Casinos have existed since the 1600s, evolving and becoming a multi-billion industry as time went by. The industry has brilliantly kept up with the various technological advancements of the world, with online casinos joining the traditional casino sphere around the 2000s. By the 2010s, casino gaming became even more accessible thanks to the rise of smartphones.
Most recently, the integration of blockchain technology in casino gaming has gained an increase in popularity, providing several advantages for players that traditional casinos or regular online casinos do not have. Many Filipinos have also embraced this development in the gaming industry for various reasons.
The Use of Cryptocurrency and Blockchain Technology in the Philippines
Crypto or blockchain casinos are gaining a strong following in the Philippines because of their convenience. This is not surprising, considering that in 2021, it was reported that 6.9 million out of 300 million cryptocurrency users worldwide hailed from the Philippines. The number has grown even larger, shooting up to 15.8 million users around 2023.
Bitcoin, the most popular form of cryptocurrency, is used frequently in the Philippines. Numerous online casinos have witnessed the advantages that blockchain technology offers. Many of them have integrated Bitcoin as one of their payment methods, providing the utmost convenience to Filipino players.
How Blockchain Exhances the Online Casino Gaming Experience
Increased Security
To start off, blockchain technology offers a high level of security compared to more traditional online casino games.
Blockchain-based casinos utilize decentralized servers, spreading out your information across multiple servers and making it difficult for hackers to pinpoint your identity and access your details. Transactions made using blockchain technology are also encrypted, meaning your funds are safe from cyberattacks and online theft.
Better Transparency
The utilization of decentralized servers also allows blockchain casinos to be transparent and fair to players. Blockchain transactions are all recorded and can be viewed publicly by anyone, making it impossible for crypto casinos to cheat on players. This gives players peace of mind, knowing that the playing field is equal for everyone participating in games.
Faster and Cheaper Transactions
Transactions are also faster and cheaper with the use of blockchain technology. No more consuming waiting periods that are commonly associated with traditional banking methods as cryptocurrency transactions can be done almost instantaneously. Furthermore, there are little to no fees when transacting via blockchain technology, making it more attractive to many players.
Fewer Limitations
Best of all, the scale of blockchain technology is worldwide. Cryptocurrencies do not have any banking limitations, enabling blockchain casinos to attract customers globally. This means that Filipino players can sit in the comfort of their own homes while playing and transacting in crypto casinos without worries about their bets and winnings getting restricted.
Complications with Blockchain Technology in Philippine Casino Gaming
Blockchain-based casinos have a lot of benefits however, there can be disadvantages as well.
With thousands of crypto casinos online, it can be difficult to distinguish which ones are licensed. While it’s established that cryptocurrency transactions are secure and transparent, having a license approved by a regulatory body adds a layer of trust and legitimacy to a crypto casino.
Reputation also matters. Always do your research and seek out reviews and ratings of online crypto casinos to ensure how fair and trustworthy they are.
Finally, always check the security protocols of blockchain-based casinos before playing. Ensure that it has security measures such as two-factor authentication and data encryption.
Conclusion
There is no question why Filipino players have welcomed blockchain casinos. While the use of blockchain in online gaming spaces is still in its beginning stages, there’s no doubt that it’s shaping the future of casino gaming not only in the Philippines but also across the globe.
