Crypto gambling is a very competitive landscape. Crypto gambling casinos have standards but also distinctive technological differences. One of these is the implementation of the Lightning network. This piece explores what the lightning network is and how it works?
Gaming enthusiasts are a prized commodity. Gambling platforms need to ensure that they have the best crypto games on their platforms. Besides, the games have to run on elite technology. Such details are the difference between retaining gamers and being a fledgeling operation.
Bitcoin gambling games continue to be in demand. With the rapid appreciation of this asset, gamers are looking for opportunities to make more. New games and classics like Bitcoin Crash continue to soar in popularity.
The Bitcoin network has had upgrades in the recent past. These upgrades were necessary to improve Bitcoin functionality. The Lightning Network is one such implementation.
What is Lightning Network?
As Bitcoin became more popular, scalability issues arose. The existing blockchain struggled with the sheer amount of transactions. Accordingly, the lightning network came about. It provides a second layer payment protocol, “layer 2,” that operates on top of a blockchain. The Bitcoin blockchain can benefit from the extra micropayment channels and reduce the load on the network.
Accordingly, the lightning network provides a useful scalability solution. Transactions become faster while transaction fees go down. For this reason, an elite crypto gambling casino like BC Game is deploying the Lightning network. The name says it all. Its combined effect of making transactions fast and lowering fees is immense.
Gamers can benefit from super-fast transactions. The agony of slow confirmation times for Bitcoin transactions reduces significantly. Lower transaction fees also make micro-payments possible. Not everyone has a whole Bitcoin, or even significant amounts, at their disposal. The possibility of micro-payments opens up this industry to so many.
For any platform that processes Bitcoin, the lightning network improves scalability. Cutting transaction processing to seconds increases the number of transactions significantly.
Benefits of Lightning Network Unique to Online Crypto Gambling:
Crypto gambling is a matter of constant transactions. Picture this, one night, when gambling, you get a hot hand. Then, you decide to wager at the high table, but the account balance is not at that level. You opt to recharge your crypto and send some Bitcoin. However, the transaction gets prolonged, and you lose your mojo. A winning mood evaporates due to slow blockchain confirmation! Worse still, the transaction fees are ridiculous for the relatively small amount you want to deposit.
The Lightning Network can come in handy. Rapid transactions that come cheap provide the right ambience for gambling. Besides, deposit and withdrawal fees are a tiny part of your winnings. Transferring money from your crypto to the gaming wallet becomes more tolerable.
The Lightning network effect is real. Analysts hope that it will provide a permanent scalability solution to the Bitcoin blockchain. Given the number of platforms adopting, it could be well on its way.
Gambling enthusiasts also care about privacy and security. The Lightning network means that the transaction record is not on the blockchain. Notably, only the opening and closing balance of the transactions have an entry on the blockchain. Accordingly, users have a semblance of privacy. For those who like to gamble without publicity, this is a useful tool. The additional privacy is an asset for gamblers.
Decongesting the Bitcoin blockchain is a vital boost for users. Every day, billions of Bitcoin transactions occur. For all his ingenuity, Satoshi Nakamoto could not foresee this bottleneck. Lightning channel partners can transact with scale off-chain.
Implementation of The Lightning Network as An Advantage
For crypto gambling casinos, implementing the Lightning Network is a distinct advantage. Integrating this network makes for an ultra-fast gaming experience. BC.game is one of a few online gambling casinos with such integration (SATS).
The low fees and instant transaction SATS provides an edge in online gambling. Casinos that are slow to implement it will lag behind others. Customers always want rapid payment processing. This advantage is the entire point of crypto. Centralized institutions have a bureaucratic culture and bottlenecks that many wish to bypass.
Bitcoin gambling should have a low barrier to entry. Facilitating micro-transactions allows millions to access this industry. Previously, Bitcoin transaction fees made micro-payments impractical. With the Lightning Network Rakeback feature, this is no longer the case.
The advantages are liberating for Bitcoin users. It is not a surprise that Lightning Network apps record higher user numbers after implementation. Having better security, full control, and immediate payouts settled in seconds is immense.
Online crypto gambling is a better place with Lightning Network implementation. Bitcoin is a historic asset. However, its low throughput of just 7 TPS is limiting. In the present era, Bitcoin transactions need to be fast and low cost.
The Lightning Network addresses this issue. It kills two birds with one stone. Having faster processing times and lower fees can make Bitcoin a more realistic asset for millions. Accordingly, it is vital in unleashing the potential of crypto gambling.