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Gambling related articles


How is blockchain technology influencing gaming?

From Ivan S.
January 2021.

With the massive gains in Bitcoin, all eyes are on the cryptocurrencies and how to make money from them. There has been excitement In the gaming community for some time about bitcoin casinos. All these developments are part of the bigger changes happening in the blockchain ecosystem. Blockchain technology finds more applications each day, and the gaming industry is finding uses for blockchain too.


Source: Unsplash

What is Blockchain?

Many people think of Bitcoin when they hear of blockchain. But Bitcoin is one of the many cryptocurrencies that have come out of the blockchain technology. A blockchain is an open ledger that records transactions happening in a network.

The ledger is decentralized such that each transaction happening is recorded and backed up by different nodes in the system. Anyone in the network can see the transactions happening in the ledger. But transactions are irreversible and immutable. Blockchain is transparent and secure, which is why cryptocurrencies have become more popular as a medium of exchange.

Bitcoin Casinos

The most obvious blockchain application is payments in gaming. Casinos have started accepting Bitcoins in deposits and withdrawals. You can find several of these Bitcoin casinos at Casino Gurus for casinos that offer generous welcome bonuses.

More casinos are accepting cryptocurrency payments for several reasons. They are cheap and fast to process. A Bitcoin deposit or withdrawal takes a few minutes, unlike a cheque or a bank transfer. The transaction costs are very low for both parties because there are no middlemen charges. With cheaper transaction fees, a casino can afford to offer higher odds and attract even more customers.

The meteoric rise in cryptocurrency values would be another attraction for using crypto in payments. If you deposited $100 in Bitcoin in the last month of 2020, for example, your wallet would be double that in January 2021. It translates to more play.

Provably Fair gambling

Provably Fair gambling is taking the gaming industry by storm because of the openness it brings. The gambling industry sometimes takes the blame for opaqueness. PF gaming promises to open up the way transactions take place such that all players trust and have confidence in gameplay.

In PF gaming, the operator applies an algorithm to each bet. The open-source algorithm is published for all players to peruse. The players can compare the outcome of the play with the published algorithm for verification.

More gaming venues and operators are adopting PF gaming because it brings trust to their customers. It is only a matter of time before it becomes an industry standard for transparency.

Crypto Games

Crypto games based on the blockchain network have appeared on the gaming scene. These games do not rely on a server but a blockchain engine. The game relies on the local computerís programs to interact with the blockchain engine and form gameplay.

Security and Privacy Applications

Blockchain applications are very secure because they depend on cryptography algorithms. One of the biggest attractions of Bitcoin is the privacy it offers. While anyone can see and peruse Bitcoin transactions, it is almost impossible to unmask the player.

Blockchain is enabling players in jurisdictions where gambling is problematic to enjoy gaming freely. They can overcome restrictive access regulations and prohibitive tax laws. Payments and withdrawals by cryptocurrencies are secure and private. All winnings are safe from prying eyes.

Blockchain technology is causing a lot of disruptions across different industries, including the gaming industry. It promises to bring in more transparency in gaming while keeping transactions secure and affordable. The gaming industry will continue finding more applications for this technology as they discover its benefits to the industry. Gamers can expect to see more exciting changes in games and transactions soon.

Written by Ostriching.com.

 

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