The online gambling market is one of the most susceptible to frauds and unpaid prize money. It’s easy for transactions to get xancellca by a user. Or to have long waiting times for loading money.
Chargebacks are a frequent problem and in some parts of the worldw evenebanks refuse to release money when it comes ton online gambling.
Worse, at times the money doesn’t get sent to the gambling companies or takes several days to process. Customers, who are looking to load money into their accounts, wouldn’t like to wait so long.
As a result, it gives a severe blow to the market reputation. You won’t be able to play your favorite online casino games for one.
How Can Block chain Solve This Problem?
To combat these problems, all the major online casinos as well as traditional casinos are turning to crypto-currencies. Gaming industry is estimated to be worth $100 billion and is projected to grow three times by 2022. In such a scenario, all the gaming platforms need to have a safe yet fast mode of payment as well as investment to match up to the market standards.
The block-chain technology will allow the gamers to invest appropriately. Developers are also bound to benefit from the crypto-currencies that are an aspect of the block-chain technology. They can get paid irrespective of their
geographical location.
Since transactions are final and complete, there isn’t a question of dubious chargebacks later on. The payment is instantaneous and there is no delay, making it a win for all.
The digital platform will allow them to get feedback as well as funding from the customers easily, making it an economically lucrative option for the developers. And with cryptocureencies based on block-chain, like Bitcoin, becoming popular the world over, it does make things easy.
They no longer will have to deal with the complications of currency conversions or the inter-nation tax complications. Initially the gamers could not ask for remuneration citing these reasons. Even if they did, they lost out on a major chunk in paying taxes and conversion rates. But with the advent of crypto-currency in the gaming market, they can now hope for better remuneration.
There are other benefits too.
The introduction of block-chain technology in the gaming market will allow you to exchange ‘virtual gifts’ across the platform without actually leaving the platform. You can then go on to exchange the virtual gift for some real-time item. This will simply change the way online gaming gifts are perceived today. It will add thrill as well as a touch of reality to the virtual world.
Changing the Online Gambling Ecosystem
There are many people who are more than just gaming enthusiast. They do have a real passion for cracking different levels of the games.
With block-chain technology and crypto-currency in play, they can turn this hobby into a full time profession. They can collect rewards in crypto-currencies and then use them in real-life.
It will also pave way for more IT guys and hardware freaks to invest their talent in the gaming industry.
