Over the past decade, crypto has gone from being a trendy investment to a serious financial tool affecting just about every area of our lives. Whether it’s used as a digital currency for financial transactions or as non-fungible tokens (NFTs), blockchain technology has emerged as a game-changer in virtually every sector.
Among its uses, it seems that blockchain is even drastically reshaping the world of iGaming. An article at Finance.Yahoo.com points out that online casinos have also been transformed as cryptocurrency has become an acceptable medium of transferring payments. Online poker has seen the same types of shifts, thanks to the innovative uses of cryptocurrency and blockchain technology.
Crypto could be the key to unlocking online poker in more states across the United States. Currently, only five states have provisions for online poker, but as Poker.org reveals, crypto could see that changing over the next few years. A few years ago, the U.S. government made it illegal for banks to be involved with processing online iGaming transactions. Using cryptocurrency solves this dilemma because crypto is never purchased through a bank; it’s always purchased through a cryptocurrency exchange, like Crypto.com or BitYard. Once the crypto is acquired, the player only needs to deposit how much they want into their account, and they can begin playing online poker. Banks are never involved in the digital transaction, and funding of an online poker account is completely legal.
2. Secure Transactions
The use of cryptocurrency, like Bitcoin or Filecoin, also provides countless benefits when used to make financial payments. Since the digital asset is built on a blockchain, it is literally a database of encrypted information. Thus, a digital record of every single one of its transactions is made, and each record is unique and cannot be altered – making it fraud-proof! This technology provides advanced security when used for transferring funds, making deposits, and withdrawing large amounts of money – things that are essential for online poker players. In addition, blockchain also prevents illegal trading from occurring and reduces the risk of being hacked on the internet. The online poker community and iGaming industry have already begun to embrace these digital payment methods, and, likely, this shift will soon become a common medium of exchange in more sectors.
3. Fast & Cost-Effective
When money is on the line, transactions need to be fast as well as cost-effective, and blockchain technology meets both of these requirements. When funds are deposited into an online poker account through conventional methods, the money needs to be verified by a bank or third party. Since blockchain is decentralized, it doesn’t require verification from a third party, instead, it is verified by the blockchain and funds are immediately transferred. Not only is the fund transfer faster, it is also cheaper compared to using a bank. While there are fees associated with almost all financial transactions, the costs of using blockchain are minimal and much less than what regular banks charge.
Blockchain and cryptocurrency have been around for a while, but they are still fairly new when it comes to iGaming and the online poker industry. These innovations are sure to influence the industry in a positive manner, and we can expect to see more uses of these technologies in other sectors.