In this article, we will delve into the thrilling and innovative lightning network, and its potential impact on Crypto casinos, as they could become the next big trend in the online gambling world. We will delve deeper into the matter later on, but essentially, the 'lightning chain' serves as a means to expedite transactions for players who utilize cryptocurrencies, which previously took a considerable amount of time to process. The fees associated with these transactions were also skyrocketing, but with the advent of this new network, these fees will significantly diminish. This is fantastic news for crypto players! Now, let's comprehend how all of this becomes feasible.
The issue? Crypto casinos were experiencing delays and exorbitant fees.
Before we delve into online casinos and how the Lightning Network will function, it is essential to first understand where this network came from and why it is necessary. This may be a new concept for many people, so let's have a brief history lesson to get you up to speed. In 2017, Bitcoin encountered a significant problem that caused difficulties for the market and anyone holding the cryptocurrency. Essentially, transactions were taking a long time to be completed, which, in turn, resulted in higher fees for these transactions to be carried out. Each coin block has a certain amount of space for a specific number of transactions, and what was happening was that transaction requests were coming in faster than the coin could be mined. The issue here is that miners receive transaction fees, so if Bitcoin owners wanted a transaction to be processed more quickly, they would pay higher fees, and the higher the fee, the higher up the waiting queue their transaction would jump. Naturally, this led to all kinds of problems for Bitcoin casinos and their users.
What is the lightning network?
So, how does the lightning network work? Well, here's a basic rundown: transactions are taken off the blockchain and moved to "lightning channels," where an infinite number of transactions can occur at much lower fees, all without disrupting the currency's integrity.
The outcome? Swift transactions in online casinos.
So, do online casinos and the lightning network now seem like a perfect match? Crypto casinos and their players no longer need to worry about long delays and hefty fees. Now, they can compete with the payment timelines in traditional casinos and, in many cases, even process transactions faster. Of course, there will be some challenges as these lightning casinos strive to catch up with Bitcoin casinos. As with everything involving Crypto, this is a new technology, so we cannot be certain if issues will arise. However, a very promising sign is Cash App starting to allow payments through their app. We will discuss this further below. Another thing that players will have to practice is patience. Crypto casino veterans will recall how long it took for conventional casinos to adopt Crypto as a payment method and how frustrating that was. The hope is that now that we have Crypto casinos and Bitcoin casinos, this transition will be much swifter, and we will soon see many more online casinos with the lightning network.
CashApp & Rede Lightning: the crypto player's dream.
Now, let's talk about how Cash App relates to all of this. For those who are unfamiliar, the clue is in the name – Cash App is a way to instantly send money to people through an application. However, what's important to note here is that you can also use your Cash App to pay for goods and services at both physical and virtual terminals. Cash App has significant reach throughout North America, particularly among online casino players in the US – much like apps such as Revolut do in Europe. Therefore, theoretically, this could make Crypto as accessible as traditional payment methods. Now, when it comes to these casinos and the lightning network, it's quite easy to connect the dots. If Cash App has taken this step, it is expected that others will follow suit. And now that Cash App has taken the initiative, it will become much easier for Crypto casinos to make the switch and become Lightning network casinos, which will benefit everyone involved, but especially their players.
Do online casinos from the lightning network offer a superior gaming experience?
Therefore, we have analyzed numerous reasons why this new project is fantastic for Crypto owners and can easily deduce why it will be beneficial for casino players. Nonetheless, let's delve deeper into why the union of online casinos and the lightning network could be a triumph. The time constraint factor is massive, undoubtedly. Presently, at Bitcoin casinos, you may wait up to 10 minutes for your deposit to go through. This can be incredibly frustrating, as many players likely cannot tolerate the constant delays required to play with Crypto. Even more importantly, the hope is that with these casinos, transaction fees will be minuscule or even non-existent, similar to what occurs with the Cash App. The fees for playing at Bitcoin casinos are a significant hindrance at the moment; hence, Crypto casinos could overturn all of this and revolutionize the way we play online.
Another compelling reason to be excited about casinos and the lightning network is the aspect of security. This particular aspect hasn't received much attention or mention, but the fact that transactions occur off-chain provides a certain level of privacy, with only the initial deposit and final withdrawal being visible. It's interesting because it can make Crypto casinos similar to real-life casinos. It's like when you walk into a casino and buy your chips. The dealer sees the money you give them but doesn't see your bets in the casino. They only see you again when you cash in your chips, which is precisely what will happen with these new casinos.
A small market with significant ambitions for the future.
So, in conclusion, we trust that we have elucidated a complex process in the best possible manner. When the situation is condensed, it becomes rather straightforward: Lightning online casinos are advantageous for everyone. The fees and transaction times sort of vanish, and you also enhance players' privacy. The entire process is quite novel, so there aren't many Bitcoin or Crypto casinos that have already embraced it, but they are certainly exploring it as it would be foolish not to!
References
- Valerie and her colleagues have authored a comprehensive article titled "A Comprehensive Guide to Bitcoin Lightning Casinos: Reviews and Essential Factors to Consider". This article can be found on The BC.Game Blog and was published on November 5th, 2021. https://blog.bc.game/bitcoin-lightning-casinos-guide/ .
- "Bitcoin Forum: Discover Gambling Platforms Leveraging the Lightning Network." https://bitcointalk.org/index.php?topic=5245032.0 .
- Hawke, Nick. "2022 Bitcoin Lightning Casinos ⚡ • Thebitcoinstrip." TheBitcoinStrip, August 10, 2021. https://thebitcoinstrip.com/lightning-casinos/ .
- "Directory of Lightning Network Stores." LightningNetworkStores.com https://lightningnetworkstores.com/ .
- Peterson, Joanne, et al. "The Benefits of Lightning Network for Online Gambling." The BC.Game Blog, October 9, 2020. https://blog.bc.game/gambling-with-lightning-network/ .
- Provoke surprise, CashApp astonishes the global community by enabling transactions using the Lightning Network. https://bitcoinist.com/cashapp-enables-payments-lightning-network/ .
- "Reddit discussion on R/Lightningnetwork: Exploring BTC Lightning for Online Casino Gaming." https://www.reddit.com/r/lightningnetwork/comments/qjq50u/online_casinos_with_btc_lightning/ .
- Cointelegraph reports that the Bitcoin Lightning Network has been launched on Cash App, according to Ezra Reguerra's article published on February 8th, 2022. https://cointelegraph.com/news/bitcoin-lightning-network-goes-live-on-cash-app .
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