Gambling involves a lot of risks. The biggest risk is losing money in bulk. A typical gambler never loses his hope and goes on betting searching for his luck on the way. Now that online casinos are available, it has become easier for players to try their luck at the game. Online casinos pose a good opportunity to earn something if not big prize money. There are a lot of bonuses and rewards on offer in all the casino sites.
Since the eruption of the pandemic in 2020, many players turned to online casino gambling as it was easier. There was also a boom in the number of players opting for crypto as the mode of money. It is reported by Bling Financial that there was a 50% rise in the crypto gaming sector when the first lockdown was in effect in March-April 2020.
Online casino gambling sites started accepting cryptocurrencies and hence the boom was evident. More people are going for crypto casinos instead of flat casinos. Blockchain technology is based on the decentralization system, needs no middle person, and hence is the safest mode of transfer. Sighting this, the ways blockchain can help responsible gambling has heavy benefits. The following ways explain why it is so –
The users can track and trace their funds in blockchain technology, given the chances of tampering. You are safer from scams compared to using traditional currency. No doubt, a fake website can still lure you to deposit money but this can be avoided by verifying the authenticity of the site.
In traditional casinos, you need to wait for days for the clearance of your earned money. Blockchain does not need to wait longer as the money transaction is faster and with fewer fees than a traditional transaction.
The blockchain could help make online gambling more responsible as the anonymity of the player is maintained. A traditional transaction requires a lot of personal details that pose a risk of scams. The blockchain provides you with higher privacy without revealing any of your details.
A blockchain casino is fully transparent as you can see the transaction status, making blockchain the solution to responsible gambling. You can also see where the money you lose is going so there is no scope for rigging.
Due to this, you can play from anywhere in the world as traditional money is regulated and not cryptocurrencies.
Blockchain provides solid support to responsible gambling avoiding the chances of fraud and scams.