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Feb 02, '23
A lot has been said about Web3 being the new iteration of the internet. By extension, this also means web3 is providing a new iteration of present activities, ecosystems and transaction mechanisms.
One of the early applications of blockchain technology was in the gambling industry, with the creation of decentralized gambling platforms that aimed to provide a more transparent and secure environment for online gambling. These platforms used smart contracts, which are self-executing contracts that automatically enforce the terms of the agreement, to ensure fair and transparent results in online gambling.
Cryptocurrency gambling, also known as crypto gambling, is a type of online gambling that uses cryptocurrencies as a means of payment or as the unit of wagering. Cryptocurrencies are digital assets that use cryptography to secure transactions and control the creation of new units. The most well-known cryptocurrency is Bitcoin, but there are now thousands of other cryptocurrencies in circulation, each with its own unique features and benefits.
One of the first decentralized gambling platforms was Satoshi Dice, which was launched in 2012. Satoshi Dice was a simple dice game that allowed players to place bets using Bitcoin, and it quickly became one of the most popular gambling dApps on the blockchain. Despite its popularity, Satoshi Dice was eventually shut down due to regulatory pressure.
In the years that followed, a number of other decentralized gambling platforms were launched, each offering new and innovative features. Some of these platforms, such as Ethereum-based Fomo3D and PoWH3D, used smart contracts to create new types of games that combined elements of gambling, investment, and social interaction.
BitStarz is a popular online casino that accepts a wide range of cryptocurrencies, including Bitcoin, Ethereum, and Litecoin. It offers a wide selection of games, including slots, table games, and live dealer games.
Sportsbet.io is a sports betting site that allows players to bet on a wide range of sports using cryptocurrencies. It features live betting on sporting events, as well as pre-match betting.
FortuneJack is a cryptocurrency gambling platform that offers a wide range of games, including slots, table games, and live dealer games. It also offers a sportsbook and a dice game.
Poker.com is a poker room that allows players to compete against each other using cryptocurrencies. It offers cash games, tournaments, and sit-and-go games.
1xBit is a cryptocurrency gambling platform that offers sports betting, casino games, and live dealer games. It accepts a wide range of cryptocurrencies, including Bitcoin, Ethereum, and Litecoin.
mBit Casino is a Bitcoin-only online casino that offers a wide range of games, including slots, table games, and live dealer games.
BetOnline is a sports betting site that allows players to bet on a wide range of sports using cryptocurrencies, including Bitcoin, Ethereum, and Litecoin. It also offers casino games and poker.
Crypto.com is a cryptocurrency gambling platform that offers a wide range of games, including slots, table games, and live dealer games. It also offers sports betting and a casino bonus program.
Bovada is a sports betting site that allows players to bet on a wide range of sports using cryptocurrencies, including Bitcoin, Ethereum, and Litecoin. It also offers casino games and poker.
Nitrogen Sports is a Bitcoin-only sports betting site that allows players to bet on a wide range of sports. It also offers a casino and a poker room.
Blockchain technology is at the heart of decentralized gambling dApps (decentralized applications), and it provides a number of key benefits that have revolutionized the online gambling industry. In this section, we will discuss the technical aspects of how blockchain is used in gambling dApps.
Transactions made with cryptocurrencies are recorded on a public ledger, known as a blockchain, which provides a tamper-proof record of all transactions. This makes it difficult for hackers to steal or manipulate the funds. However, note that it’s not impossible. Additionally, because cryptocurrencies are decentralized and not controlled by a single entity, they offer a higher degree of anonymity compared to traditional online gambling platforms.
Depending on the platform, cryptocurrency transactions are processed much faster than traditional payment methods, and there are often no transaction fees or only minimal fees. However, a lot of it depends on the network congestion.
Cryptocurrency gambling does not require players to provide personal or financial information, making it possible for players from countries with restrictive gambling laws to participate in online gambling.
By removing intermediaries such as payment gateways, banks, and regulators, gambling Dapps offer users faster, cheaper, and more secure transactions. This allows players to deposit and withdraw funds using crypto wallets, thereby getting better service despite maintaining pseudo-anonymity.
Due to the decentralized nature of Dapps, developers and entrepreneurs can launch new gambling platforms with relatively low costs and time compared to traditional online gambling websites, and most of these are crowd-funded.
The value of cryptocurrencies can fluctuate rapidly and unpredictably, making it difficult to manage finances effectively. The kind of quantitative predictive modelling that works with traditional methods might not always be effective.
Cryptocurrency gambling is not regulated by governments, which means that there is a higher risk of fraud or other illegal activities taking place. Moreover, this also gives rise to illicit actors within the ecosystem.
Using cryptocurrencies for gambling can be challenging for players who are not familiar with the technology. This is probably also one of the greatest impediments for web3 as a whole.
Although the adoption of cryptocurrency is increasing, the majority of the population is still not familiar with it, making it difficult for gambling Dapps to reach a large audience.
Gambling can be addictive, and the anonymity and convenience offered by Dapps can exacerbate this problem, and to reiterate, these platforms being pseudo-anonymous all but add to the problem.
Cryptocurrency gambling offers many benefits, including increased security and privacy, fast and efficient transactions, and accessibility. However, it is important to consider the disadvantages, such as the volatility of cryptocurrencies, the lack of regulation, and the technical challenges, before participating in crypto gambling. With the right platform and a solid understanding of the technology, cryptocurrency gambling can be a fun and rewarding experience.