There are many groundbreaking developments that are taking place thanks to the rise in popularity of Bitcoin. Gambling with this new digital currency was one of the main reasons why it gained such a huge following. During the early days over 50% of all transaction were related to betting with dice sites the most played. Now the industry has moved on from BTC to new blockchain based casino platforms that run on different networks such as EOS and ETH. Below are the key features of this new form of gaming that you need to know about.
While Bitcoin and blockchain casino sites provided a greater payment system along with complete transparency, it is smart contracts that will transform the gaming industry. The code can now perform complex tasks that were not possible before. It can act as the middleman performing all the actions that are currently performed by customer service staff. Without the requirements of human operators, it means that they can run autonomously which dramatically cuts overhead costs.
The blockchain enables decentralized gaming which means the gambling platform is no owned or managed by any one individual. The digital ledger is completely transparent which is owned by all the users that use the blockchain. This stops any form of manipulation of outcomes along with meaning that anyone can access it.
One of the greatest benefits for gamblers is that blockchain technology enables far greater privacy. Decentralized betting sites and casinos do not require the personal information to place bets due to authorization being carried out by code that is linked to the player’s account. This added security and makes the platform more secure than traditional platforms. Any money added to the account is not stored in the platform, unlike fiat based models which means that the operator can not withhold funds.
One of the main features of blockchain based casino games and decentralized sports betting is that player anonymity can be guaranteed as zero documents are required for verification. The process is simple as a unique address is formed for each user that is connected to the distributed ledger. It means that your personal info is not linked to the account along with having to provide banking details. The player is in total control of the funds, unlike a traditional gambling platform.
Most blockchain based casinos do not use a tracking system to record the transaction no matter which IP address is used to enter the site. This means that the player’s financial record is not required and instead they are recorded on the public ledger. With most countries, crypto does not have the same legal obligations to provide these details along with providing the advantage of zero taxation on gambling transactions via cryptocurrencies.
The blockchain casinos and decentralized sports betting sector is still in the early stages of development but it is expected that by 2020 that the industry will be worth an estimated $59 billion worldwide. Due to the vast amount of profits that will be generated there is a technology race to become the leader in this new field of gaming. With benefits such as zero house edge rates, anonymity, almost no transaction costs along with new digital currencies that offer player rewards, it will not take long before this sector starts to overpower the traditional gambling sector.
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