With every generation, it seems, a technology arrives that holds the potential to revolutionize everything. In this century, it’s cryptocurrency; specifically, Bitcoin and its blockchain. This so-called digital currency is both baffling the world’s population and offering the idea of a financial future that is free of the demands and restrictions of the global banking industry. In the eight years since it was first developed by the enigmatic Satoshi Nakamoto, Bitcoin has surged in popularity. And its value is now greater than that of gold and everyone from industry leaders to tech students are heralding it as “the future.”
Designed for the Digital Age
Cryptocurrency is truly a currency designed for the digital age, so one would assume it would be a natural fit for the U.S. online gambling industry and throughout the rest of the world. Cryptocurrencies such as Bitcoin bypass the typical fiat currency system controlled by banks and financial institutions, and promote the concept of decentralization.
One of the most appealing features of a cryptocurrency is its organic nature; instead of being issued by a central institution or authority, cryptocurrencies are mined by individuals using a distributed ledger technology (DLT). The software behind a cryptocurrency is open source, which means that the community that develops it also maintains it, and every time a process is recorded on this ledger, all the members of the community have to agree on its true status. Theoretically, these digital currencies are also immune to the manipulation of governments, and because they incorporate cryptography as a security feature, cryptocurrencies are much harder to counterfeit than traditional fiat currencies.
Playing Poker with Bitcoin?
When it comes to playing online for real money, the introduction of cryptocurrencies could revolutionize the industry by ensuring fair play for everyone and open a new and potentially more efficient way to make bankroll deposits and withdrawals. Many online gambling platforms have already started to integrate cryptocurrencies into their offering, preferring Ethereum, which runs on a distributed server processing system. Online poker experts, however, believe that it’s Bitcoin or rather its blockchain technology that has more to offer this billion-dollar, global industry.
Using a blockchain ledger, online poker players could log every casino session they play as individual transactions the moment each session finishes. What this will create for individual players is complete autonomy; meaning the players will have sole control over their funds. Because Bitcoin’s blockchain isn’t owned by an institution, it is protected from any potential government legislation. In the aftermath of 2011’s Black Friday events, which really hit New Jersey and U.S. online poker players hard, this level of financial security could make massive headways into transforming the industry. Bitcoin itself is the oldest cryptocurrency in the marketplace and despite its fluctuations, is tried and tested.
It’s Time for Casinos to Get on Board
With the value of a single Bitcoin soaring to over $6,000 in October 2017, cryptocurrency itself is now a lucrative industry, and the world is beginning to take it seriously. For some time, multinational brands like Dell and Microsoft have accepted virtual payments in the form of Bitcoin, and even smaller businesses like coffee shops are welcoming it as an over-the-counter transaction. Although it will certainly take some time and no doubt some form of financial outlay for the online casino platforms involved, the benefits of blockchain could prove to be invaluable to the global and U.S. online gambling industries.