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Crypto Based Casinos
Blockchain technology is mainly contributing to cryptocurrencies integration into society. However, the tech is being accepted across other industries, and gambling is one sector that is profiting from crypto casino games tech.
In the gambling niche, blockchain is playing the role of securing ledgers and displaying transactions publicly, ensuring both gamblers and game providers of secure, and fair gambling.
Blockchain Best Suited More For Online Gambling
Over the years, blockchain has evolved from being another vague and abstract concept to becoming a solid foundation that today’s tech companies are built upon. The tech is showing its importance in almost all industries and is slowly being accepted.
Although it’s showing lots of presence in the insurance and aviation industries, blockchain is yet to reveal its humongous potential when fully incorporated into the gambling sector. Casino chips have been used for centuries in casinos, integrating blockchain tech will help all parties involved in the gambling session profit from unchangeable and verifiable transaction ledgers.
The crypto casino platform allows punters to follow how their monies are transacting; it also facilitates for reasonably generated results. When on this platform, rules are clearly shown and supported, and neither party can bend them in their favor. Moreover; players profit from instant payouts as the house doesn’t hold the winnings amounts, rather smart contracts hold the money in escrow, releasing it to the deserving party.
In a nutshell, blockchain tech eliminates the middleman and creates a free, safe, and secure online gambling atmosphere.
The More The Gaming Apps The Better The Problem Solving Is
Dapp.com recently released a report that stated a majority of blockchain based apps (dApps) using Ethereum cryptocurrency are developed for the gaming sector. In the third quarter of 2018, 244 dApps were introduced into the gaming niche and were based on ETH.with 110 of these dApps were dedicated to the betting industry.
The Popularity Of dApps Propelled By Massive Payouts
Regardless of the vast growth EOS is experiencing, there are some drawbacks. EOS’s complex wallet setup is limiting the number of users that have shown interest in joining this platform. Moreover; users are finding it difficult to understand the CPU and RAM protocols used by EOS based platforms as a majority of them invoke gas fees.
Tron (TRX) is a blockchain based cryptocurrency that has been proposed to users to help resolve the complex account setup processes. Statistics show that incorporating dAPPs (as TRX) has done helping this young coin slowly edge out both EOS and Ethereum projects. It’s only a few months old (TRX), but the platform is receiving a robust following that is attracted by its zero-rated computation fees.
dApps Advantages And Disadvantages
Blockchain technology is acting as a double-edged sword. The main attributes that it comes with also constitute its significant flaws. The two factors are revealed by the AML and KYC verification since a lot of dApps don’t demand that users produce/share identifying info. Privacy is what has seen several users who seek to remain anonymous flock onto blockchain based platforms, thus enabling them to stay profitable.
Unfortunately; the same blockchain casino platforms can be used for conducting a lot of illegal activities since it doesn’t have regulatory oversight. As early as it is to start knowing the length and breadth of blockchain technology will contribute to the world, its potential is quite apparent. Soon, crypto tech will contribute to the changes that the world will experience.
Gamblers Finding Favor With Tron Cryptocurrency
Players are taking to Tron cryptocurrency (TRX) like a duck to water. The coin is being traded in and out of some of the biggest online Blockchain casinos.Although not gaining traction as the rest of the coins it’s against, Tron is attracting a gambling crowd that is more reserved and likes taking chances in casinos privately.
Tron cryptocurrency based transactions have now surpassed a billion USD in the gambling industry; this goes to show that not only is the crypto world bubbling, but young crypto-coins are also gaining favour over the more seasoned Bitcoin, Ethereum, and Litecoin cryptocurrencies.
Tron Based Casinos
Officially, Tron cryptocurrency was put into the public domain back in September of 2017. Within three months (December 2017) the coin like the other crypto coins amassed a vast interest and ended up being put in some punters’ radar.
In the last year or so, gamblers realized the potential of using Tron (TRX), especially when dealing with niche gambling sites as others overlooked its earning potential.
The European Gaming platform came out stating that in the first quarter of 2019 alone, TRX has been used in more than $1 billion transactions (in the gambling sector). A lot of the gaming transactions happened on decentralized gaming dApps and casinos.
In the week leading to this one, Tron blockchain based casinos processed $80 million + combined transactions according to online portals reports. The most successful Tron blockchain casino transacted 1.5 billion TRX coins enabling it to reach a $43.5 million volume in the same week.
The reports also indicate that TRX blockchain based dApps generated a $1.6 billion + turnover thanks to 430,000 users that gamed and transacted on this platform. More than 64% of Tron dApps revolve within the gambling niche, and they are responsible for the $1.024 billion transactions.
Though the Tron blockchain casinos are few compared to the rest, we can see how much punters are taking to private gambling given the staggering transaction numbers generated by this exclusively small gambling niche. When properly marketed, the niche gambling platform will prove to be a significant threat to the now reigning fiat currencies based gambling sites.
Bitcoin Is Still King
Tron’s success is admirable but is still a drop in the ocean in the gambling industry. Bitcoin continues to occupy the cryptocurrency throne. Reports indicate that in the last 24 months, Bitcoin bets reached $24.5 billion thus making this crypto coin a tough contender.
Although Bitcoin boasts amongst its peers, its margins are still relatively small when compared to the overall transactions generated in the online gambling industry. Coherent Market Insights reports that by the end of 2017, the global gambling industry value stood at $46.9 billion. Its growth was propelled by the push to connect most of the world online.
Latest reports released this year (2019) show that well over half the world has an online presence and more people are warming up to both PC-based and mobile-based gambling. Online casinos are experiencing massive growth with newbies coming online to try their luck. Estimates are that by 2020, the online gambling industry will hit $100 billion + and cryptocurrencies will contribute a sizeable chunk of the amount.