Cryptocurrency in Gambling. Why and what for?
Previously, such words as blockchain, cryptocurrency were used by a very narrow circle of people. Mostly by programmers, people who worked with ciphers, different bank-employees etc.
In 2016-2017 a huge fever began with the popularity of bitcoin. The weight of cryptocurrency was increasing not even every day, but every hour.
So why blockchain is so attractive?
First of all, most experts say, that cryptocurrency has almost 100% protection.So what is that?
Blockchain is a digital currency system. The most know currency is bitcoin. One can either buy bitcoins or mine on cryptofarms.
If to speak about mining — owner’s computer that was chosen to create bitcoins, solves complex mathematical problems, receiving as a reward virtual money.
All that is money is absolutely emancipated from the government, is private and can not be regulated by supervisory functions.
Also, blockchain was created in a decentralized system and it’s assumed that such a system can’t be hacked in order to establish control on it.
So why people use it in gambling?
As far as gambling isn’t effectively regulated in different countries, a lot of online-gaming platforms are using cryptocurrency as an alternative method.
There’re many positive aspects:
1. Anonymity. There’s no need to create an account for playing.
2. Accessibility. One can use cryptocurrency anywhere in the world.
3. Transparency. All of us know, that casinos always win. You can win a great sum, surely. But that’s an exception, that makes gambling attractive. But if to look forward, the one who controls the game, earns the most.
Such a situation created a lot of frauds online.
Blockchain system mallows anyone to check the system’s honesty. It can be either the movement of finances, either the code of the game’s rules.
Also, surely, there’re surely negative aspects.
1. If yo speak about anonymity, you won’t be able to check the age of the user.
Still, the age should be regulated.
2. Cryptocurrency is a real threat of undermining the monopoly rights of central banks to issue cash (banknotes) and the rights of commercial banks to issue non-cash (deposit) money.
Every year there are numerous attempts to create alternative money like quasi-money (the simplest example is bills) or private electronic money based on gold (e-gold).
Blockchain technology has definitely changed the format of online gambling. The main problems that people face are lack of transparency, unscrupulous intermediaries.
But for now only blockchain system may make gambling industry fair and safe.
There’s a hope that other segments of economy will follow this example.
Always remember to gamble mindful, do not bet more than you’re ready to lose and you will reap the rewards.