Crypto Finance News

The Connection Between Online Gambling, Blockchain and Cryptocurrencies

From what we have already seen for some time, it looks like crypto coins and blockchain technology can improve a number of aspects of our daily lives but it seems like the one of the best areas where it can be used is online gambling.

What is a blockchain?

For those that do not know, a blockchain is a list of records that is made to be secure through cryptography and some of the best uses of this technology lie in the gambling sphere. When applied to online gaming, it greatly increases the speed of transactions, including those of withdrawals, as some of you may know that for an online transaction to be finalized it may take between 3 and 5 business days.

Blockchain perks

It is well known that in order for you to be able to play in an online gambling event you will need a traditional bank account in order to get your bets and your withdrawals, if you are lucky. However, when one uses a blockchain then he or she is going to be able to play in such an event just by having a computer and an internet connection, making the process easier.

How to adopt this process

So far the number of platform that use this blockchain system are few and far in between but it looks like more and more are working to incorporate it onto their online gambling platform which means that there is hope for the future. Were we to name a couple of platform that already have this feature, we could gladly say that and Greentube have both made this step. However, the problem with security levels still stands since the need to stop young gamblers and problem gamblers from playing still stand. That will remain to be fixed in the near future.

By Henry R. Lares

Henry Lares is still early into his career as tech reporter but has already had his work published in many major publications including Tech Crunch and the Huffington Post.  In regards to academics, Henry earned an engineering degree from Apex Technical School. Henry has a passion for emerging technology and covers upcoming products and breakthroughs in science and tech.

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