Malta Promotes Crypto Use For Online Gambling

Malta Promotes Crypto Use For Online Gambling ( Click to Enlarge )

Cryptocurrency technology set to revolutionise the online casino industry. The craze of cryptocurrencies is still gaining momentum, with an ever-increasing number of individuals and businesses incorporating them into their payment options. Many businesses are making use of the digital currencies and the blockchain technology behind them, and the online casino industry is no exception. The government of Malta has begun legalising the use of cryptocurrencies in online casinos.

Malta See Potential

Their assertion is that blockchain technology and digital currencies have great potential, and they plan to invest in the development of those technologies with the aim of becoming the world’s leading user of them. The gambling industry currently makes up 12% of the nation’s annual GDP and this new Gaming Act looks set to drive this number higher in the coming years.

This is one of the early indicators of a shift towards adoption of cryptocurrency-related technology in online casinos.

That said, there are some doubts as to whether all cryptocurrency casinos can be trusted. Unfortunately, it is a fact that many could be fraudulent, so enthusiasts should always be sure they only play at legitimate gaming sites.

Blockchain Technology Revolutionising Online Casinos

It is arguable that blockchain is the perfect solution for online gambling. With hundreds of thousands of transactions being processed every day, it is common for these transactions to take days to complete. Blockchain technology will greatly speed up this process, to the benefit of both gamblers and operators.

Another great benefit of blockchain is the anonymity it provides. When banks check your transaction records to assess your eligibility for a loan, frequent transactions with gambling sites could work against you. Blockchain eliminates third parties, so transactions will be made directly between operators and players to prevent banks from tracking down your gaming activities.

Which Casinos Come Out On Top?

Casinos that use cryptocurrencies are arguably the safest, due to the nature of blockchain. The technology secures all data via encryption and eliminates the need for a financial institution to be involved. The benefits for players are numerous: in addition to transaction times being shorter, players are not asked to provide ID numbers, bank details, addresses or other sensitive information that could be compromised. All you need is a name, username and e-wallet details – just look at the one-click registration option offered by some brands.