The role of cryptocurrencies in gaming has exploded in recent years, not only as a way to bet, but also because of the other benefits that the space brings.
V conversation with reporter CoinGeek Becky Fontana Dr. Craig S. Wright , Chief Researcher nChain and author of the Bitcoin White Paper, discussed the evolution of the cryptocurrency and its role in the gaming sector.
Wright began: “A key aspect of Bitcoin and related systems is the ability to know that you have a single system that hasn't been changed and has changes that should have happened and have a ledger that needs to be changed. "
According to him, this provides a level of transparency that is very important for the betting and gaming industry, where the need for effective and efficient monitoring and tracking of transactions is vital in the fight against money laundering and fraud.
He noted that bitcoin and other cryptocurrencies "should be transparent, simple and very easy to detect any changes or changes when people try to hide things," adding that "it was a lot of what games were."
Fontana added, “I really hope regulators and the gambling industry listen to this because I think building systems on blockchain would just make a lot of things easier.”
Commenting on the future of crypto casinos, when asked by Fontana what would happen to players if more and more operators switched to BTC, Wright stated that money laundering would be a long-term problem.
“Most of them at the moment are really related to money laundering,” he said. “They are mixers – they invest their money and try to get rid of taxes or other obligations, and then they take their money.
“In the long run, this will be a big problem, because if you have mixed funds, you will lose your funds.”
Source - CoinGeek YouTube channel
Dr Craig S. Wright's post: The Future of Cryptocurrency in Gambling first appeared on GamblingTV.com.