Online poker has been transformed due to the blockchain, the underlying component of cryptocurrency methods like Litecoin, Ethereum and Bitcoin.
The europeangaming.eu article explains how this works.
Technological developments in recent years have resulted in a number of changes in the world of online poker. One of the most innovative technologies that have emerged is the blockchain.
When you think about the possibilities of cryptocurrency in the business world, especially in online poker, it stands out as a revolutionary product.
Blockchain technology has improved the online poker market for players and operators alike.
Innovation Elements
When it comes to blockchain, how has it changed the world of online poker?
First, there is more transparency. The sector had a low accountability rate, which changed with the introduction of blockchain technology.
Players have always been skeptical of the fairness of online poker sites, including fraudulent games or altered hand results.
With blockchain technology, the issues are eliminated as there is a public guide that players can check for accuracy.
Computer-encoded contracts and agreements have specific terms that online poker companies must follow to offer blockchain options.
The blockchain will track all of a player’s transactions and provide an unshakable record that can be checked at any time. This helps create a fairer game between operators, especially those who may try to be bad actors.
It is also important to point out that the blockchain drops the middleman in transactions.
The payment option does not require a processor, so there are no transaction fees or delays.
Blockchain technology offers a player-to-player network without the need for an intermediary.
Players from different countries can play the same cryptocurrency poker games without the need for currency conversion.
This is a huge selling point and has changed the online poker industry for international players.
Security and privacy are key
Online poker players are often concerned about the security of their accounts, be it personal or financial information.
With blockchain, players don’t have to worry about security or privacy.
Blockchain technology uses distributed networks and cryptographic techniques to increase game security.
Digital wallets are used to ensure that players’ funds are always safe.
Blockchain uses a decentralized design, so players don’t have to worry about a single point of failure.
Hacking is difficult and preventable, unlike credit card payments.
Players can also choose to use a pseudonym or remain anonymous while playing with cryptocurrency.
Anonymity is a driving point for many players who want to enjoy poker.
Along with security, blockchain also ensures that players across the world can access online poker games.
Some sites have problems offering services in certain areas due to regulatory issues.
There is no restriction with blockchain because the services operate on a decentralized network.
Overall, players appreciate the transparency, protection and quality online poker experience associated with the widespread use of blockchain technology.
The option continues to change the way online poker operators offer services and how players enjoy ring games and tournaments.
This technology easily opens up new opportunities for players to participate through iGaming operators.
