Looking at Cryptocurrencies in Action
Cryptocurrencies are digital systems of payment that don’t require banks to verify transactions. In these peer-to-peer systems, instead of physical money exchanged in the real world, the digital payments with these currencies exist as entries to an online database that describes transactions.
Although there had been previous attempts at establishing cryptocurrencies, the first successful one was Bitcoin, which became available to the public in 2009. Things were set in motion following the posting of a paper by a mysterious person called Satoshi Nakamoto in an online mailing list discussion on cryptography. Bitcoin and other cryptocurrencies were created so people could engage in financial transactions without having to rely on banks or governments. Users can make transactions with anyone anywhere in the world with very few restrictions.
Below is a look at the use of cryptocurrencies in business and other areas of the economy and how it’s changing them, including a special focus at the use of them in the online gaming industry.
Cryptocurrency is Out There and Changing Businesses
Originally, a lot of businesses didn’t accept it as a transaction method, but as time has gone on, some are warming to the use of cryptocurrency. The use of blockchain technology, which records all the transactions in a network, and of “smart contracts”, the computer programs for transactions automated to control and execute action based on the terms and conditions of an agreement, are allowing businesses to feel more secure when conducting transactions and other operations.
Blockchain technology encrypts transactions, making it almost impossible for hackers or any other malicious elements to gain access to details of them. Whereas normally, businesses store financial data on computers that use servers, which are at risk of hacking, in the blockchain, the data is stored in blocks distributed across a network of computers, removing the risk of hacking. Meanwhile, the use of the smart contracts removes fraud or interference from third parties, as well as any arbitration costs or enforcement costs associated with the third parties.
Now some companies have even begun paying their employees in digital currency. Bitcoin is a popular cryptocurrency for this. Research is being conducted in the financial technology world to develop applications for payrolls so more companies can explore the advantages of cryptocurrencies, such as lowering or eliminating transfer costs, when it comes to paying employees or conducting other transactions.
Some big companies have embraced the use of blockchain technology. Of note are Wal-Mart, Mastercard, Pfizer, FedEx, Siemens, DHL and Maersk. This means the world is witnessing the implementation of blockchain technology in areas such as the supply chain and in healthcare, with the users being able to keep records more easily.
Gaming Online With Cryptocurrency
Of course, when it comes to innovations, the world of online gaming is never far from the newest trends. Online gaming operators know how important it is to stay up to date with the latest tech developments. Following them and acting upon them provides their customers with convenience and improves their gaming experience. Not only this, but it can also help the operator to keep ahead of the competition, or, at the very least, not fall behind. Players will happily switch to another service provider if an operator can’t meet their requirements. This means some operators have, like other businesses, begun to embrace digital currencies.
Regulation of Gaming with Cryptocurrency
Although some online casinos will be keen to accept cryptocurrencies, it’s important to be aware that only a handful of countries, including the UK, the Netherlands, Greece, Italy and Belgium actually regulate gaming with cryptocurrencies. Other countries are still to provide more clarity on the matter. Japan is the clearest. Given the general lack of regulation around gaming with cryptocurrency, you may prefer to conduct your gaming in real money casinos instead.
How is Cryptocurrency Changing Gaming?
Despite being something of a grey area in many countries, cryptocurrency offers many benefits for those gaming in places in which cryptocurrency enjoys regulation.
The use of cryptocurrency at an online casino gives you more privacy. When you use a cryptocurrency digital wallet, you don’t have to provide your details. Anyone who is wishing to apply for a loan may feel more comfortable using digital currency when playing at an online casino, as the use of fiat currency to play could have an impact on their credit score, whereas using digital currency will have less of an impact, if any at all, when requesting a loan from a financial institution.
One annoyance that players have to contend with in the case of some casinos is access to their winnings. The use of cryptocurrencies speeds things right up because the player receives their winnings in cryptocurrency immediately, whereas in the case of regular currencies, the online establishment may take up to five business days to pay out winnings.
Banks may charge you if you’re playing with a credit card. You may also have to pay certain fees if you’re using other methods of payment. Cross-border transactions are likely to incur a charge as well. The use of cryptocurrencies, however, will eliminate these costs, or, if not that, then lower them, making it cheaper for you to play.
Cryptocurrency has arrived and is here to stay, with businesses and other parts of the economy either embracing the currencies themselves or the underlying blockchain technology that supports them to improve how they operate. You can even use cryptocurrencies at some online casinos and enjoy a better experience with the service provider.
Back to the list