Cryptocurrency in the gaming business
Geymbling, or a business associated with the gambling industry, faster than others appreciated all the advantages of smart contracts cryptocurrency and began the introduction of technology. But as in any other sphere, “whales” of a business that occupy a significant market share are not in a hurry to massively switch to blockchain technologies in general, and cryptocurrencies in particular, trusting them only the modest role of a payment instrument to replenish the players’ deposits. Nevertheless, Bitcoin casinos and entire gaming systems built on the basis of smart contracts have occupied their niche. Instead of fiat funds (Yandex money, QIWI, bank card balances) they accept only cryptocurrency.
Today we will talk about how digital assets are used in the gaming business and how the exchange of kiwi money in Bitcoin and other digital coins can significantly increase the chances of winning.
Types of casinos
Traditional geymbling-platforms are exclusively centralized solutions, the management of which is concentrated solely in the hands of the owners of online casinos. This directly implies the risks associated with an “absolute” loss: the parameters of the software used can be adjusted in such a way that the bets of the player never win. In addition, the withdrawal of funds is always carried out in the “manual” mode, which means it is not always possible to receive already seemingly won money.
And, although such sites can accept funds for deposits in Bitcoin (of course, you first need to exchange Fiat money for Bitcoins from Kiwi or another payment system) and thus significantly increase the level of anonymity of players, but the risks of unfair play (to the extent that what it can be applied to at all casinos) is very high.
Only the casinos operating on the basis of a smart contract can fully unlock the potential of blockchain technologies in the gaming industry. Their essence is that a smart contract once launched (for example, on the Ethereum network) cannot be changed by any of the parties. In fact, this means that while betting, the player relies only on his luck and the unchanging mathematical algorithm of a particular game, and does not bear the risks associated with the “human factor”.
In addition, these playgrounds have another undeniable advantage: the anonymity of the players is very high: you do not need to register, confirm your payment details and log in: the smart contract will receive the amount of your bet and automatically return the winnings if it plays.
Since a smart contract is extremely transparent, a player can see his chances of winning even before he makes a bet. Agree, compared to the “black box”, which is a traditional casino, geymbling through a smart contract is much more honest and accessible.
For this reason, it is better to transfer QIWI to Bitcoin or another cryptocurrency and play in the casino, where the betting process is provided by the blockchain technology and independently audited smart contracts with open source software, in which only the casino owner can determine whether you win or lose.
One of these casinos is FairPlay, which accepts BTC and ETH (but the game is played on internal tokens). Of the unusual solution, we can recommend EOSBet, which is fully implemented on the EOS platform, which means players are spared from top-up fees (but pay for the internal service fee).
The level of entry into the business associated with gamebling is traditionally very high and requires significant investments both in organizing and licensing a business, and in purchasing specific games. Perhaps for this reason, fraudulent schemes thrive in gameling: the fastest way to pay back costs is to cheat gullible players .. A gradual transition to the use of cryptocurrency as means of payment and smart contracts as a transparent basis for the gameplay can restore the industry’s former prestige and increase the growth rate of the entire industry. striae in general.