Since last year, the dramatic and sudden increase in Bitcoins value has been fuelling news headlines. Actually, it is the interesting blockchain technology supporting this aspect. Cryptocurrency payments will significantly reduce the overall overhead cost for every kind of business.
Blockchain tech and online gambling
Transparency is the best feature of blockchain or digital ledger technology. It is used mainly for recording the transactions, which occur virtually and where cryptocurrencies are used. Transactions get recorded in sequential manner allowing anyone to verify what occurs behind the scene. Online gambling is a billion dollar business in countries it has been legalized. The issue arises with a couple of questions like how fair are these platforms. It is a known fact that there is house advantage, so do bettors stand a fair chance to win big.
Blockchain technology and digital currencies have connected on intense level. Digital currency like Bitcoin has been designed using block tech with an aim to create a free and open decentralized highly knitted global economy. Online gambling is a sector which needs transaction ranging from information to money carried out reliably. Thus the elimination of intermediary [bank or credit card providers] can be beneficial.
Online gambling issues bitcoin technology overcomes
Bitcoin gambling has addressed many issues that online casinos have been and are experiencing.
Transparency is the most conspicuous issue that traditional online betting platforms are experiencing. Game details like game results, payments, winning frequencies, and more cannot be divulged to the bettors. The public cannot view or monitor it. Fortunately with blockchain tech, you can gain access to all your betting records, thus rendering a fair game.
House edge is another issue that bettors experience, while playing at land casinos. There are unaware about how frequently will they win overtime. House-edge concept makes them lose plenty to the casino. Fortunately, bitcoin has resolved this house-edge aspect as it uses blockchain technology, which is transparent.
Cryptocurrencies are the best solution for bettors or punters who are anxious to hide their identity of playing in this sector. You can gamble anonymously as there is no need to reveal personal or bank details.
Fund safety warranty
Bitcoin is not owned by casino owner but is recorded on blockchain. Therefore user’s privacy gets protected. Blockchain is liable to make the wager according to its smart contract instructions. It helps to build trust and improve relationship between both parties.
No need to get registered
Unlike several online casinos, a few bitcoin betting sites don’t need players to sign up or open an account. You can choose small amounts in the form of cryptocurrency and bet with little fees.
Blockchain technology has brought reliability and trust towards the online gambling industry. Gambling has become more meaningful and players got encouraged to develop trust in betting activities, which lacked before this amalgamation of crypto and blockchain tech.
Bitcoin and blockchain tech has the potential to decentralize the way data gets stored and information gets managed. This potentially decreases the role of crucial regulatory bodies that is the intermediary. It means blockchain users can control their own transaction as this platform is not owned or managed by a single company. Digital ledger power belong to every bettor using blockchain.