May 29, 2019 14:19 UTC
May 29, 2019 at 14:19 UTC
How Cryptocurrency Changed the Gambling Industry
Bitcoin gambling is entering its golden age as more and more punters become aware of the offered benefits of betting by means of cryptocurrencies. The reason behind this rapid surge of popularity of crypto gambling lies in the fact that the corresponding solutions developed on the basis of the blockchain technology proved to be capable of resolving the most crucial issues inherent to the conventional gambling.
Problems of the traditional gambling
Data security, slow processing of payments, different restrictions, and high fees constitute the biggest headache for gamblers around the world. The first one, data security, concerns not only gambling but the online activities in general, just remember the shameful data leaks committed by the likes of Facebook. In short, no one wants to share their sensitive data anymore, especially if it concerns finances.
Secondly, the situation when one must wait for a few days for a payment to be executed, and then go through numerous bureaucratic turmoils just to get the hard-earned casino winnings seems preposterous in our fast-paced world.
Thirdly, who in their right mind would want to pay the unjustifiably high fees to the intermediaries like banks for processes that should be automated and executed at a low cost, if not on a no-fee basis.
These are only the issues related to the area of payments. The lack of transparency and the accompanied machinations that take place in most online casinos are well-known throughout the gambling community. So, how could blockchain and cryptocurrencies address these issues?
Blockchain & crypto comes to the rescue
Anonymity, the elimination of all third parties, and transparency of all operations are the three main elements of the core concept behind the blockchain technology and its offsprings – cryptocurrencies, which have been successfully applied to online gambling.
Depositing and receiving funds in cryptocurrencies requires only two sets of digits, which are the player’s e-wallet address and, in some cases, a public key. Punters are not required to share any personal information. The gambling platforms, like 1xBit, don’t even ask new users to submit their email address during registration as they have a one-click process for account creation.
A complete absence of intermediaries, such as banks, translates into much faster transactions and substantially smaller fees. Actually, some crypto gambling platforms conduct their activities on a no-fee basis, the users only have to pay an insignificant network fee. The withdrawal time usually takes from a few minutes to an hour, depending on the current blockchain load, but, in any case, it is incomparably faster than the traditional withdrawal methods that involve banks or other payment systems.
Finally, we come to the matter of trustworthiness which is a scourge of the non-blockchain gambling platforms because their principle of operations remains concealed from players. The emergence of such blockchains as EOS and TRON revolutionized the world of gambling due to the fact that they allow players to monitor the verity of the declared return to player (RTP) rate as well as the hit frequency. This technology has already been adopted by numerous developers of gambling software who are keeping pace with the times.
1Xbit is spearheading the cryptocurrency-based gambling practices
All of the above mentioned characteristics apply in full to 1xBit, one of the first online sportsbooks and online casinos that began operating strictly on the cryptocurrency basis. As for now, 1xBit accepts over 20 digital currencies and offers unlimited access to sports betting and gambling in an anonymous and secure environment.
Moreover, the platform provides comprehensive information about all occurring and upcoming sports events to facilitate better user experience. Total anonymity, exciting games, exclusive bonuses, swiftness of payouts in cryptocurrencies, and 24/7 support – that’s what players get when registering at 1xBit.
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