Blockchain casino: the future of online gambling?
Can blockchain casinos overtake regular bitcoin casinos?
Sometimes there are hypes where people have great expectations but in the end you never hear about them again. A lot of people had the same expectation regarding crypto and Bitcoin. When Bitcoin hit the price of $100 dollars it was said to be in a huge bubble that was soon guaranteed to burst. Today, Bitcoin is close to the $65,000 mark and is legal tender in a number of countries. However, Bitcoin is not yet being used as much as people had hoped. In crypto casinos and online casinos it is widely used, so the question is, is it here to stay or is it just a temporary thing?
The market for Bitcoin and other crypto such as Ethereum and Litecoin has experienced tremendous growth over the past few years. As blockchain technology and adaptation progresses, there are more and more options for its application, – online cryptocurrencies top the list of suitable applicability.
Compared to fiat currencies, cryptocurrency usage is still low. However, if we analyze the Google trend data for the search query ‘bitcoin casino‘, we see an over time growing interest in bitcoin casinos. There are a few factors that contribute to the popularization of the bitcoin casino trend.
The casino world is always at the forefront of the latest technology. Hence, it was not surprising that blockchain casinos appear on the scene. But how do these blockchain casinos work?
How does a blockchain casino work
Not every casino where you can pay with Bitcoin is a blockchain casino. Most casinos accept Bitcoin or other crypto currencies, convert them into online euros or dollars and then pay your wagers with these dollars/Euros/Pounds. However, in a real blockchain or crypto casino, all transactions take place on the blockchain. This makes it transparent, bets are locked in the blockchain, as are payouts. This means the casino can never cheat on bets and payouts, as everything is publicly recorded on the blockchain.
A model with a future
Therefore, blockchain casinos seem to be more fair and transparent than normal casinos. Also because the smart contracts show the odds of winning, which in normal online casinos is not openly visible and you therefore do not know whether you have a fair chance of winning. However, the regular online casinos are still predominant and it does not look like the blockchain casinos are going to dominate in the short term. Therefore, it remains to be seen whether the advance of these casinos will continue or not.