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Massive Transformation Happening In Gambling Industry Due To Crypto

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by , 29 June 2019 at 10:09 pm (80 Views)
Gambling And Crypto

Over the last 10 years, Bitcoin has created a huge transformation in the financial world and it was not long after its introduction that casinos started taking it as a payment form. BTC was a dream come true for many casino platforms as it enabled players from all over the globe to place bets anonymously. Billions have been generated in gambling revenue via crypto with the amount growing rapidly each year. This is just the start as the underlying technology for bitcoin is been used to transform the sector. The blockchain will eliminate present issues such as trust and manipulation to make gambling completely trustworthy for the first time in history.

Size Of The Crypto Gambling Market

The size of the demand for crypto gambling has forced the big players to offer the service for accepting BTC and other cryptos. These platforms, however, have struggled to keep up with the technological advances with most only offering a payment system and not true blockchain games or the other benefits. There is a large chance that the traditional online casinos in the industry will become obsolete due to the advantages that cryptocurrency holds over its rival.

Crypto Game Development

The top gaming developers such as NetEnt and Microgaming have been leaders in creating titles that can be played using most payment options including a wide range of cryptos to choose from. Platforms like BitCasino.io have embraced this and are purposely designed to cater for this form of gambler including amazing rewards that can be redeemed using the BitCasino bonus codes. These sites were the first generation and by the end of the year, we will see many smart contract based decentralized websites which take things to a whole new level.

Crypto Gambling Tokens

The next generation of casino and sports betting sites will be completely decentralized which adds an extra layer of advantages. These include that it is completely independent and runs in a transparent nature where all the code along with results can be verified by all. This is revolutionary as it means no tampering or manipulation can take place which is key when gambling online. They will all be powered by their own proprietary token coin which means that players will store their own money so no fraud can take place.

Ethereum And EOS Lead The Way

Bitcoin may be the most gambled crypto but over the next decade in the gambling industry, it is Ethereum and EOS that will lead the way. These two cryptos enable the creation of other coins which can run their own proprietary code on these networks. Smart contracts which are code that can carry out autonomous actions are able to power a decentralized model which eliminates human requirements. This is not possible with BTC which is why it will be overtaken in the gambling sector by other cryptocurrencies.

Conclusion

The trends are all showing that crypto gambling is on the rise and is a dangerous threat to the real money casinos. The technology is progressing fast and once the rabbit is out of the bag regarding the advantages to gamblers, the switch from traditional to blockchain based models will increase at rapid rates. If FaceBooks new digital currency gets off the ground it will speed up the process of cryptocurrencies becoming mainstream which will fuel the demand to record highs.

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