The role of cryptocurrency in gaming has elevated at an exponential rate in recent years, not only as a method of wagering but also due to other benefits the space presents.
Speaking to CoinGeek reporter Becky Liggero, Dr. Craig S. Wright, Chief Scientist of nChain and author of the Bitcoin Whitepaper, discussed the evolution of cryptocurrency and its role in the gaming sector.
Wright began: “The key aspect of Bitcoin and related systems, is the ability to know that you have a single system that hasn’t been changed where the changes have been made any need to occur, and to have a ledger that can’t be altered.”
This, he argued, creates a degree of transparency that is highly important for the betting and gaming industry, where the need to effectively and efficiently monitor and track transactions is vital in the fight against money laundering and fraud.
He noted that Bitcoin and other cryptocurrencies are ‘meant to be transparent, simple and very easy to detect any changes or alterations where people try to cover things up’, adding that ‘that was a lot of what gaming was about’.
Fontana added: “I really do hope that the regulators and the gambling industry are listening to this because I think building systems on blockchain would just simplify, so many things.”
Commenting on the future of crypto-casinos, when asked by Fontana what will happen to the players if more and more operators embrace BTC, Wright argued that money-laundering will be a long-term issue.
“Most of these at the moment are really about laundering,” he remarked. “They’re mixers – they put their money in and try and get out of tax or other obligations and then take their money out.
“Long-term this is going to be a big problem, because if you have mixed funds then you are going to lose your funds.”
Source – CoinGeek YouTube Channel