Betting has evolved so much over the years. It all began in the mortar-and-brick gaming houses and now it has gone online. The games are improving as well as the mode of payment. Before, the bettors pay it the conventional way through a bankthathas a transaction fee which is getting expensive throughout the time. Right now, cryptocurrency istaking the finance and gaming industry by storm due to its value which is bigger when converted to real money. Because of this, many gaming companies have started to adapt to this new technology—blockchain.
The 5 Ideal Qualities of Blockchain Technology
Cryptocurrency refers to the virtual money that is used to buy goods and services online and this includes games like online betting. The existence of this virtual currency and all its transactionsare supported by blockchain technology. A blockchain is a decentralized digital ledger that records the history of a digital asset. Every transaction is reviewed by a peer-to-peer network that is protected by cryptographic algorithms which makes it impossible to be intercepted by a third party. The reason why betting industries have adapted this technology as a new form of payment is because it possesses the five (5) followinguser-centric features:
- Decentralized means that blockchain technology cannot be controlled by any sole authority like the government nor the bank. They have no jurisdiction over it because there is no owner of the technology making the entire data in the system viewable and shareable to others through a peer-to-peer network.
- Transparency cancels out the word ‘trust’ in this system because you can transact whoever you want without a doubt because all the transactions are reviewed by other users before confirmation, and each transaction has a unique end-to-end code between two parties in a form of public and private keys which makes it difficult to be hacked.
- Confidentiality ensures that no one knows anyone because it is heavily guarded by a set of encryption techniques. So, blockchain technology guarantees complete anonymity.
- Avant-garde security means that the system is hacking-resistant. The complex cryptographic algorithms ensure that all transactions cannot be altered without a special access code.
Aside from these, cryptos are inflation-resistant with a value that is bigger when converted to real money. As of now, 1 Bitcoin has a varying value that ranges from $47,143.75 to $49,303.47. So, if you are looking for a betting site that is payable via Bitcoin, we recommend Viggoslots casino where you can save huge sumsof money from transaction fees.