Blockchain gambling boom, why?
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Updated August 19, 2021 at 03:00 AM (GMT -3)
If you are an active reader of the page, following us for years, you will know that this topic is familiar to us. The most popular Blockchain-based betting sites in our environment have been CloudBet and 1xBit. However, a question that began to circulate on the Internet, being why are they famous? On this occasion, we will present the development of this question.
First of all, highlight that gambling is an issue that requires responsibility. In addition, from CriptoTendencia we only expose the fact that is happening, without being responsible for the actions of the users.
How does it work?
In order to understand the question, one must first know about these Blockchain gambling sites. Basically, they are online platforms that store the information of their games, through oracles, within the chain. By games we mean each type of bet, like online casino slots, or like betting on a football game.
Oracle stands out, which is a tool that we explained on previous occasions. In addition, it should be noted that not everyone has it, but it is useful for this type of case.
Keeping the promise
Once this is known, we can proceed to explain the question on the Internet, without a concrete answer at the moment. From CriptoTendencia we will present the arguments of the people, spreading their ideas.
Starting with the basics, security. Thanks to Blockchain technology, it seeks to guarantee the information of each user of the platform. In addition, thanks to its decentralized quality, only those interested can access it, thus complying with the regulations of each country. With this balance, it can be confirmed that the person is over 18 years old without having to expose it to the world.
Continuing with these ideas, you will find transparency. Since users will be able to have access to whatever the chain allows. In this way, each fund entered or funded will be known to the interested parties, including users, employees or regulators. Thanks to Blockchain technology, the myth that casinos work to launder money can be mitigated.
Finally, the last important point of the application of Blockchain technology is online bets, they are derived tools. The best example that exists on this point is smart contracts, thus facilitating the interaction of bettors and creditors. In addition, associated with the first point, it guarantees the security that the agreement is fulfilled, avoiding scams within its platforms.
Reflection
With these reasons laid out, it seems logical that Blockchain-based online gambling sites are booming. It should be noted that this application does not need to use cryptocurrencies, however, it is a component that facilitates transactions.
