Like it or not, betting is one way most people generate additional income sources to cushion the ravaging economic crisis.
The gambling industry has evolved from its archaic nature into an advanced system, utilizing new technologies like blockchain for its operations.
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As gambling continues to evolve, we have seen new features added, like virtual reality that emulates real-life sporting events.
While some people may consider these developments a blessing to the betting game, it has several limitations like transparency and trust that still need to be addressed.
In 2009, popular cryptocurrency bitcoin was launched alongside its underlying technology, blockchain. Since the pseudonymous Satoshi Nakamoto launched the tech, it has been successfully deployed to various sectors globally, including casinos.
What are Decentralized Casinos
Unlike regular online casinos with several downsides, a decentralized casino is as easy as it can get.
Decentralized casinos are casinos based on blockchain technology utilizing its smart contract and open-source features to settle bets, make payments, and maintain users’ privacy.
So you have decided to venture into decentralized casino platforms, but you still don’t know why you should take that decision. Here are five things you should consider before opting for decentralized platforms.
5 Reasons To Join The Decentralized Era
In some parts of the world, gambling, in all forms, is considered illegal, mostly due to its increased risk. Regulators believe they are protecting their citizens by implementing such sanctions, but not too many are comfortable. With decentralized casinos, players can still bet on their favorite games regardless of the legal status of gambling in their region.
All that is required is to access the bettor’s platform through the available options and conveniently place your stakes.
The essence of developing a casino platform on blockchain technology is to eliminate several downsides associated with traditional online casinos.
For regular online casinos, players must provide a long list of information, such as legal names, residential address, phone number and emails, and proof of identification. These requirements are made in line with regulatory demands to curb money laundering.
However, decentralized casinos are not concerned about a user’s identity as transactions can be authorized by merely connecting a wallet. The system helps keep users anonymous since not everyone would like to be identified as a punter.
Speed & Transparency of Settlement
Once an event ends, decentralized casino results are verified and settled immediately. There is no room for delays as recorded on traditional online casinos.
The smart contract feature and open-source technology of blockchain are leveraged to check and settle bets immediately after the event ends, with the results confirmed from multiple sources.
Since there is no way to verify the authenticity of the gaming data provided on traditional online casinos, users are sometimes misled with fake historical data.
On the contrary, when using decentralized casinos, users can verify the previous and current outcomes of an event, randomly generated through a cryptographic algorithm.
One of the importance of adopting advanced technologies in betting is to boost its processing capabilities.
Usually, when a user requests payment on traditional casino platforms, the request is forwarded to the payments departments, ensuring there is no malpractice on the account.
This confirmation may last for hours or days, depending on the bettor’s rules. However, things are no longer the same since the inception of blockchain-based casinos.
Decentralized casinos’ payment requests are facilitated using smart contracts. Once a user wins a bet, the smart contract feature enables funds to be released without any demands. Since your wallet is connected to the platform, the funds are sent to the address once you win.
Not all centralized betting systems allow users to bet from any part of the world due to regulatory demands.
For instance, a punter who resides in Japan may be restricted from using a traditional online casino based in the United States. This is not the case for blockchain-based casino systems.
Decentralized casinos do not care about a user’s address of residence, nor is it concerned about the client’s race.
Once you are interested, you can connect to the decentralized betting network using any device on the go.
There you have it. We have highlighted five reasons to consider betting with decentralized casinos today.
The rationale behind this unique type of casino gives players more power than traditional online casinos that provide complete control to the casino operators.
Whether you want to keep a discreet betting profile or prefer faster settlements and quicker payment casino systems that you can access from any part of the world, decentralized casinos are your best bet.