In this article, we're going to explore the exciting new lightning Network, what it could mean for crypto casinos, and how these casinos could become the next fever in the online gambling world. We'll go into more detail later, but basically a lightning chain is a way to speed up transactions for players using crypto that previously took a long time to process. Fees were also becoming too high for these transactions and the new network will shrink these fees on a large scale. Great news for players using crypto! Now let's understand how all this becomes possible.
The Problem? Crypto casinos faced delays and sky-high fees
Before we look at online casinos and how the lightning Network will work, it is important to first understand where this network came from and why it is needed. For many people, this may be a new concept, so let's have a little history lesson to get you up to speed. In 2017, Bitcoin ran into a rather big problem that caused difficulties for the market and for anyone who owned the cryptocurrency. Basically, transactions were taking too long to complete, which in turn led to higher fees for these transactions to be carried out. Each block of the coin has a certain amount of space for a certain number of transactions and what was happening was that transaction orders were coming in faster than the coin could be mined. The problem here is that miners receive the transaction fees, so if Bitcoin owners wanted a transaction to be processed faster, they would pay higher fees, and the higher the fee, the further up the queue their transaction would jump, which naturally led to all sorts of problems for Bitcoin casinos and their users.
What is the lightning Network?
So how does the lightning Network work? Well, a basic summary is that transactions are taken from the blockchain to lightning&event channels.preventDefault (); window.location.href=' / go/'; 8221; and an infinite number of transactions can occur for much lower fees and without disturbing the integrity of the currency.
The result? Fast transactions at online casinos
So online casinos and the lightning Network now seem to be a perfect marriage, right? Crypto casinos and their players no longer have to worry about long delays and big fees. Now they can compete with the deadlines of the traditional payment methods and in many cases, they can even process transactions faster. Of course, there will be some difficulties as these lightning casinos try to catch up with Bitcoin casinos. As with everything involving crypto, this is a new technology, so we're not sure if problems will arise. However, a very good sign is that Cash App has come to allow payments through its app. We will talk about this below. Another thing players will have to practice is patience. Veterans of the crypto casino world will remember how long it took for mainstream casinos to adopt crypto as a payment method and how frustrating it was. The hope is that now that we already have crypto casinos and Bitcoin Casinos, this transition will be much faster and we will see a lot more online casinos with Lightning Network very soon.
CashApp & Lightning Network: the crypto player's dream
Now about how the Cash App is relevant to all this. For those who are not familiar, the hint is in the name, Cash App is a way to instantly send money to people in one app. However, the important thing here is that you can also use your Cash App to pay for goods and services on a physical or virtual terminal. The Cash App has a huge reach across North America, especially from US &event online casino players.preventDefault (); window.location.href=' / go/'; 8211; just like apps like Revolut do on dollarpa. So theoretically, this could make crypto as accessible as traditional payment methods. Now, when it comes to these casinos and the lightning Network, it is very easy to join 2 plus 2. If Cash App has taken this step, it is expected that others will follow, and now that Cash App has taken the initiative, it will become much easier for crypto casinos to make the move to become Lightning Network casinos, which will benefit everyone involved, but especially their players.
Do lightning Network online casinos have a better experience?
Therefore, we have analyzed many reasons why this new project is great for crypto owners and we can deduce quite easily why it will be good for casino players. Still, let's take a closer look at why the marriage of online casinos and the lightning Network could be a success. The timeout factor is huge, Of course. At the moment, at Bitcoin casinos, you may be waiting for 10 minutes for your deposit to take place. This can be extremely frustrating, as many players probably can't tolerate the constant delays required to play crypto. Even more importantly, the hope is that with these casinos the transaction fees will be minuscule or even non-existent, as with Cash App. The fees to play at Bitcoin Casinos is a big lock at the moment, so crypto casinos could turn all that around and change the way we play online.
Another very good reason to be excited about casinos and the lightning Network is security. We haven't seen this reported or talked about much, but the fact that transactions take place off-chain means that there is a certain level of privacy and only the initial deposit and final withdrawal will be visible. What's funny about this is that 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 him, but does not see your bets in the casino. They only see you again when you cash your chips, which is exactly the same thing that will happen with these new casinos.
A small market with big ambitions for the future
Therefore, to finish, we hope we have explained a complicated process in the best possible way. When the situation is summarized, it becomes quite simple: Lightning online casinos are beneficial for everyone. The fees and transaction times kind of disappear and you still add more privacy for the players. The whole process is very recent, so there aren't many Bitcoin or crypto casinos that have already adapted, but they are certainly investigating how crazy it would be not to!
Reference
- Valerie, et al. "Guide to Bitcoin Lightning Casinos (Reviews & What to Look for).” The BC.Game Blog , 5 Nov. 2021, https://blog.bc.game / bitcoin-lightning-casinos-guide/.
- "Bitcoin Forum .” Gambling Sites with Lightning Network , https://bitcointalk.org/index.php?topic=5245032.0.
- Hawke, Nick. "Bitcoin Lightning Casinos 2022 ⚡ • Thebitcoinstrip.” TheBitcoinStrip , 10 Aug. 2021, https://thebitcoinstrip.com/lightning-casinos/.
- "Lightning Network Stores Directory.” LightningNetworkStores.com , https://lightningnetworkstores.com/.
- Peterson, Joanne, et al. "Why is Lightning Network Beneficial for Online Gambling?” The BC.Game Blog , 9 Oct. 2020, https://blog.bc.game / gambling-with-lightning-network/.
- Prospero, Eduardo. "CashApp Shocks the World, Enables Payments through the Lightning Network.” Bitcoinist.com , 8 Feb. 2022, https://bitcoinist.com/cashapp-enables-payments-lightning-network/.
- "R/Lightningnetwork & Online Casinos with BTC Lightning.” Reddit , https://www.reddit.com/r/lightningnetwork/comments/qjq50u/online_casinos_with_btc_lightning/.
- Reguerra, Ezra. "Bitcoin Lightning Network Goes Live on Cash App.” Cointelegraph , Cointelegraph, 8 Feb. 2022, https://cointelegraph.com/news/bitcoin-lightning-network-goes-live-on-cash-app.
Go to the page of news from Online Casino Real Money NZ and stay on top of the betting universe.
