How Gambling on The Blockchain Is Beneficial For Gamblers
Blockchain gambling has been around for several years now and started life as a simple higher or lower dice game with random results created using the HASH rate. With all the bets publicly displayed it was the first time in history to see such transparency in the gambling industry. It is why blockchain is essential to the future of the sector as it provides gamblers with the ultimate trust that has not been possible until now.
Thanks to the quick expansion of the internet worldwide, the gambling industry is riding on this wave, making it one of, if not the fastest rising markets on earth today. The growth is associated mainly with young to middle-aged people using smartphones that are connected to the internet at any time of day or night. But with everything else, the gambling sector also faces a lot of backlashes more so from individuals who deem it as an evil vice that leads to addiction and loss of one’s wealth. It’s defenders, on the other hand, agree that legal gambling promotes international trade, thus earning governments much-needed tax revenues.
It’s also wise to state that humans are designed to take risks, and we should let people spend their money the way they desire. Whichever side you support, one thing remains clear; gambling is an industry that is witnessing fast growth, in the last seven years, it’s market share keeps going up at an annual compound rate of 9% which is set at three times higher than the global GDP!
The Blockchain Gambling Era
Since the gambling sector is notorious for high-level corruption and fraudulent activities, many developers championing clean gambling came together to create the blockchain gambling platform. The tech ensures that all transactions done on this platform are transparent by registering all transactions in a public ledger which is unhackable and is permanent.
With such insights blockchain projects are set to disrupt the gambling industry, and all casino operators will have to embrace this new tech if they wish to remain in business. Despite the many gambling advantages associated with blockchain tech, we know that the transformation from the old ways of this industry will be slow but life-changing.
For starters, blockchain-backed platforms will be storing records of all bets, games, their results, and the amounts won and paid out, and also how much the house will retain after losses. Moreover, punters that join a particular game will see all the activities and especially the transactions they carry out in real-time, the same will be recorded into the public ledger ensuring that every wager and gaming remains provably fair.
By using Smart Contracts software, this technology eliminates the need for human intervention for processing transactions and expedites payments, thus transforming blockchain gambling into a trust-less gambling society.
Now you can understand why blockchain systems are known as trustless platforms, if not, allow us to jog your memory, casinos of old still rely on a centralized gambling system where casino operators set the odds. In almost all instances they tilt the odds into their favor to rake in massive profits at the expense of the gambler.
Distributed Ledger Blockchain Gambling
To counter this blockchain technology champions decentralized gambling where information logged in goes through distributed ledgers that are difficult to hack and alter the results entered. The system ensures that players and the casinos engage in fair playing. Bitbook.ag is one such platform worth checking out if you are considering trying out your hand in the new age gambling platforms and you can read out Bitbook review here.
As you can see from above there are many advantages that are beneficial for gamblers via the use of blockchain technology. Expect it to have a major disruptive impact on the industry and new cryptocurrency leaders to the emergence in the industry over the coming years. It is still a high-risk investment as the technology is during its infancy with regards to smart contract gambling so you need to act with caution. Make sure to read our Ethereum casino reviews and gamble responsibly online so that you do not have any problems.
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