Ripple Taking iGaming By Storm
Ripple has been the dark horse in the iGaming scene but its truly taking the industry by Storm.
Blockchain technology and cryptocurrencies are increasingly becoming popular in the iGaming industry. This is mainly attributed to their top-notch confidentiality and anonymity simply by providing a reliable code for each online transaction.
Well, there are some digital coins that run on a Blockchain technology, and which are growing really fast and competing favorably with Bitcoin. Ripple (XRP) is one of the cryptocurrencies that’s becoming a firm favorite for online casinos and fans across the world. It operates quite differently from the other popular digital currencies, essentially challenging the way the banking systems work.
How is Ripple being used?
Ripple connects banks and payment providers, allowing them to seamlessly send and receive money across the globe. Besides being a secure and transparent payment settlement and money transfer system, Ripple is also geared towards the exchange of different currencies, including Bitcoin.
More online casinos are taking advantage of this innovative technology, because of the fact that its protocol is immediate and distributed. Allowing direct asset transfers basically eliminates the middlemen and cuts out all the cost incurred when sending cash electronically. Users get to enjoy transaction costs as low as 0.00001 XRP (10 drops).
While details of an XRP transaction are public, the system guarantees absolute protection and anonymity of any player since payment data is not open for viewing.
How popular is Ripple?
This enterprise Blockchain solution was created way back in 2012 by a team of world-class engineers and technical expert developers. And over the years of operation, the Ripple settlement system still continues tomaintain a solid reputation with a track record of stable technology and governance. Since Ripple was
launched, all of its ledgers closed without running into an issue. It’s for that reason that today Ripple is being used by a lot of reputable banks and payment providers, such as American Express, Standard Chartered, Santander, MUFG Bank, SEB, and UniCredit.
Why is Ripple unique for iGaming?
Besides providing very low transaction costs, Ripple makes it possible to deposit and withdraw money from an XRP online casino in as little as four seconds. This is incredibly super-fast even when compared to Ethereum, which boasts settling payment on an average of two minutes. Bitcoin, on the other hand, takes an average of one hour.
Ripple can handle 1,500 transactions per second and has the potential to scale up 50, 000 transactions in just a second. This digital currency completely outsmarts the Ethereum’s 15 transaction and Bitcoins 3-6 transactions per seconds.
Contrary to the existing settlement systems, Ripple makes it a lot easier to exchange your local currency for any other suitable currency. Another great thing about Ripple is that, players can use it to deposit at an iGaming site even when their local money is not having adequate currency pairs. Also, it is still possible for users to send money online even if they’re unbanked.
Ripple continues to grow in usages from within the iGaming industry. Contrary to that, Asia Live Tech is one of the first iGaming Software Providers that can setup your very own iGaming website or better known as online casino site powered by Ripple.