The online gaming business and Bitcoin show how useful the two can be combined, and many casinos accept Bitcoin payments.
The online gaming business and Bitcoin show how useful the two can be combined, and many casinos accept Bitcoin payments. So much so that in February-March, an average of $ 4,000 was invested in Bitcoin every minute. However, according to Netticasinot.net industry insider James Fuller, Bitcoin gambling is just the tip of a massive cryptographic iceberg that is now distracting players and operators from something far more exciting than what’s happening deep at the heart of cryptocurrency betting.
“If you want to look at the leaky edge of online gaming, you should look at Ethereum rather than Bitcoin,” Fuller told online casino. “Many casinos have a ‘fear of falling behind not only Bitcoin, but a closer look reveals that Ethereum’s smart contract technology is rewriting the entire industry.'”
Betting on virtual currency from Bitcoin is becoming increasingly popular. When playing at online casinos, its value lies in its security and, in the opinion of some, anonymity. However, Fuller argues that while this is a good application for the currency, Ethereum’s smart contracts are forming a whole new paradigm.
Unreliable gambling
The smart contracts made possible by Ethereum have recently made it possible to gamble online without fear of cheating. Smart contracts with a code that is publicly available for review will ensure that the contribution is paid to the right party on mutually agreed terms. These agreements do not require intermediaries. A collection of them can replace entire gambling companies without supervision, because Ethereum’s virtual machine guarantees the functionality of the code. Companies using smart contracts see a significant reduction in their operating costs.
“The lower the cost, the lower the house advantage,” Fuller adds, “and the smart gaming applications for smart contracts are likely to run at a zero house advantage in the future.” “It’s hard to imagine what zero-interest gambling would mean for gamers and operators, but it would no doubt shake an industry that has remained relatively stable for the past two decades.”
Fuller says the 0 percent house would benefit from developing alternative sources of revenue, and competing with the marketing resources of existing casinos would be challenging.
Fuller argues that profitability is not the only problem holding back the gambling applications of smart contracts, and argues that smart contracts are still new and that there are problems with their deployment and user experience that are “currently insurmountable.”
The future of cryptocurrency gambling
Ethereum is expected to disrupt more than just the traditional gambling experience. According to Fuller, new aspects of online gaming are coming to fruition, and he believes Augur, the prediction market platform, is the most potential real-world application currently under development.
Augur strives to make it possible to predict future events by allowing anyone in the world to bet on any outcome without permission. Predictors can make more accurate predictions using “crowd wisdom,” while players can bet and get real tokens (REP) if their prediction hits right.