The gaming sector has been subjected to a slew of changes in recent years – the most important of which being the emergence of Bitcoin casinos and their rise in popularity. The first bitcoin casinos emerged around 2013, when cryptocurrencies started becoming popular and one year after BTC’s first-ever halving. However, back thenb, these platforms and online institutions were wholly unregulated and many operated without licenses – as these yet did not exist for crypto gaming. In the past few years, entities like CoinGames (the world’s forst-ever fully decentralized and licensed crypto casino) have revolutionized the gaming ecosystem by giving users the opportunity to play their favorite games through platforms built and reliant on blockchain technology rather than a centralized framework. In this article, we will decipher the reason why bitcoin casinos are becoming so popular among gaming enthusiasts and others.
Transactions and Decentralized Security
Bitcoin casinos give users the opportunity to play in a completely different framework than a traditional, centralized one. In decentralized gaming platforms, transactions are transparent and secure, with no intermediaries involved in processes such as deposits and withdrawals. Essentially, “Transactions are processed through blockchain technology, ensuring transparency, security and anonymity for players…. Thanks to blockchain-based encryption.” Part of that blockchain technology is called a ledger system, which is a fraud-resistant and encrypted framework that is public and tehrefore allows any and all users to access transactions.
The level of decentralization in bitcoin casinos also increases user privacy. Simply by allowing players to use cryptocurrencies to gamble, security and privacy are enhanced, as personal data is not required to play and neither are credit card or bank details, eliminating the risk of fraud and malicious actors hacking into your bank account when making a payment or fund transfer. Instaed, the only detail needed to play in a bitcoin casino is the user’s crypto wallet address. That is sinply a cryptographic address that players need to connect to a decentralized platform, before then making a rapid deposit and start playing: no forms to fill out or time to wait.
Deposit, Withdrawal and Differences in Crypto Frameworks
Not only are transactions simpler in bictoin casino contexts, but they are also faster, as we just alluded to in the previous section. Unlike banks, crypto payment methods do not rely on intermediaries, meaning payments take minutes or even secods rather than days – which sometimes occurs when banks thoroughly verify payments. By incorporating bitcoin and crypto payments, the cryptographic protocols in place highly diminish the risk of data breaches or hacks, which is something that can happen in a traditional centralized farmework, which can hemmorhage data during an attack.
By ensuring that a bitcoin or crypto casino you want to play in is reputable, making sure its licensed and regulated by a trustworthy authority, you will benefit from its decentralized gaming applications, One of these is the facilitation of deposit and withdrawal processes. In many bitcoin casinos, players will simply be asked to transfer crypto from their external digital wallet into the unique addess presented. This means that yoyr funds are stored in a casino’s crypto wallet. While this is one way crypto casinos can go about it, others make sure there is an added layer of security when handling user’s funds.
For example, in CoinGames, when a player deposits funds, they are not sent to be stored into a crypto wallet, but rather are sent and managed by a smart contract framework (called The Vault). The smart contract is an added layer of security because it is immutable, and not even the operators and developers can manipulate it to tamper with user’s funds. Rather, it is programmed to automatically return the user’s funds when certain criteria are completed. Finally, these very transactions, as opposed to those made with fiat currencies in tranditional casinos, have a negligible amount of fees – credit card fees can go as high as 5%; bitcoin transaction fees are much lower.
Conclusion
Bitcoin casino options have become much more popular and appetible for gaming enthusiats over the past few years for a number of factors. The decentralization of the entire gambling framework enhances security and privacy of users – who are not required to give up any personal data or bank details. In addition, the processes of deposit, play and withdrawal are facilitated by the usage of crypto wallets and smart contracts, as well as makeing trransactions faster and less costly in terms of fees. As Bitcoin adoption (and crypto in general) increases, so too will the demand for fairer, more equitable and safer gaming options, precisely like CoinGames, where you can try out a revolutionary crypto gaming experience with all the benefits alluded to in this article.
