2018 has been a huge year for bitcoin investors as well as for distributed ledger technology, with the two expanding their already notable reach into areas never before dreamed of. With everywhere from cafes to gaming shops now accepting bitcoin and altcoins and dozens of specialist blockchain ATMs spread throughout the world, digital money can today be used to purchase almost anything one desires.
This includes both gaming apps and in-app purchases, which has led many to question what the future holds for the symbiotic relationship between the online casino sector and the blockchain industry.
What is blockchain?
'Blockchain' is a term almost all of us are familiar with, yet there remains a deal of confusion surrounding its exact manifestation. For those who require some clarification, blockchain is a digital ledger - one that processes and records cryptocurrency transactions like bitcoin.
When bitcoin was first introduced, most understood it as an experiment. However, the experiment was a success: the technology caused ripples across the financial industry, with cryptocurrencies quickly becoming the talk of the town. Suddenly, everyone was wondering whether to invest in them, and industries across the board were keen to adopt the concept.
The gaming industry was included in this number, with certain providers facilitating its use in play and for transactions.
A volatile industry
Though blockchain was massively popular at its inception, the cryptocurrency industry is famed for its volatility, and the price of various currencies has fluctuated significantly in recent months. This has led many to raise a rather interesting point: will it be worthwhile for the gaming app sector to continue using this tech if and when its popularity wanes, or is its usage likely to slowly die away?
The most likely answer is that blockchain hasn't seen its end just yet. In fact, if you want to find a live casino offer online or a suitable slot, a look through the many directory sites in existence and the providers they list will reveal that a number accept bitcoin and even altcoins, essentially making use of this technology. Allowing players to earn crypto even as they play, this feature enjoys significant popularity amongst those who have tried it out.
Many of these apps are available in both the Apple iStore and Google Play so that users can download them to their mobile devices and then almost immediately take advantage, by either mining cryptos or playing for them.
And it's not only the ability to earn cryptocurrencies that users could benefit from. A number of casino providers have also been vocal in explaining the other potential upsides of using this tech, in that it could offer newer, safer, and more efficient ways to transact for those on both sides of the exchange.
The future of blockchain technology
Irrespective of its price fluctuations, blockchain has much to offer the casino industry and its players, and it is this, rather than its ability to earn them money, that is likely to help it stick around.
With the potential to make transactions smoother, more streamlined and safer for everyone involved, blockchain marks a brighter future for an industry that has so often been maligned - one in which it is likely to feature heavily.
