Biggest online casinos problems and how can Chain Casino defeat them
Internet development and continuously growing number of electronic devices connected to the network have led to changes in many industries. Evolution resulting from the popularization of a new medium is well visible, among others, in the gambling area, where online casinos are of increasing importance.
According to forecasts, the global online gambling market will reach the value of 81.72 billion dollars by 2022 which equals nearly twofold increase compared to 44.16 billion dollars in 2016.
Technological progress in the definition should be intended to solve problems, if we look closely at the online casinos however, we will see it’s different in this case. We will see that new solutions have created new challenges that we have to face.
7 biggest online casinos problems
When analysing online casinos market, we can see 7 main problems which need to be addressed for this field to develop.
1. Lack of transparency and the gameplay manipulation
Appealing graphics, promises of high profits and welcome bonuses are the three things we can see entering popular online casinos. Adding a large selection of games, we end up with a perfect place for gambling enthusiasts. Is that really so?
When the first winnings appear, due to successful drawing for example, many users fall into euphoria and farther try their luck. Unfortunately, as it most often turns out, luck stops favouring and triumphs disappear with no trace.
Many players believe in their luck so much, that they never question casinos’ operation mechanisms. Owners of such places however, never allow their clients’ luck to last for long.
We don’t have to search through the internet for too long, to find ready-made scripts, based on which, we can create our own online casino. Most of them allow administrators to change code and program gameplay algorithms in a way that makes the catchphrase “the house always wins” 100% real.
Chain Casino — casino made by players for players
Fortunately, players no longer have to accept such state of affairs. Chain Casino provides a platform created by players for players. In practice, it works like this: users have access to the source code, on which the game is based, and the outcomes are saved in a blockchain, invulnerable to changes or manipulations.
Each user can download a desktop application which plays a double role. It enables the gameplay to continue but it also functions as a wallet. Similarly to Bitcoin Core, it contains a full node.
One of the most popular gambling games is roulette and so, of course, Chain Casino offers this kind of gameplay as well. The difference is, creators here do not take advantage of the unfair prevalence that most online casinos bet on by entirely eliminating the possibility to draw ‘0’ or ‘00’. In such case, available numbers range from 1 to 36.
2. Users limited trust
Given the way on which traditional online casinos operate, it is not surprising that users have little confidence in them. When players keep relying on their luck, but instead of awaited winnings they continuously lose money, eventually the common sense comes back to the game. The disappointed user often doesn’t return, and the casino loses its customer forever.
Chain Casino represents entirely new approach to gambling. Creators’ ambition is to show that establishment of trustworthy, transparent casino is in fact possible. By creating a platform based on blockchain technology, being the Bitcoin hard-fork in its distributed ledger, they prove they have nothing to hide. Both the source code, on which the casino is founded, as well as all transactions made and the games’ results, are saved in a digital ledger accessible to everyone. We no longer rely on trust, we rely on facts.
3. Users’ safety issue
Thousands of users’ personal data gathered in one, central server is quite a titbit for hackers. The situation is serious because of many casinos requiring access to documents such as ID cards or passports. By accessing one place, cybercriminals gain information they can use in their own, dishonest business.
Knowing the blockchain’s operating principles — on which Chain Casino is based — we see an obvious advantage of such solution. Blockchain eliminates one vulnerable point which could be used for unauthorized access. Users can finally feel safe.
4. Territorial limitations
Regulations imposed by countries create limitations both for casinos and their users. Online gambling have been regulated in over 80 countries all over the world, and Europe is currently the biggest market for this industry. Unfortunately, in every country the law is constructed a bit differently and, overall, it is a subject of the constant change. It leads to a situation in which a significant part of owners’ work is the administration. For users, centralized casinos, equals territorial limitations. Platform available for users in France can be inaccessible in, for example, Poland.
Bitcoin is an international medium of value exchange which helps users, among others, where problems with traditional financial system occur. A perfect example is Venezuela, where enormous inflation has led to increased interest in cryptocurrencies.
Similarly, Chain Casino creates the platform above all divisions, accessible for users around the world, and the only thing they need is to be online. Blockchain eliminates limitations and provides users with freedom.
5. Deposits and withdrawals
When online casino user makes a deposit, his resources are already beyond his control. Ever since that moment, casino, or the payment operator, are in full charge of them. The player doesn’t really know who are the people to whom his money is been entrusted and he doesn’t know their intentions. Above all, even if the business if fully legal, it often happens that the withdrawals are been made with a significant delay which is also quite burdensome for clients.
Chain Casino provides a platform based on the BST cryptocurrency, functioning on a similar basis to Bitcoin. The user can download the desktop wallet from the project website. As with Bitcoin Core, the app stores a complete data and provides the owner with full control over his funds.
From the user’s point of view, the speed of deposits and withdrawals is a huge advantage. Transactions based on BST take place immediately. What is important, cryptocurrency is already available on the PicoStocks exchange which enables to buy and sell efficiently. Project’s team aims to enter new exchanges which will translate into greater liquidity and increased value.
6. Intermediaries’ fees
Intermediaries participation in the casino functioning is inherently associated with commissions that burden users. In most cases, transactions entail additional fees, what leads to users receiving less money.
Chain Casino, thanks to blockchain usage, eliminates the need for intermediaries entirely. The only fee is due to cryptocurrency digging, as it happens with Bitcoin. Ultimately, way more funds remain in the users’ pocket.
7. Limited users’ impact
Centralized online casinos are characterized by owners dictating all the conditions. They determine any aspect of such website functioning including the progress of the gameplay.
Chain Casino is being created by players for players, and it enhances their meaning at every stage. It’s safe to say that the casino owners are it’s users themselves. BlockStamp platform allows them to create and share their own games based on publicly available source code.
The level of Chain Casino’s transparency, trust and safety can contribute to Blockchain becoming the new standard of entire industry. We invite you to test the new platform and participate in the development of our project.
