A panel of cryptocurrency experts and enthusiasts led by nChain Group CEO Jimmy Nguyen showed during the second day of the ASEAN Gaming Summit how blockchain technology and Bitcoin Cash can improve the online gaming landscape.
Highlighting in the event in Manila, Philippines the shift from eCommerce to bCommerce, Nguyen laid out the plans for the development of Bitcoin Cash to offer faster, cheap, and easy transactions—features that can provide cryptocurrency bettors an alternative to Bitcoin. Bitcoin, the cryptocurrency initially adopted by a growing sector of the iGaming market, now experiences slow and costly transactions that go against Satoshi Nakamoto’s true intent for Bitcoin.
With the ongoing initiatives by the nChain Group, Bitcoin Cash developers, and supporters to create gigablocks and even terablocks, the online and land-based gaming landscape will be among the first markets to benefit from the developing Bitcoin Cash blockchain.
How Online Gaming Can Benefit from Blockchain
The development of the Bitcoin Cash blockchain or even Bitcoin Cash itself offers big promises to the iGaming market. Peer-to-peer betting, tokenization, and larger crypto betting community are some of the primary benefits operators can get.
While peer-to-peer betting is not new on the market, Bitcoin Cash can largely improve it. Integrating Bitcoin Cash into the system enables bettors to wager and receive their wins at a much faster pace compared to fiat and Bitcoin payment methods. As plans to upscale the 8mb block to 32mb finalize in May 2018, bettors will experience even faster transaction speeds. Provably fair gaming and accessibility will go hand-in-hand with the inclusion of Bitcoin Cash blockchain to the picture.
Online casino operators can improve the gaming experience they offer by adding in-game credits or rewards through tokenization. Giving away bonuses through tokens coded to function for a limited time is a marketing option that can be utilized using blockchain. At the same time, operators looking to start a new casino can venture into ICOs as a way to raise funds and publicity. Nguyen, however, noted that it would always be better if the tokens given away in ICOs would function other than as an investment tool after the ICO rounds.
Larger Crypto Betting Community
The iGaming landscape changed when more online casinos, sportsbooks, and poker rooms began to accept Bitcoin. But with the unfriendly fees and speeds associated with it, Bitcoin has now become the lesser popular choice for crypto bettors. This is the time Bitcoin Cash comes to the rescue, providing crypto bettors a better coin fit for regular usage on day-to-day basis. With bigger blocks in the future, wagering with Bitcoin Cash will become easier, faster, and more accessible.