Blockchain Technology is fast becoming popular in several areas because of its benefits, including anonymity, security, reliability, etc. It will interest you to know that many best Canadian online casinos have adopted this innovative technology to enable them to offer high-quality services to their customers. Whether you are looking for pokies to win real money or slot sites to play a wide range of exciting slot titles, Blockchain-based gambling sites are ideal.
This article is designed for players looking to join a Blockchain-based casino; it looks at the regulatory issue surrounding the gambling sites, the benefits of adopting Blockchain technology, and the risk involved, among others.
What Are Blockchain-Based Casinos?
There are a few differences between Blockchain-based gambling sites and regular casinos. First, these online gaming destinations run on Blockchain technology. Besides, they feature an impressive selection of banking options, including the traditional payment methods and cryptocurrencies, etc. In other words, players can deposit and withdraw their winnings via these payment options. Below are some of the digital coins supported on these platforms:
- Bitcoin Cash
- Tether (USDT)
It is worth mentioning many of these crypto-friendly casinos are not running on Blockchain technology. Many online gaming destinations are beginning to embrace this technology. Most casinos started implementing smart contracts to lock in bets for payment processes or during games. Read also an overview of the gambling Industry’s success in Canada.
Why Do Canadian Casinos Adopt Blockchain Technology Online?
It is essential that we discuss the benefits of Blockchain technology as this will tell us why many gambling sites adopt this technology. Blockchain can help online casino operators to gain players’ trust because it is secure and transparent. One way to gain customers’ confidence in the gambling industry is by incorporating a transparent system.
Furthermore, cryptocurrencies are easy to use, and it has a considerably shorter processing time when compared to other payment methods. Apart from that, there are no excessive changes involved in crypto payments. Also, Blockchain can help players keep their identities hidden, meaning that it supports anonymity. This is perfect for players who don’t want to reveal their identities. To use a Blockchain-enabled casino, you need a wallet to deposit and withdraw your crypto winnings.
These online casinos are safe and secure. Respected gambling bodies regulate them, and their games are random. Players’ information cannot be stolen as it is kept secure. Not only that, the game’s randomness can be checked on Blockchain. Apart from the security, there is no cross border discrimination. In other words, players from any part of the globe can visit a Blockchain-enabled casino to play real money casino games.
Challenges Solved by Blockchain Technology
Many top-ranking casino sites that feature non-regular games like poker or blackjack do not hold licenses from the United Kingdom Gambling Commission (UKGC) or the Malta Financial Services Authority. Hence, players may lack confidence in them as they may not be able to resolve vital issues relating to players, including how to select winners, whether or not to return players’ winnings, etc. This problem can be resolved with the help of Blockchain. In other words, it eliminates the need for gambling regulators. Transactions on Blockchain casinos are transparent as players can see what happens to their funds. Furthermore, you will see the amount the platform gains from each transaction. This way, you will know what is going on and won’t feel cheated. Get to know more about the casino industry based on the Diamondhead casino corp management’s discussion and analysis of financial condition and results of operation.
What Are the Risks Associated With Using Digital and Fiat Currencies?
The point here is that there is risk involved in both digital and fiat currencies. There is risk associated with both crypto and fiat currencies as some shady online operators aim to steal players’ funds. Some of these gambling destinations will refuse to payout. However, you can significantly reduce this risk by choosing a regulated and reputable gambling site.
Also, you can check if a regulatory agency audits the games. Online casinos that audit their games regularly are considered safe for players. In other words, you won’t be scammed by playing games at the online casino. However, the operator may withhold your funds or decide not to payout. Blockchain eliminates this kind of issue as it enables players to track and trace their money.
Furthermore, keep in mind that crypto-based scammers don’t need to use other regular payment gateways. However, you will be pleased to learn that cryptocurrency is becoming more secure as many top-rated gambling sites have embraced it. As a result, there is a lesser possibility of getting scammed as these platforms adopt airtight security measures to protect their players’ financial and personal data.
What Are the Regulatory Issues Around Gambling and Blockchain Technology?
Tracing the source of funds is the main issue relating to Blockchain regulation. For instance, the regulator can easily trace funds deposited via traditional payment methods. In other words, the gambling authorities can monitor your PayPal, credit card, or bank transfer deposits because players must have undergone verification before using any of these banking methods.
Furthermore, when banks detect usual transactions, they ask the account holder to provide proof of their funding source. However, this is impossible with cryptocurrency because it is unaudited, and the funds can come from anywhere.
Regulators may ask for proof of where the money is coming from; however, they can force players to reveal these details. It will be impossible to trace the origin of funds if the casino operator doesn’t have adequate measures to ask for the source of funding. Unfortunately, money laundering is easier with cryptocurrency.
Blockchain technology has been widely embraced in Canadian online casinos as players enjoy several benefits that come with the use of cryptocurrency. Apart from their simplicity, they are an excellent choice for players looking for a safe and anonymous payment method. Other notable advantages include speed, anonymity, more rewards, cost-effectiveness, safety, etc. Crypto-friendly gambling sites should be regulated like online casinos operating fiat currencies. Furthermore, they need to also comply with gambling laws and regulations by asking their customers to verify their identities. Not only that, they ask players for proof of their funding sources. This way, blockchain-based Canadian gambling sites can prevent money laundering at crypto-based sites.