Bitcoin gambling enters the golden age, as more and more players become aware of the benefits of betting through cryptocurrencies. The reason behind this rapid increase in the popularity of crypto gambling is that solutions developed using blockchain technology have proven to be capable of solving the most crucial problems inherent in conventional gambling.
The problems of traditional gambling
Data security, slow payment processing, different restrictions and high fees are the biggest headaches for players around the world. Data security refers not only to gambling, but also to online activities in general. Just remember the leaks made by Facebook. In short, no one wants to share their personal data, especially when it comes to finances.
Secondly, many players have to wait a few days for payments to be made, and earning the winnings requires confronting the bureaucracy of numerous middlemen. It is an absurd situation nowadays, where everything happens at a rapid pace.
Third, no one wants to pay unjustifiably large commissions of intermediaries such as banks. These processes that should be automated and executed at a low cost, if not free of charge.
These are just the issues around the payment area. The lack of transparency and the machinations associated with most online casinos are well known throughout the gambling community. So how could blockchain technology and cryptocurrencies solve these problems?
Blockchain and crypto can save the gambling industry
Anonymity, elimination of all third parties and transparency of all operations are the three main elements of the basic concept behind blockchain technology and its successors – cryptocurrencies. These have started to be successfully applied to online gambling.
Depositing and receiving funds in cryptocurrencies requires only two sets of digits – the address of the player’s electronic wallet and, in some cases, a public key. Players are not required to share personal information.
Gambling platforms such as 1xBit do not even ask for an email address for registering an account.
The complete absence of intermediaries, such as banks, results in much faster transactions and much lower commissions. In fact, some crypto gaming platforms carry out their activities free of charge, users only have to pay a small network fee.
Withdrawal time usually varies from a few minutes to an hour, depending on the current speed of the blockchain. In any case, it is incomparably faster than traditional methods of withdrawal involving banks or other payment systems.
Finally, we come to the problem of trust, which is a major issue for traditional gambling platforms. Their operating principles are inaccessible to players.
The emergence of blockchains such as EOS and TRON have revolutionized the world of gambling, as they allow players to monitor the veracity of the player-declared return rate (RTP) as well as the winning frequency. This technology has already been adopted by many gambling software developers who keep up with the times.
1Xbit is one of the pioneers of cryptocurrency-based games
All the aforementioned features apply fully to 1xBit, one of the first online sports betting agencies and online casinos that started operating strictly based on cryptocurrencies. Currently, 1xBit accepts over 20 digital currencies and offers unlimited access to bets and gambling in an anonymous and secure environment.
Moreover, the platform provides complete information on all current and future sporting events, to facilitate a better user experience. Total anonymity, interesting games, exclusive bonuses, fast cryptocurrency payments and 24/7 support. These are the main benefits of 1xBit players.
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