Trust and Transparency in Bitcoin Gambling

Trust and Transparency in Bitcoin Gambling

The DLT and blockchain technology was invented to increase trust and openness. The vast application of blockchain, which has spawned to cryptocurrency gambling is a good example of how the people interacting with these platforms have come to trust the blockchain platform.

But really, how did the distributed ledger technology (DLT) start and how has the application of cryptocurrency changed the way trust and transparency affect transaction?

A Brief Introduction to Cryptocurrency Gambling

Cryptocurrency gambling means using cryptocurrencies to place bets on online gambling platform from any allowed gambling jurisdictions around the world.

Blockchain and DLT are the most proclaimed technological innovation improving both the public and private sector transaction. ICOpulse published a story that tells more about how cryptocurrencies are used even in bitcoin casinos to gamble including legal advice on the subject.

Basically, the fiat currency issued by most governments achieve these three main goals:

  1. Medium of exchange
  2. Unit of account
  3. Store of value

With the recent advancement of the digital space, the old ways of doing things require a lot of personal information before transactions using the fiat currency is done.

Major Advantages of Cryptocurrencies in Gambling

The cryptocurrency solves the overbearing personal information problem. Due to the traditional status quo placed for wealthy people for gambling in a casino, the cryptocurrency platform has solved that by allowing anonymity in enjoying the thrills associated with gambling.

The blockchain is essentially made up of blocks, which contain batches of approved transactions chained together. These transactions are connected together in such a way that any attempt to rewrite, fraudulently corrupt or edit the recorded transaction is prohibited.

This translates to the security from corrupt frauds that blockchain offers to the users. With online platforms now using the blockchain platform, openness and transparency are assured for the participants.

Also, since the system is decentralized, the control of the game has been moved away from any third party with any form of suspicious tricks to defraud. It is based on preprogrammed random number generators that cannot be hindered by any external factors.

The payout is also as instant as it can get. With the direct transfer of cryptocurrency being an online transaction from one address to another without the authorization of a central party, the transferring of winnings is easy.

In gambling, a number of important things must be assured; security of funds, transparency, and openness of play, and payouts. The blockchain platform satisfies all of these simple criteria and in so has proven its usefulness in gambling.

Cryptocurrency solved problems of all the regular casinos. It is achieved by ensuring transparency and trust in the games played and prompt payouts on winnings. The amount of new users and the unprecedented growth of the cryptocurrency platform is projected to be revolutionary.