The gatekeepers of the centralised banking and financial system have some real cause for concern as the world seeks to embrace the adoption of cryptocurrencies as a new medium of exchange. After all, this monetary application of the underlying block-chain technology which drives it opens the game up to pretty much anyone who seeks to play, unlike is the case with the system that the privileged few have direct access, which is to the benefits of the established monetary policymakers.
The block-chain is ruffling some feathers as far as the establishment goes, because for the first time in a long time there is real potential for wealth to be distributed. We’re going to briefly talk about the block-chain as it is applicable to the casino industry with the view of clarifying exactly what it is, how it works and the continued case for its existence and further development.
What is the block chain?
First it’s perhaps pertinent to clarify exactly what the block chain is. So block chain technology is basically just a public ledger system which stores information on a collective network of distributed devices all across the world. Cryptocurrencies such as Bitcoin and Ethereum, which appear to be standing out above the rest, are essentially conduits or by-products of the block chain.
Basically it’s a matter of addressing the question of why people from all over the world would essentially lend the computing power of their devices to the block chain in contribution of making it work. They are incentivised to do so through being awarded cryptocurrency value via a process called mining.
The public ledger system
The casino industry, whether it’s in relation to physical casinos or perhaps even more so with online casinos, makes for one of the ultimate epitomes of an application of the block chain. Since the public ledger system effectively keeps records of every transaction that was ever made, in the casino industry that holds significance as far as regulation goes.
Things happen so quickly within the intricacies of the operational structure of an online casino in particular, so for both regulators and for the casino operator to be able to access a public ledger system of all the transactions, bets, etc, this makes their respective jobs of compliance enforcement and platform management that much easier.
So if there’s a casino that fully operates on the block chain model, as will likely be commonplace in the near future, any disputes can be settled by merely looking at the public ledger records.
Crytocurrencies in the casino industry
It’s only a matter of time until the block chain truly catches on universally as the core driver of systems such as online casinos, but for now there’s a growing selection of Bitcoin bookmakers who are embracing the block chain from the point of view of managing financial transactions more effectively.
Being able to fund your online casino gaming purse with Bitcoin, Ethereum or any other cryptocurrency simply means more of the value you deposit and withdraw is actually kept intact as no centralised financial regulators like your bank are involved and so they can’t charge you crazy transaction fees.