Blockchain – For a long while now, people have been debating whether blockchain remains a good medium for gambling. The No-camp have said that onboarding would be a nightmare, and they are probably right.
Many companies out there, including FunFair, CasinoFair, and Bethereum are perfectly aware of the challenges that blockchain technology poses.
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If, the technology is so much advanced – and better, why are people having so much trouble trusting it? The answer is quite simple – lack of understanding. Blockchain necessitates players to be open to the idea of operating with a cryptocurrency that is not as common as FIAT.
Owning a cryptocurrency requires players to be prepared to use a digital wallet as well as a crypto exchange – something they don’t really use for FIAT currency. With this in mind, even the most successful projects out there admit that onboarding has been a challenge.
The Upsides of Going Blockchain
Meanwhile, blockchain does come with inherent benefits. Unlike most traditional payment providers, no financial information is revealed to any third-party. Payments are verified by the blockchain, allowing individuals to quickly deposit and withdraw their funds.
Moreover, the technology guarantees complete anonymity. Therein, however, lies another hurdle – making sure that KYC and AML practices are met in full. Platforms such as FunFair have been able to address these legal challenges passing information to regulators and verifying the identity of customers.
The company in question holds an Isle of Man license, but this is yet not enough nor any close to more serious regulators as the UK Gambling Commission and Sweden’s Spelinspektionen. To create a future for blockchain casinos, all interested parties would need to dedicate more efforts.
Case in point – there is no framework that currently tells regulators how to approach blockchain casinos. Only a handful of operators are reporting success. BitStarz and CasinoFair are the two properties to have faired well under the circumstances, but even they admit that more needs to be done presently so as to win the trust of regulators and the public.
One step in the right direction is undertaken by Malta Gaming Authority (MGA), which has been pushing ahead with the Sandbox Framework designed to help casinos obtain the necessary certification and operate as fully-licensed online entities.
Meanwhile, the MGA took some criticism from British counterpart the UK Gambling Commission for reportedly failing to meet certain standards.
Will Bitcoin & Crypto Casinos Succeed?
The investment that has gone in securing such projects is indicative of the immense potential of the segment. Even though there are no strong player bases yet, a growing number of people are willing to at least try playing with cryptocurrencies.
While the downside of slowly educating players remains, there is an upside to be found here still – players are far more likely to play at casinos using these new tokens as they don’t really feel like they are risking real money.
Of course, this shouldn’t be seen as an encouragement to gamble irresponsibly. Rather, it’s a way to distance gambling from the stigma it carries.