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 computer’s 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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