Gambling communities are finding the new trend i.e Crypto-Gambling. A traditional gambling would require wagering of money or something of value, but instead, with the Blockchain technology, users bet using the cryptocurrencies, a peer to peer electronic cash.
Cryptocurrencies and blockchain technology are gradually entering the gambling sector with many online casinos providing the feature to play their games with Bitcoin, Ethereum, and other cryptocurrencies.
There are more than 700 dApps available for gambling on Blockchain platforms such as Ethereum, EOS, Steem, TRON, etc. Public chain such as TRON has a majority of its transactions related to the gambling dApps.
According to the Annual Dapp Market Report, Crypto gambling dApps has over 1million users, which is more than the total amount of the dApp users on Ethereum in 2018. The users of such gambling dApps doubled up by 372% in the year 2019. Out of the total active dApp users, 40% were gambling dApp users. The transaction volume also went up to $6.71B from $3.39B in 2019.
Why is Crypto Gambling better than traditional online gambling?
So, why is the Crypto gambling better than the traditional casinos and why are people getting into the crypto gambling?
Users can have complete privacy in Crypto gambling as they only need to provide their Wallet ID and Email ID, unlike traditional gambling where users are required to provide their discrete data such as name, address, bank data, phone numbers, etc. So, users have their complete privacy in crypto gambling.
Crypto gambling uses the highest level of data encryption which is the same standard that cryptocurrencies use. Once the transactions are recorded in the chain, it is immutable. This level of protection makes Crypto Gambling the most secure gambling platform on the Internet.
Over the past, there have been countless histories of Casinos being rigged such as the use of rigged roulette wheel. However, in the crypto gambling, smart contracts are open for everyone to see. Smart contracts allow the performance of credible transactions without third parties. The terms and conditions of these contracts are fully visible and accessible to all relevant parties, which allows a total transparency of the transaction to all concerned parties.
Easy and Quick
Deposits can also be made much more quickly since you don’t have to wait for a bank to release your funds. The use of cryptocurrencies such as Ethereum, Bitcoin, Litecoin makes the transaction in crypto gambling a lot easier and quicker. In fact, in a matter of seconds, the user can deposit or withdraw their funds from any part of the world.
These are some major reasons why people are loving crypto gambling and why it is better than the traditional online gambling.