Gambling, Cryptocurrencies and Blockchain
One of the most popular uses of Bitcoin is online gambling, This is evidenced with the popularity of platforms like SatoshiDice.
The Cryptocurrency casinos might take advantage of blockchain’s technology in two ways. The first accepts payment using the services of cryptocurrency like Bitcoin. The second provides an attractive experience for users in the form of provably fair gaming that makes use of blockchain as a mechanism that provides the open source functions that are necessary to operate the provably fair algorithms, i.e. the random seed generation, hashing, and also random number generation.
The legality of online gambling using cryptocurrencies is a controversial subject in parts of the world. However, cryptocurrency casinos clearly demonstrate that an online gambling experience can be reliable, seamless, and provably trustworthy. Cryptocurrency casinos are showing the world there’s a better way for players to interact with the gaming industry. Business leaders and Regulators are now taking a more determined stance on how best to proceed.
In the gaming industry context this transformation has been felt acutely by the established gaming houses entering the online wagering marketplace, many popular games like poker and slots can be played directly using a smartphone or laptop.
In the U.S. some jurisdictions have implemented legislation that limits these services while some states have outlawed the online gambling practice altogether. The gambling industry has a need for a rigorous solution to problems, such as, the propensity of the game providers to “cheat” or to manipulate the house edge in their favour.
The scale that the larger gaming houses operate means that a slight manipulation, one that would be unnoticed by players, for instance, there might be an increase in the probability for the house to win from 51% to 52%, such a small increase could mean a large increase in profit for the casino at the expense of the public. One way of preventing this type of manipulation is by implementing tight regulatory controls within the gaming industry.
Today we are living in a time where the emergence of cryptocurrencies, such as, Bitcoin has started to reconfigure the way that the online gambling operations are conceived and implemented at all the stages of an organization.
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