Published on April 25th, 2022
The online casino industry continues to develop in terms of the games available and payment methods. Cryptocurrency is one of the latest additions to online casinos and can be used as a deposit method. Many online casinos have introduced cryptocurrency as a form of payment, and this uses the blockchain.
Before we investigate the extra security provided by blockchain technology in 2022, it is vital to have a basic understanding of blockchain.
The blockchain is like a database that stores information digitally. They are used when making a cryptocurrency transaction, such as Bitcoin and the blockchain maintains a decentralized record of the transaction.
There is no third party involved and when new data is entered into the blockchain, it goes into a fresh block, which is chained to the previous block. This means all the data in the blockchain is kept in chronological order.
The blockchain can be used in several ways but one of the most common is as a ledger for transactions and this is how online casinos use blockchain. When making a deposit at an online casino using Bitcoin for example, the transaction is permanently recorded and cannot be reversed or changed.
So, if you want to play slot games or the latest live blackjack games at an online casino using cryptocurrency, there are benefits in terms of security in 2022.
Using blockchain to make payments at an online casino means you can keep your personal and financial information safe. When playing at some cryptocurrency casinos, you can play games without having to create an account and that means you do not have to add your personal information.
In addition, you do not have to enter your bank account or card details into the casino to make a deposit. Even when using an eWallet, there is a third party involved and for some players, that is too much of a risk when transferring significant sums of money.
If you are a high roller, you could be transferring large amounts of money from your bank account to an online casino. When using the blockchain, there is no third party involved in the transaction, all the data is entered into a new block without the need of any outside influence.
When making online casino deposits and withdrawals using a bank account or card, an organisation is behind the card or account you are using. Should that organisation decide to step in and block you from making a payment using the account or card, it is out of your control.
This can be especially frustrating if you were about to join a live casino game only for your bank to withhold your funds. By the time you have got the issue resolved, it is too late, the game is over. This may not seem like a security issue, but it means someone else is in control of your finances, which is not a nice feeling.
Whenever you are prevented from accessing your money, it is a cause for concern and using the blockchain eliminates that worry. No single organisation or person can control the blockchain and the data cannot be manipulated in any way.
Another level of extra security provided for casino players in 2022 when using blockchain is the permanent recording of transactions. If you have been successful when playing a game at an online casino and attempt to withdraw your winnings, this will all be recorded permanently on the blockchain.
As a public ledger, there is no way any online casino can cheat players and that provides peace of mind, especially when significant sums of money are involved.