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March 5, 2018
Technological Advances and Online Gambling
The 21st century is one that has seen major technological advances which have affected almost every area and gambling being one of the oldest forms of money making is no exception. In the past few decades, gamblers seem to be making a shift from the old form of casino gambling to the newer convenient and comfortable form. Nevertheless, since the rise of cryptocurrencies, gambling operators are now looking to cash in on this new wave by making use of digital currencies such as Bitcoins and ethereum. That is why this article focuses on the myriads of opportunities and benefits which blockchain games bring to the new wave of online gambling.
Released back in 2009, this was the first and also one of the most famous cryptocurrencies when it comes to business adoption and market capitalization. Due to the cryptographic structure of Bitcoins which enables users to validate payments by solving algorithmic problems, users enjoy carrying out digital currency trades and manage their own transactions without having to involve any third party members. Additionally, this structure reduces dependence on a payment processor or a financial institution which not only eliminates the need for a third party but also makes the transactions immune from malpractice. They are also more transparent because each transaction carried out remains online for future reference.
Since the success of bitcoins, more digital currencies with unique selling points have flooded the market. One of the top competitors of bitcoins is ethereum. The top reason for its success is because it boasts a cryptographic structure which fills in on the spaces left by bitcoins.
The effect of bitcoins on the online gambling arena
Currently, most gambling operators are in a dilemma concerning the commercial viability and the long string of rules and regulations which they must stick to. For instance, players are often required to provide their sensitive info such as an Identification card from the government, copies of debit/credit cards or even proof of address to prevent things such as fraud and anti-money laundering. Additionally, the operators themselves are required to carry out identity checks on the existent clients which often mean that such customers will have to wait for many days or even weeks before their withdrawals can be processed and that is where bitcoins come in and change everything. Because they are not categorized among fiat currencies, online gambling operators and their casinos now have a chance to bypass regulations such as the ones we’ve just mentioned and hence take the players’ experience a notch higher. Also thanks to Bitcoins, players no longer have to spend their resources on draconian tapes which means that they can now create their accounts and start using it to secure and withdrawn their funds instantly. It has also helped reduce fees such as debit/credit card deposits which were there in the past, and as a result, online casinos can now pass these savings to the players.
Future of online gambling
Since the entry of ethereum in the cryptocurrency market in the last quarter of 2015, users can now transact on a diverse range of sectors such as real estate, insurance, and obviously online gambling. The main reason why Ethereum joined the race was to build on Bitcoin’s loopholes and to also offer more than just currency. Even though some of its principles such as smart contract are similar to those of Bitcoin, its cryptographic structure can algorithmically confirm, validate and even audit transactions and even move assets from one user to another in a transparent, secure and opportune manner. To understand the difference brought in by Ethereum’s smart contract in online gambling, consider how online slots work. In the past, users relied on the casino’s ability to earn and maintain trust among the players but thanks to smart contracts, new players can now verify, the casino’s history and also get to know whether the data provided is fair and true. Reason being, an online casino using Ethereum blockchain game cannot alter its data or interfere with the displayed payout ratio since the entire process is completely secure. Ethereum online gambling has more benefits than one could think. For instance, besides being cryptographic secure, its smart contract also runs on the pre-defined if code which ensures that funds are automatically deposited into the player’s virtual and private wallet. For instance, if a roulette player gambling on red using Ethereum and the wheel falls on red, their winnings will be directly deposited to their private wallet thanks to the smart contract principle. What’s even better is that Ethereum’s online gambling principle can be used on almost anything in the online gambling sector. That benefits not only the players but also the online casino operators as they will earn instant trust from the players due to their transparent, automated and secure operations. It is now easy to tell why most existing and also new casino firms are focusing on smart contract gambling with Ethereum blockchain game being their top choice.
As online gambling continues to thrive and it’s worth increasing by the day, it is easy to envisage the advantages which smart contracts will finally lead to Casino Dapps being the most preferred gambling method in future. Even though Ethereum gambling is still in its early stages of adoption and Bitcoins still remain the most practical choice currently, the future of gambling is heading to Ethereum’s smart contract casinos.