Cryptocurrencies and the Online Casinos Revolution
The online casino industry has a great deal of time revolutionizing the way the bet is conceived, but despite its large size, this industry has faced different obstacles along the way, such as blocking its accounts by of banks, the use of companies as intermediaries to avoid blocking payments received through credit cards, high transaction fees; In a nutshell, moving money was quite expensive for these sites.
With the arrival of Bitcoin and cryptocurrencies, this “revolution” of bets reached new levels and was the expected solution for so many obstacles presented along the way. In 2016, the Bitcoin boom reached online casinos generating a significant impact by encouraging mass adoption by these platforms, thus facilitating the movement of money by casinos and users.
After this process of mass adoption by online casinos, it was possible to observe the impact that this trend had and to date it has been estimated that more than 45% of cryptocurrency transactions are made through Casinos and betting sites, even talking about more than 300 transactions per second related to online betting.
The advantages of using Bitcoin and other cryptocurrencies are innumerable, always emphasizing its anonymity, the low amounts in commissions, the ease with which money can be transferred, in addition to the flexibility and convenience of being able to use any device such as PCs, smartphones or laptops from anywhere in the world.
With all the benefits mentioned above, crypto bets have been growing rapidly for years. There are cryptocurrency casinos that have stood out during these years, such as Bovada, Betonline and FortuneJack. However, although most crypto casinos only use cryptocurrencies as a convenient and beneficial means of payment, some have been trying to take it to the next level. Unlike traditional crypto casinos, blockchain casinos use games based on blockchain technology. With each bet registered on the blockchain nobody can affect the results of the game, but everyone can verify everything that happens during a game in a blockchain explorer. Therefore, transparency makes blockchain casinos stand out over traditional crypto casinos.
However, blockchain game casinos also have significant failures. The blockchain game as a whole is in its early stages. Blockchain games are usually slow and primitive. In addition, they are few. For this reason, blockchain game casinos cannot compete with casinos that use traditional games from leading providers.
Despite the above, we don’t necessarily have to wait until blockchain games mature and start offering great games. There are attempts to combine the best of traditional, crypto and blockchain casinos now and offer fast and secure payments and maximum transparency without compromising user experience.
By using traditional games from leading providers, the Fairspin casino, formerly known as Fairplay, enables its Blockchain-based Honesty Control through the use of smart contracts, offering the opportunity to track and test every play thanks to this. In addition, casino funds and their most recent transactions are always there to be seen. This is due to the integration with the Trueplay platform that offers its blockchain-based solution for online casinos.
All Fairspin transactions, as well as the casino balance, are shown on TPLAY, a token that works as the site currency and is equivalent to ETH 0.001. Deposits are received in Bitcoin and Ethereum (as well as other cryptocurrencies) and transformed into TPLAY to allow honesty control, but at the time of withdrawal the funds become the initial cryptocurrency again.
There is no doubt that online cryptocurrency casinos are here to stay and options such as Fairspin encourage both the adoption and use of cryptocurrencies as well as transparency, which is a vital factor for the success of these platforms and the satisfaction of their users.
Disclaimer: This press release is for informational purposes information does not constitute investment advice or an offer to invest. The views expressed in this article are those of the author and do not necessarily represent the views of infocoin, and should not be attributed to, Infocoin.