The price of BTC may have suffered big losses in 2018 but that has not affected the rise in popularity of Bitcoin and ALTcoin gambling. Cryptocurrency gaming platforms are reporting record profits and the big players in the industry are taking notice. Just like the banking sector it is making the old system irrelevant and replacing it with one that is designed to improve the user experience. There is no longer the need for the middleman to his cut thanks to the automation that the blockchain along with smart contract brings which spells the end of one industry and the start of a new digital revolution.
What Is Fueling The Bitcoin Gambling Boom
There are many different factors fueling the boom in bitcoin gambling but one of the main components is the invention of provably fair technology. The present model of online casinos uses RGN software which offers a fair platform but does not offer the opportunity for all users to investigate to see if it is returning that amount it is supposed to. Thanks to the public display ledger that they blockchain offers all gambling transaction can be displayed on the site and is completely transparent so that it can be proved it is offering the house edge stated. Many gamblers are starting to realize this huge advantage which is why they are making the switch because it increasing their chance to win.
One of the most popular casinos that were set up to cater for the new crypto gambling sector is Bitstarz and thanks to their popularity it has helped grow the sector. It was one of the first to recognize the increased demand in platforms that accept both fair and cryptocurrency options. The platform now has one of the most impressive ranges of deposit and withdrawals with multiple cryptocurrency options including ETH and LTC. You can find out more about the most popular one here.
Another factor that is enabling huge growth is the fact that bitcoin and crypto only casinos are able to accept bets anonymously from players all over the world. Fiat-based platforms have to adhere to strict regulations but thanks to the blockchain, gamblers can bet anonymously avoid the state laws.
The price speculation of the future of cryptocurrencies is also an attractive proposition for gamblers. There are lots of risks associated with crypto but like gambling, if it is managed correctly can lead to big profits which is why it is so well suited for the types of players this industry attracts.
The next wave of technological advances using smart contract is already underway and is expected to completely transform the industry within a few short years. It is impossible for the major players to complete with decentralized platforms running on smart contracts so there is going to be a fight back at some stage. The banking sector has already tried its best to shut it down but it has badly failed so it is likely that the mainstream betting options in the years to come will all be offered via decentralized blockchain gambling companies.