Yes, they really are. The increasing public approval of bitcoin across multiple sectors has brought about the age of bitcoin gaming as well. In the traditional Setting, video game businesses and casinos are forever synonymous with theft and disrespecting of the consumers of their own hard-earned cash. On the internet, however, this is not always the case.
Online gambling sites have been found to be a haven for people who like to gamble and play roulette. These individuals, often referred to as “gamblers” or “adversaries”, have been found to frequent online gambling sites in droves. They tend to shop there as well. The fact that it can be done virtually anywhere, any time and any way has led to an evolution of the traditional idea of gambling. But the emergence of online gambling sites has also led to an increase in the number of bitcoin casinos.
However, it should be noted that most bitcoins are eventually burned up (transacted with) in the process of gaming. This Burning the phenomenon, called “burning your money”, has led to several laws being passed by various jurisdictions around the world. In the US, the law recently passed by congress states that all virtual money is considered to be real money. Thus, all gambling online, gambling websites, etc., are also required to keep proper control over their currencies. This includes handling, transferring and distributing of their own money, which is also known as “burning your money”.
In this light, we can better understand why some people have an objection to casinos being virtual money rooms. As they argue, because the anonymity of the transaction is absent, there is greater chance for abuse and fraudulent activities on the part of some players, which may lead to corruption in the gaming industry and the general morals of the gamers. To address this, a number of casinos have resorted to implementing more rigid online gaming policies to ensure that no abuse takes place. These policies generally favor longer play times for every player, better transparency of the site in terms of management information, more security for the players, better auditing of the site’s system and such other features.
One example of a more transparent gaming site is the one run by the Energous Gaming Network, a pioneer in the use of smart contracts in gaming technology. In ethereal, each gamer can create their own smart contract, which is essentially a program that runs inside the smartcontract software of the gaming platform. Once the players to win a game or participate in a tournament, they will be rewarded with ether. The ether is then converted into US dollars and transferred to their gaming bank account. The Energous platform is used by more than 60 worldwide gaming companies.
However, not all major platforms are yet fully compliant with the latest standards of privacy, security and fraud prevention when it comes to ethereal gaming. For instance, the World Series of Poker, which is owned by the William Hill Company, is yet to upgrading its current software to comply with the latest standards and regulations of the regulatory bodies. Some other major gambling sites including Realtime Gaming and Playtech are still working on integrating newer and safer technologies into their systems. This is particularly troubling since these two platforms are widely used by millions of people to access online gambling sites and play their favorite games.
With regards to security, all eCommerce platforms should be providing their users with robust online gaming security systems. This includes implementing multi-factor authentication at all levels – from application authentication to offsite transaction authentication. Additionally, all reputable casinos should implement complex security protocols such as key management and access control. As security is becoming an ever more important feature of online gaming, the lack of it could easily pose a risk to both players and casinos alike.
Lastly, the lack of interactivity within the gaming environment can pose a risk to both players and casinos alike. Because of this, most eCommerce platforms should provide for secure and safe withdrawal of cash from transactions, both by players themselves and by payment processors such as PayPal. To make sure that all transactions are processed as safely and efficiently as possible, most eCommerce companies should also offer payout gateway protection, which guards against fraudulent activity and unauthorized access to player funds. As these issues become more pressing concerns in the gaming industry, the ability of players to enjoy fun tokens like ether and bitcoin will become even more limited.