Decentralized betting is one such developed technology of blockchain. Bitcoin popularity has seen the rise of many groundbreaking developments across the world. Gambling is one such development that the new digital currency continues to champion. It continues to garner a lot of popularity. during its inception in the gambling industry, 50% of all transactions related to bitcoin gambling. Dice games become the most played type of games.
As it is, the gaming industry has swiftly changed gears from BTC to blockchain based casinos that operate on different networks, including ETH and EOS. Most new players are tempted to join an online platforms due to the welcome reward available for signup. Crypto based models work the same way providing offers such as BTC casino no deposit bonus codes. These are not the main reason why you should join however as they are superior in far greater ways and below I have summarized the key elements of the new age gaming you ought to know.
Decentralized Betting Smart Contract Gambling
In as much as BTC and blockchain today grant players a foul-poof payment gateway alongside transparency, smart contracts are the systems that are in turn changing the gambling scene.
Smart Contracts codes undertake the complex tasks that were once impossible. The code takes the role of a middleman undertaking actions meted out by a member of the customer service. Without the need for human operators intervention, smart contracts autonomously bring down overhead running costs.
Gaming Decentralized Betting
Blockchain powers decentralized gambling, it translates to the gambling arena being a free space that’s not owned or managed by a single individual.
Blockchain is a digital ledger that remains fully transparent and belongs to users on the blockchain platform. User ownership ensures that developers on this platform are unable to manipulate the mechanisms.
Gambling Privacy the Decentralized Betting
Privacy is one of the most significant benefits that gamblers and blockchain technology champions. Decentralized betting sites, including casinos, don’t need users to give out their info while placing bets.
The reason being, the code authorizes the software to forgo this process as punters place their bets. The added security step ensures the Blockchain gambling platform is a step further secure.
Unlike fiat based traditional gambling platforms, any money added to players’ accounts is not stored on the gaming site but instead on the blockchain platform. The security step ensures that the operator does not have players funds.
Gambling Anonymity the Decentralized Betting
Another prominent blockchain based casino games and decentralized betting feature is anonymity. Punters are not required to present or sign any documents for verification purposes.
The process is simple; where a unique address is generated for every user that connects to the distribution ledger. In short, the user’s info doesn’t get linked to the account, nor does he have to provide baking details. The gamer remains in full control of the funds, unlike a traditional gambling system.
Moreover, a majority of blockchain based casinos don’t rely on a tracking system to record transactions regardless of the IP address used in accessing the gambling site.As opposed to using the gamer’s financial record, any activity undertaken on the gambling platform gets recorded on the public ledger.
Note: with most nations, crypto comes with different regulations. Country members are advised to learn the rules and put them alongside the zero taxation offered on cryptocurrency gambling transactions.
Blockchain casinos and decentralized betting platforms are still in their infancy. However, it’s expected that by 2020, the industry as a whole will be worth upwards of $59 billion. Thanks to the many profits that will be realized, the technology is racing to become the frontier in the new age gambling industry.
With benefits such as anonymity, zero transactional costs, zero house edge rates, and new digital currencies that accord punters with rewards, it won’t be long before the sector overpowers the traditional gambling industry!