Cryptocurrency Creating New Possibilities In The Gaming World

Cryptocurrency Creating New Possibilities In The Gaming World

August 14, 2018 3:01 AM
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Technology is having a massive impact on our lives and over the last decade, the speed of innovation has increased dramatically. There has been a major breakthrough in AI with the likes of Google Alphago beating the world’s best Go player and AR tech is on the verge of creating a brand new digital world for the 21st century. One of the biggest impacts has been generated by cryptocurrencies along with the blockchain and in the gaming world it is revolutionizing the way games are played online.

 

#1. Open And Transparent Gaming

One major change happening thanks to the blockchain in the gaming world is the use of this technology to create an environment which is decentralized and completely transparent. Thanks to the fact that everything is open source are casinos and betting operators cannot get up to anything underhanded. The decentralized nature also means that the games cannot be altered in any way so this brings transparency and trust to an industry which requires this more than most.

 

#2. Cutting Out The Middleman

Casino operators have had it their own way and many of them have taken advantage of this by altering the odds further in their favor. The blockchain and smart contracts do not require any human operator as it works autonomously which means once the code is written this technology can handle all of the processes on it own. To find out which platforms are the best make sure to read about BTC betting operators reviewed so you can find the top rated crypto gambling sites.

 

#3. Instant Payouts

One of the main fundamental reasons why bitcoin was created is to enable peer to peer transfer of money to take place instantly no matter where each person is located in the world. This is carried out at a fraction of the price of sending fiat money and does not require a middleman to act as an intermediary. This is fantastic news for gamblers as now they can get their payouts in a matter of minutes and not days that currently takes place in most major gambling operations.

 

#4. Games That Are Provably Fair

The most pleasing change that crypto brings to the gaming world is that its technology enables the creation of provably fair games. Presently the casino model is to use software which generates random numbers but this model is not completely transparent as there is a way for gamblers to check if it is working correctly. With the blockchain, a public ledger displays bets and the open source nature means all elements can be inspected so players can be sure that the odds are as stated.

 

Conclusion

The development of cryptocurrency games is still in its infancy stage of development but due to the vast amount been invested, it will not take long before this technology becomes mainstream in the gambling world. Crypto has many advantages when used for gambling purposes and with the trust and transparency it provides, it brings a new dimension to the industry that can only make things betting for gamblers around the world.

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