Online casinos are becoming more popular thanks to the vast range of games they now offer. A lot of these new online casinos are actually using blockchain technology to operate, and this means they have cryptocurrencies. These cryptocurrencies are then used on the platform to wager with – think of them like chips at a physical casino, chips from one casino aren’t good in another. This means players need a safe and secure place to cash out or stock up on these specific crypto casino chips. Bancor – a popular decentralized crypto exchange – has stepped in and listed a large number of these crypto casino chips, giving traders the ability to get their hands on them in large volumes.
Ready, Set, Chips!
As with all cryptos, these crypto casino chips also suffer from market volatility. During the December 2017 bull run, a lot of these chips became worth a considerable amount more. Equally, during bearish markets, these chips drop drastically in value. This provides savvy casino players with the ability to time the market right and load up on cheap chips, enjoy them at the various casinos, and make a sizeable profit.
Bancor Recovering Slowly
Earlier in the year, Bancor had one of its smart contracts hacked and around $23.5 million in various cryptos was stolen. Thankfully, Bancor is a decentralized exchange, meaning clients funds aren’t held on the platform, but it has several hot wallets that help to process transactions and make the trading process smoother. It was one of these wallets that was exposed during the hack. However, since then it appears as if it has shored up its smart contracts to ensure that they are bug free, meaning crypto casino chips are safe as houses.
Blockchain Coming to Land Based Casinos
It isn’t just online casinos that are taking full advantage of blockchain technology – land-based casino are starting to reap the benefits too. Physical casinos have long been the favorite destination of people looking to launder cash, but now that is all about to change. Blockchain technology will help land-based casinos implement anti-money laundering (AML) procedures, as well as more complete know your customer (KYC) checks.
Under the new system, once a player has registered at one casino, he or she can then go to another casino using the same system and not need to register, as that casino can pull the data straight from the blockchain – pretty neat right? This will save casino goers time and hassle when visiting a new casino for the first time. This new tech is due to make its debut at the Crypto World Conference, where some of the biggest names in poker will be attending to try it out.
Crypto and blockchain technology is coming to the casino world whether we like it or not. The advantages it offers will help to make casinos safer and allow players to enjoy provably fair games. With Bancor offering trading of crypto casino chips, it helps to make the industry more accessible and will usher in a new generation of casino players.