptocurrencies in the world is close to 6000 at the moment. The top 20 of them take up almost 90% of the market, meaning that more and more people are interested in Bitcoin, Dogecoin, Litecoin, Ethereum or other cryptocurrencies. This is one of the most important reasons why online casinos that accept cryptocurrency are gaining more popularity as we speak. But why should one choose to use different online games dealing with cryptocurrency over a traditional one? The benefits of these online games are many, witnessing the revolution of the gaming and igaming industries. This article will focus on the most important ones, showing us that the future of entertainment industry is even brighter than we think.
The role of blockchain
It is essential to know that blockchain technology plays a vital role in this. Blockchain is a repository of digital records which is cryptically stored using a cryptographic hash. This means that, thanks to blockchain, the data is secured and stored in interconnected blocks that form a chain, hence the name. Once the information is stored in a block, a hash is being generated. The hash is like a fingerprint – it is different for any piece of data. This way, the data becomes irreversible. It’s because of this technology that manipulation cannot happen.
Perhaps the most important benefit of online cryptocurrency is that it makes the process of depositing and withdrawing money very simple. The transaction process in traditional online games can be very long and can sometimes last several days or even weeks. That is not the case with games or casinos that deal with cryptocurrency. Blockchain technology has taken over and modified and simplified the way we transact on different gaming or casino platforms. Because of this, the players can withdraw their winnings in a matter of minutes, almost instantly. Moreover, cryptocurrency games and casinos do not have any bank charges, which is why the bonuses and jackpots are higher than in traditional ones. Another benefit is the transaction-free fast payments for the players, meaning that they do not have to pay any extra fees while depositing or withdrawing, which can save them a lot of money in the long run.
Players who choose to play games or gamble in online casinos dealing with cryptocurrency are always well-protected against the malpractices in the industry. This is an important thing to mention if you want to gamble using Bitcoin, especially bearing in mind that these malpractices can be widespread in gambling and casinos. One example of this can be seen in depositing money before playing a game. In traditional casinos, you would be asked to provide your personal and bank information, which is not advisable for any website. If you’re gambling with cryptocurrency, you will only be asked to log in with your cryptocurrency e-wallet, which means that users have nothing to fear as their address and bank information is safe with them. The information players put in these casinos cannot be randomly stolen or become objects of public consumption – they are all secured with a cryptographic protocol.
User anonymity is a plus
This brings us to the next benefit – user anonymity, which is one of the ways cryptocurrencies are revolutionizing the entertainment industry. Think about traditional casinos such as the ones in Las Vegas – everyone will be able to see who you are, where you are gambling and how much money you are winning. In traditional online casinos that deal with fiat currencies, you have to enter your personal and banking information, which means that these transactions will be listed. If you’re using cryptocurrency to bet, this cannot happen, as the only thing you will be using is your cryptocurrency e-wallet. This is seen as one of the most important benefits to many players worldwide, especially those who don’t want this hobby to be seen or known.
The gambling and casino industry has always been associated with distrust. Trust has been a major issue here due to underpaid payouts, manipulative odds and so on. Even before cryptocurrency existed, casino players have become prey for some casino companies, making huge profits from their players’ losses. The casino system has always been perceived as quite rigged. Due to the anonymity of the players and blockchain technology, casinos where players can bet with cryptocurrency completely changed the game. Blockchain improved the trust between casino players and owners significantly, which is quite a positive thing in this industry. The bets and games cannot be rigged and every payout is done appropriately and on time.
All players globally can participate
Due to different regulations in different countries, not everyone can play at a traditional online casino. Cross-border discrimination is very strong in these instances, but cryptocurrency changed that as well, as geographical location means nothing. Players worldwide can now play their favorite online casino game without any problems, regardless of where they are in the world. On top of that, there is no need to know the exchange rate before you can participate – blockchain eliminated this problem as well.
So what is there to say more about the transformation of the gambling industry? Blockchain technology and cryptocurrency definitely changed the way we gamble, and this trend will only become stronger in the future. All of these benefits – anonymity, fast transactions, the eradication of cross-border discrimination – are just some of the ways how cryptocurrency changes everything. Professionals in the industry also believe that blockchain will eradicate other challenges affecting the industry as well.