Why Bitcoin Gambling Is Taking Over (Top 3 Reasons)

Bitcoin gambling is on the rise. There are several online cryptocurrency-based casinos and projects making a name in the scene. Bitcoin gambling has many advantages over traditional gambling and in this article, we will explain exactly why.
 

Date: 
February 12, 2019
Read time: 
7 minutes

Why Bitcoin Gambling Is Taking Over (Top 3 Reasons)

Author: Horace B.
Date: 
February 12, 2019
Read time: 
7 minutes

Bitcoin gambling is on the rise. There are several online cryptocurrency-based casinos and projects making a name in the scene. Bitcoin gambling has many advantages over traditional gambling and in this article, we will explain exactly why.
 

Bitcoin gambling is on the rise. There are several online cryptocurrency-based casinos and projects making a name in the scene. Bitcoin gambling has many advantages over traditional gambling and in this article, we will explain exactly why.
 

Most of the advantages to Bitcoin gambling has to do with the fact that there is no intermediary to rely on.

Bitcoin Gambling is faster, cheaper, and trustless.

We would not be surprised if even the biggest gambling companies in the world are keeping an eye on the evolution of crypto gambling. Since these crypto gambling companies are using blockchain technology, then the inherent values that the blockchain technology introduces to the world are also applied to the gambling application. With no third party to trust and minimal network fees, Bitcoin gambling sites offer three main advantages:

  1. Fast and responsive user experience
  2. Cheap fees
  3. Trustless environment

Let’s explore each of these points one by one.
 

1. Crypto Gambling is Faster

Most of the advantages to Bitcoin gambling has to do with the fact that there is no intermediary to rely on. As a result, there is less friction on the operational side for handling and settling bets as well as managing deposits and withdrawals.
Example of intermediaries can be various payment processing companies and banks. These intermediaries slow down the operational flow of online gambling sites. They may take a day or two to process payments and update balances. Additionally, users need to go through a KYC process, so the onboarding process is a bit longer than crypto gambling platforms.

Using blockchain technology, many Bitcoin gambling sites do not require an account by the user and payouts are instant. Keep in mind that there are some crypto gambling sites which require a user account. This is only for your added protection both legally and financially. Generally, you can play a bet on a sports game and receive the payout within’ minutes of the game ending. I have experienced this first hand. As long as the blockchain network is running smoothly, you will receive your payments quickly.

Source: casinosonline.com
 

2. Crypto Gambling is Cheaper

Not only is Bitcoin gambling faster, but it is also cheaper. Those payment processing and banking intermediaries mentioned earlier add extra expenses to the gambling company. Many times they charge fees per transaction or once every defined time period (i.e. monthly). These added costs are passed on to the user in fees.

Getting rid of these intermediaries allows for cheaper operations. The main expenses for Bitcoin gambling sites seem to be similar to traditional platforms, but without many of the financial intermediaries. I have personally used crypto gambling sites that have no fee other than the blockchain network fees, which are unavoidable.

3. Crypto Gambling is Trustless

Whether you play lottery tickets, bet on sports, roll dice or play poker, you must trust the platform which you are using. You have to trust that their calculation engine is reliable, that odds are truly random, and of course that they will pay you out.

With crypto-based gambling sites, especially decentralized ones on the blockchain, random generators are based on blockchain metrics. In other words, dice rolls or any other random based game uses block hash strings or block heights (block numbers) on the blockchain as the basis for the answer. You can’t cheat the blockchain! For example, the result to a dice roll on a normal, six-sided dice, might rely on the first integer 1-6 that the system finds going down the block hashes in the blockchain.

Additionally, there can be crypto gambling sites which use smart contracts. Smart contracts are simply a type of software which operates autonomously based on certain actions. So, if a user bets X amount of money on sports game Y, which ends at time Z, then the smart contract will pay you out (if you win) accordingly, automatically, with results recorded to a blockchain. There is one project making a new for itself called Edgeless which basis their platform on the Ethereum blockchain. Let’s explore how Edgeless Coin works.

Source: edgeless.io 

Edgeless Coin Shows the Advantages to Crypto Gambling

To be clear, Edgeless Coin (EDG) is simply the token used in the Edgleess project, but many use the terms interchangeably. Edgeless is a project that has been working for a couple of years now in the crypto space, since 2016. Edgeless is a crypto gambling project that is based on the Ethereum blockchain and offers a 0% house edge! This means that the games are as fair as can be; they believe that betters will always make mistakes, and thus, they will profit. Explained simply, Edgless is a decentralized edgeless gambling platform.

With Bitcoin gambling sites being cheaper, faster, and more transparent it is a no-brainer for a gambler to want to get involved.

Edgeless offers a more Flexible Platform

Using Ethereum’s blockchain and the smart contract capabilities that come with it, Edgeless offers some neat features that traditional outlets simply cannot offer. First off, Edgeless Coin holders can stake the token which is used to partially fund the bankroll of the platform. 40% is intended to be funded by the community, and 60% by the project. Users send tokens to a bankroll smart contract for staking. Each month the smart contract is checked for profits and they are distributed to stakers that contributed to the bankroll. This is a neat feature that lets even non-gamblers benefit from the open ecosystem.

Additionally, it is cheaper, which you could have guessed. Keep in mind that traditional online casinos can have house edges of 1-15% as compared to Edgeless’s 0%. Even some other Bitcoin gambling sites have house edges of 0-.1%-2%, just because they choose to. This, along with virtually no deposit and withdraw fees makes for a cheaper experience for the user.

Edgeless is Transparent

Edgeless promotes that their casino operations are 100% transparent. This is a huge benefit considering how easy it is for centralized gambling platforms to rig the odds of their games, or manipulate payouts. Using smart contracts on Ethereum, there are two major advantages.

One is that if they are implemented properly, then they should work flawlessly, 100% of the time. This avoids any potential for human error and creates for a trustless technology. Second, the smart contract records transactions publicly, so anyone can examine the smart contract for complete transparency.

Edgeless coin has been gaining momentum and is listed on coinmarketcap.com

How Can I Get Into Crypto Gambling?

As you can see, many of the biggest gambling companies in the world are probably aware of blockchain technology, if not already seeking how to use it. With Bitcoin gambling sites being cheaper, faster, and more transparent it is a no-brainer for a gambler to want to get involved.

For your piece of mind, some of the top Bitcoin gambling sites are:

Unfortunately, it can be a bit confusing for people to get started in the cryptocurrency world. There is a learning curve required with creating accounts on various websites and understanding how to keep your cryptocurrencies safe and secure. If you are interested and ready to get started, we strongly recommend checking out our start investing guides that simply explain how to get your first cryptocurrencies and start playing today!

Posted by Horace B.

Writer and entrepreneur with an on-going interest in developing technologies. Horace has run operations of multi-million dollar online companies and has worked with cryptocurrencies for 4 years.

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