With the advance of various technological applications in recent years, a number of sectors are starting to revolutionize their inner workings. Recently, none more than the gaming and online gambing sectors have been impacted more by these technological innovations. For example, by combing gambing with the blockchain and Web3 space, the entire industry has taken massive steps forward in a number of ways, especially regarding customer experience. Among these revolutions in the gaming industry are the tokenization of assets, the usage of crypto as opposed to fiat currencies and all the benefits that come along with that implementation. In this article, we will take a detailed look at how crypto casinos are revolutionizing the gaming experience for passionate players, with a look especially on the advantages and exciting implementations that the future may hold for this particular sector that CoinGames is excited to pioneer into a brighter future.
Crypto Privacy and Pseudonimity
To start off with, as with every other crypto application in other industries, they particualrly affect the entire system’s privacy levels. Since no personal information is linked to a crypto wallet, when a user connects it to a platform like CoinGames, no name or data is usually displayed for the platform to see. Unfortunately, often in many places gambling comes with a social stigma where players are treaded as immoral or negative individuals. The truth is that the overwhelming amount of gamblers play for fun, and with the added anonimity of betting through a crypto wallet, they can rest assured that they can play without their name or data being shared online through centralized platforms.
Playing with Crypto
One of the biggest revolutions that Web3 gambling has brought about is the means by which players can effectively play on their favorite slots, live casino or sports events. The decentralization of the casino experience is effectively leading to the substitution of fait currencies with cryptocurrencies, or, as is the case of CoinGames, a project’s very own token that acts as a decentralized gambling chip. This development has had a myriad of benefits for the decentralized gambling sector, including seamless transactions and fund ownership.
For example, as a Softswiss article indicated, when playing on a decentralized platform, “no one can take your coins away from you or freeze your ‘crypto account’ due to the sheer absence of a central regulatory authority in the system. You own your money and control your transactions.” The ownership of one’s funds is one of the pillars on which CoinGames was built on – with customer experience at the forefront of our project. At our platform, the user never loses control of their funds, as no third party is ever involved in the management or erogation of said funds. When a user deposits, their funds are sent and held directly by our Vault smart contract, which is tamperproof and has been programmed to automatically relese the funds when certian criteria are met, such as a wagering requirement on a promotion. The user’s funds never end up in a another wallet when deposited, and they can always checked the public smart contract’s mechanisms if they are having second thoughts.
Crypto has effectively eliminated the sluggish and cumbersome processes that users need to go through when playing and depositing through credit cards or bank transfers at online platforms, as it guarantees a “high level of privacy, security, efficiency and ease-of-use”, as a Bitcoinist piece puts it.
Speed, Security and Effectiveness
As with data and transactional privacy, your crypto payment info cannot be stolen from you when playing on a decentralized blockchain casino. Identity and data theft are near impossible due to the fact that wallet addresses require no personal information unlike a bank account or credit card would when playing on a centralized platform. Crypto transactions are also very transparent, open for anyone to see and immutable. The fact that, during regsitration, minimal data is required to register and play on a crypto casino, means that you personal info is always secure.
Security is also intrinsic in crypto itself, not just in the platforms that make use of it. If a user protects theri wallet private key with strong passwords, it will be very difficult for malicious entities to steal their funds. On the flip side, if a centralized gambling platform gets hacked, it becomes easy for those actors to steal users’ credit card details or PayPal accounts, for example, and could then be targeted by the hackers themselves.
Speed is perhaps the most underrated benefit that crypto gambling has brought about in the sector. Bitcoin and crypto payments in general are almost always incredibly fast, especially when compared to fiat currency payments. Most transactions, including deposit and withdrawal porcesses at CoinGames, take just seconds or minutes, with the user just needing tio sign a claim before the funds return to the wallet or are deposited into the Vault. On the flip side, bank transfers in centralized platforms can take up to even five business days, depending on the company and setting. Instantly receiving money from a trusted gambling platform gives users the necessary peace of mind while playing on their favorite games that only fully decentralized crypto casinos like CoinGames can assure.
To learn more and to start your very own decentralized crypto casino journey today, visit CoinGames now and start playing!
