As blockchain technology becomes prevalent within society, industries like retail and gambling are finding ways to adopt cryptocurrencies within their processes. From offering lower transaction fees to providing unprecedented transparency, the advantage of going digital is excellent. But, many find it hard to comprehend, contributing to slow mass adoption.
And with regulatory uncertainty still looming and a need for standardized protocols, companies are finding the integration process tedious but not impossible. This article discusses how the online casino sphere is adopting crypto in gambling.
The History of Chips
Blockchain casinos are a relatively new concept, meaning there are only a few cryptocurrency casinos. However, the number of hybrid establishments like BetMGM, which accept both traditional and digital tokens, is snowballing.
The invention of casino chips began in Italy’s picturesque city of Venice during the 17th century, where the first gambling houses appeared. Back then, gamblers resorted to cash instead of using chips like today before shifting to gold, silver, and ivory pieces during the early 19th-century gold rush.
Thanks to newly invented machinery, it wasn’t until the 20th century that a mass standardization of chips occurred. So, how were they made? Using high-pressure mechanisms, which is precisely how poker chips are made today, they can compress clay or sand, with the signature and final touch usually being a stamped logo from the respective establishment.
A form of currency, traditional chips are extensively used from Las Vegas to London and down to Macau as a way to convert winnings into cash; otherwise, if everyone used money, dealers would find it far trickier to distribute winnings and collect cash.
Including chips acted as a great way to streamline processes, and as technology advances, chips have, too. In recent times, some of the best casinos in the world are introducing chips embedded with monitoring technology that allows them to track customer activity, ensuring no one leaves the premises with chips — a big no-no within casinos — and identify how long and often players gamble in a bid to safeguard individuals from addiction. Other benefits include the ability to spot what tables are busy and allocate staff to concentrated areas to ensure gamblers enjoy a seamless experience.
The Evolution of Casinos
From virtual reality to video poker and live dealer casino games, the past few years have seen a significant shift in the gambling landscape as tens and thousands of gamblers flock online, with the recent pandemic being the catalyst.
Once casinos saw the meteoric rise in digital gamblers, it seemed that every establishment threw their hat in the ring and set up an online shop, which resulted in the quality of online gambling rising dramatically as establishments attempted to outdo one another to claim market share with fresh gameplay mechanics and avante-garde games like online blackjack with a live dealer.
Thanks to a changing gambling environment, online casino games have become more captivating, resembling the offline experience while offering consumers convenience, flexibility, and promotions.
Advantages of Blockchain Technology
The latest revolution in the gaming industry has been the evolution of gambling tokens. As mentioned, the last few years have seen a clear shift in the narrative regarding casino chips, with plenty of establishments seeking ways to adopt cryptocurrencies through digital tokens, and the advantages seem endless.
Through utilizing casino chips, establishments are already noticing an increase in security through encryption procedures like smart contracts and an immutable ledger, which records transactions, making it almost impossible to hack and trickier for fraudsters to succeed.
Improved transparency is another welcomed addition made possible by every transaction being traced and verified, suggesting that the handling of transactions has become quicker and more efficient.
Although it has its perils, embracing cryptocurrencies is a step in the right direction, potentially preventing hackers altogether while allowing establishments to streamline their services because of increased transparency, efficiency, and speed.
Decentralized finance eradicates the need for centralized banks, saving time and money by taking out the middleman. With the 2008 crash being a primary example, industries are trying to lower their reliance on traditional banks, improving the safety of their balance and their clients.
The beauty of cryptocurrencies is that they can be sent and received to and by anyone in the world within seconds. Traditional international transfers, notorious for high transaction fees, often take three to five business days. In contrast, blockchain technology, which charges minimal fees, whether you’re in the Philippines, South Africa, or Hong Kong, allows you to move money instantly — a revolution within the banking sector.
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