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How can blockchain change gambling?

by Victor

Gambling is constantly changing. This has always been the case, but especially the golden age of the internet and computers that began in the 1990s has accelerated changes. In the first decades of the 21st century, internet casinos have moved online, gambling has become globalized and its regulation has changed in different directions in different countries.

Now in the 2020s, one of the biggest threats and opportunities is the spread of the blockchain technology developed in 2008 in various institutions and functions of the financial sector. It also enters the world of gambling. But how can blockchain change gambling? We will delve into that in this article, so keep reading if you are interested in the future of gambling.

What is blockchain technology?

Blockchain technology was created in 2008 for Bitcoin, the breakthrough electronic currency. Its creator is the Bitcoin developer Satoshi Nakamoto, whose real identity has never been found out. The technology is considered to be revolutionizing the world and it is expected to affect all functions of economic life so that in 2027 10 percent of the world’s gross domestic product will be linked to some kind of blockchain.

It is not a single service provider or server, but quite the opposite. Foreign actors, i.e. for example the computers of private individuals, form a chain that can be used to create and maintain databases. In other words, the information is distributed to several places and thus gets rid of middlemen and other third parties. The information is traceable and it is distributed all the time, so it is almost impossible to fake it.

Possible uses of the blockchain are electronic currencies, such as the already mentioned bitcoin. In addition, it enables micropayments, electronic registers, voting systems and, for example, auditable accounting systems. It also offers casinos a lot of good, new functionality, for example, in relation to data transfer and entertainment. At this point, it is already in use at so-called Bitcoin casinos.

Bitcoin gambling sites

A Bitcoin casino is just an ordinary online casino, with the difference that you pay with Bitcoin. Bitcoin is a completely unregulated currency that runs on blockchain technology. It can be purchased from online trading sites and stored in either an electronic or paper cryptocurrency wallet.

At so-called bitcoin casinos, it works as one means of payment among others. Purchasing Bitcoin can be a bit tricky, as finding a reliable trading place and wallet takes time and requires a bit of bureaucracy. Bitcoin is a very volatile currency and therefore it is not worth buying at all times. However, when everything is taken care of and the money is in the wallet, using Bitcoin itself is simple.

Transferring money using bitcoin is easy and the money is transferred based on the so-called bitcoin address in a few minutes. Repatriating to a Bitcoin wallet is also simple. Security is important in money transfers, and Bitcoin is an extremely safe currency for online shopping. There is no need for a third party to transfer or store it, and the smart investor’s money is therefore well protected. The biggest risk is forgetting the wallet password because the money cannot be accessed through any customer service.

Bitcoin has indeed brought opportunities to casinos, because just offering a new payment method attracts customers who, for one reason or another, prefer Bitcoin. However, Bitcoin and blockchains also have other potential implications for future gambling. We will get to know them next.

How does blockchain affect gambling?

As already mentioned, blockchain enables the safe storage of various databases of casinos. In addition, it enables playing with Bitcoin and maybe in the future with other cryptocurrencies, such as Ethereum. The possibilities are actually endless.

Blockchain technology has also brought new forms of gambling. Cryptocurrency mining means that a person sets his own computer to verify Bitcoin transfers. Every ten minutes or so, new bitcoins are drawn for those involved in the chain. That is, more money is created as a result of mining. The greater the computing capacity of the miner, the greater the profits, and thus people have set up entire data centers to mine bitcoin to make money. This consumes an enormous amount of electricity, which is sort of like a stake with which the player competes to win. The higher the bet, the higher the chances of winning.

Buying Bitcoin or any other cryptocurrency is itself a gamble. You should never think of cryptocurrencies as an investment, but rather as a gamble, because the possibility of losing large sums is so significant. The value of one bitcoin can change by thousands of euros per day. Its all-time high is almost 20,000 euros and was reached in 2017. Investors who bought Bitcoin in the early stages made millions when they sold at the right moment.

Blockchain is an opportunity for gambling to develop and serve customers even more widely. However, it is not yet possible to say whether blockchain is the future, even though, for example, world banks are feverishly looking for solutions to their problems.

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