By On August 21st, 2019, newkerala.com reported that CasinoWebScripts released a new set of crypto-themed casino games. This move enriched their crypto-based games collection even more. The new set of games use a Bitcoin Casino Starter Package that also contains certified gaming software developed by Casino WebScripts.
WebScripts is one of many companies that design customized software for online casino operators. Its target clients are operators who are looking to switch to crypto-themed specialized online gambling sites, from traditional betting platforms.
Understanding the Concept of Cryptocurrency
Cryptocurrency is an internet-based exchange medium that uses cryptographic functions to carry out financial transactions. Cryptocurrencies employ decentralized blockchain technology to achieve transparency and immutability. It is not governed by a central authority, making it a peer-to-peer network that requires less processing fees compared to traditional financial institutions. Bitcoin and Ethereum are examples of cryptocurrencies.
Decentralization is the fundamental core at the heart of Cryptocurrency technology. Satoshi Nakamoto, who found a way to create a decentralized digital cash system, first developed it in Japan as a peer-to-peer electronic cash system. The main difference between a centralized cash system and a decentralized system is that in the former, a central server, which keeps details of a transaction’s balance is required to prevent double-spending. In contrast, a decentralized network has no central server. Every entity in the system is involved in a trade and tracks all of the sales. These records are for future reference of validity or a double-spending attempt.
Crypto Features That Are Enticing Online Casino Operators to Adopt Specialized Online Systems
The two most outstanding features of cryptocurrency are decentralization and anonymity. For online casino operators, cryptocurrency offers many advantages over traditional systems. These advantages make crypto-themed specialized systems a desirable investment choice for casino owners. Here is a look at some of the key features:
- Opening a crypto-based online casino takes as little time as two or three weeks, compared to the centralized server system that can take up to three months.
- The immutability property of cryptocurrency prevents online casino operators from fraud attempts by players. There is no time wasted on disputes that are common in physically located casinos or fraudulent claims between players.
- As online betting gets more popular each day, online casino operator’s benefit from the flow of visitors. Players flock there since the network design of cryptocurrency is crash proof and can support many users. Lack of a central server also means there is no risk of a primary server overload.
- The earlier they switch to online crypto-themed platforms, the earlier the operators can benefit from less competition. They are also able to establish their product since there is a lesser online casinos presence as compared to traditional betting methods.
- With crypto-based online casinos, there is no necessary license application process. Online casino operators need only use certified Crypto-based developer software.
- There are no hidden or extra expenses on crypto-based online platforms. Besides, the cost of opening a traditional casino is much more expensive than establishing an online crypto-themed platform.
- Cryptocurrency charges zero to minimum commissions. Transaction technology that does not charge a facilitating or transaction fee is bound to attract more customers. Many users would be happy to move away from traditional systems that charge these extra fees to facilitate transactions.
- Online casinos are a smart investment for operators. The number of players is only expected to grow with time, as more people embrace the use of cryptocurrency in their financial transactions. Currently, specialized bitcoin casino-market adoption stands at 15% worldwide. At the pace with which cryptocurrency is thriving today, the market is predicted to grow significantly in a few years.
- The gaming software is available for download as an application on mobile phones. This will translate to more user traffic on their online platforms and consequently more profit for online casino operators.
- While the global trends predict that Bitcoin will soon replace all other forms of online currency, it is up to online casino operators to decide whether they would want to adopt crypto- themed systems fully.
- Cryptocurrencies have become an accessible global technology leading to the high value of the Cryptocurrency market. This, in turn, continues to attract more developers, such as online gaming companies. As some of them are just getting into developing cryptocurrency-themed online games, other companies are looking to expand even further. All these features are enough evidence to indicate that the future of online gambling is cryptocurrency.
The impact of Cryptocurrency on the global economy has drastically changed how people will transact in the future. Cryptocurrency also plays a role in determining how existing businesses with a traditional model need to evolve or be left behind and become obsolete. US Senator Thomas Carper quoted, “virtual currencies (Cryptocurrencies), perhaps most notably Bitcoin, have captured the imagination of some, struck fear among others and confused the heck out of the rest of us.”
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