What is Blockchain? Blockchain is the distributed ledger of cryptocurrency that contains recorded data of information of the transactions between two parties. Originally it is written as blockchain, and the record values in each chain are called blocks. These blocks arranged in chronological order are linked in cryptography and in a double structure that holds transaction data and as well as a timestamp of the previous and next block of the sequence. Blockchain is a unique technology that was designed to repel any modifications of data recorded, that is why each information input is permanent and immutable. Once data was recorded in a what we call block, it can not be altered nor be forged. Blockchain is being manipulated or controlled by a peer to peer network followed by inter-node communication and validate new blocks.
As early as 2009, Bitcoin has been accepted as a payment method in the online world. Regardless if you are shopping online or buying tickets for the movie theatre online, almost everything can be paid using Bitcoins nowadays. Even online dating platforms and game resellers payments can now be made possible through Bitcoin.
Bitcoin has changed the payment mode process in the gambling industry. It was estimated that 4.5 billion dollars were used to place bets or play online casino games since the year 2014 in BTC or bitcoins. It became very popular and successful as a mode of payment since according to a consensus, there was an increase of 50 percent of casino gambling and betting in the year 2013. Though bitcoin has changed rapidly the transaction made in online gaming and casino, it did not take long that more and more providers accepted the cryptocurrency or the Bitcoin.
Pros and Cons of Bitcoin in the Entertainment/Gambling Industry
There are several reasons why the use of cryptocurrency became so popular. What are the advantages of using Bitcoin?
- Bitcoin can receive the payment very fast and smoothly. In the casino, players can withdraw their winning without any limits that need to be taken into account.
- Fees associated with the credit card payment also is being one of them.
- Exceptional Transparency. This is one of the reasons why Bitcoin became popular. Because of digital currency that cryptocurrency is anonymous. And it is being stored in an open ledger which is the blockchain, this means that it is allowed to be seen by anyone and at any time. It is more transparent rather than the banking system.
- Cryptocurrency is available anytime. It is instant and accessible 24 hours a day, 7 days a week. It is very convenient to use. You can spend bitcoins whenever you want and wherever you are. As long as you have your mobile device, you can still able to access your finances and have a decision whether to do transactions in real-time. The accessibility is very powerful and allows those who struggle in using fiat currencies to shift into using Bitcoin and other cryptocurrencies.
- Cryptocurrency Anonymity. Bitcoin is an unregulated currency. This feature is very advantageous to those who do online transactions, especially those who send a vast sum of money to someone internationally.
Now, let us discuss the disadvantages of using Bitcoins.
- It is not easy to understand. Though using Bitcoin in any transaction became popular, there is still a challenge in adoption on the various cryptocurrency options especially if you are not tech-savvy. Because of the decentralized financial system where the data are stored in the digital ledger which is the blockchain can be very challenging.
- Market Fluctuation. Just like the financial market, cryptocurrency value also fluctuates. For those consumers who use bitcoin as an investment, there is a big risk that the amount they made for buying bitcoin may lose in return.
- No security in case of loss. There is a big chance your hard-earned money will just be blown away because no one is controlling the cryptocurrency. Before entering this type of investment you must be aware of the safety risk.
- Cryptocurrency may be taken advantage by criminals, terrorists and the like because of unlimited use and the facile transfer of products, stocks or bitcoins from one transaction to another without identifying the user. It can even use for money laundering.
Cryptocurrency is progressing. However, it is too early to predict how big the impact of bitcoin would be in the entertainment and gambling industries. But definitely, cryptocurrency is here to stay. If you are interested in investing in bitcoins, always remember the positive and negative impact it could offer you. Be cautious about being involved in this new kind of technology.