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Does Blockchain Bring More Trust in Online Gambling?

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The online gambling industry is crying out for change as general user trust continues to falter. Blockchain technology offers a comprehensive solution.

There Are Deep Trust Issues in Online Gambling – Does Blockchain Promise a Solution?

Gambling is possibly one of the best-regulated industries out there. There should be little cause for players to worry. There have been isolated incidents, such as Absolute Poker stealing up to $1 million from its players over ten years ago, but such high profile cases are few and far between.

So why is it that trust is so hard to come by? A British Gambling Commission study on gambling behaviours found that two-thirds of respondents do not think that gambling is fair and can be trusted, with 41% thinking that gambling is associated with criminal activity.

This is quite clearly a perception issue that is not helped by the fact that people cannot see the inner workings of a gambling website. In fact, Absolute Poker’s scam was only revealed following a community effort and some major slip ups by the cheating parties.

With real money on the line, users expect trust and security to be of paramount importance for the gaming operators.

 

Absolute Fraud

In 2007, AbsolutePoker hosted a tournament carrying a first prize of $30k. They had held many similar competitions of this kind in the past so there was no real pretext for suspicion or alarm.

But, after losing to what he considered to be unusual gameplay, 21-year-old runner up Marco Johnson decided to contact AbsolutePoker for the precise details of his hand history.

What Marco got instead shocked him: whether in error or from a whistleblower, he received an email detailing every single hand played at the tournament, along with all participants logged into each table. Looking into the data further revealed that the player who won the competition showed consistently irrational play.

This was no smoking gun, but the document also included player email addresses as well as IP addresses. The suspect player, Potripper, could be seen to win big at each table alongside the presence of User #363a player who was invisible to all others at the table. Potripper barely ever folded a hand while #363 was present at the table.

The findings after this were even more shocking; the IP address of #363 pointed directly to Kahnawak Gaming Commission, where AbsolutePoker’s servers were hosted. Some estimates place the cost of insider rigging from the company as high as $1,000,000, and they were ordered to refund $1.6 million to customers.

 

So How Can Blockchain Foster Trust?

A central feature of blockchain technology is that trust is built into the system due to the transparency of the confirmations based on the distributed ledger system.

User #363 in AbsolutePoker’s tournament had insider access to a degree where they could see each player’s cards. Decentralization is a practical solution as it means that all of the game’s functions would have to be verified by users themselves.

It would, in essence, remove the theoretical ability of game operators and admins to use back-end gaming mechanisms to advantage themselves. As highlighted already, this is more unlikely in today’s climate, but removing all doubt would make the world of difference to the broader perception and trust in online gambling.

Clarity is key to more reliable online gambling platforms, and that can be offered on the blockchain.

 

Who Is Developing Online Gaming on Blockchain?

Online gaming has not gone unnoticed in the startup world, with several companies developing proposals for casino-related…

The significant potential in the burgeoning technology for online gambling has not gone unnoticed in the startup world, and several have popped up with recommendations for casino-related platforms on the blockchain.

One of these is Zeroedge, who offer a 0% house edge system that exclusively uses their cryptocurrency, Zerocoin. The concept hinges on users buying the platform’s native crypto tokens and then playing casino games; it’s a nice idea, but it seems to place the burden of risk on players who may see their funds fluctuate in value as they are locked into using Zerocoins for their gambling.

Qlear Protocol is a more general blockchain gaming platform which aims to create trust in an online gaming environment. This extends naturally to casino games, but they also bill themselves as a solution for online eSports tournaments. This seems good—Qlear appears much more focused on allowing developers to very easily integrate these trust functions than on any lofty concepts.

Funfair meanwhile wants to develop a sort of open casino platform whereby licensees can pay to set up their casino on the blockchain-based network. Similarly to Zeroedge, they exclusively use a native token (FUN), but their business model seems more plausible because other revenue streams are coming from various fees on the platform. Crucially, they do not seek to rely on the value of their cryptocurrency solely.

 

Online Gambling Could Be Transformed Forever

The gambling industry is crying out for change as general user trust continues to falter. New games and ways to play online are also coming into the fray which makes it vital that the broader player base can trust in the platform that they choose.

Blockchain technology offers a comprehensive solution and, should this be effectively implemented, for the first time trust in online gambling might be beyond question.

This must be the ideal for online gambling; it should be the most trustworthy process possible, and with blockchain, this may be about to become a reality.

#Gambling

Crypto Casinos: 5 Reasons Why They Are Better Than Traditional Casinos

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The gambling sector is meeting a lot of innovations, including a recently bigger and more significant number of appearing crypto casinos.

Cryptocurrencies and blockchain technology are gradually entering the mainstream and start to influence our everyday life. With the current direction the economy market is taking, the gambling sector is also meeting a lot of innovations, including a recently bigger and more significant number of appearing crypto casinos. How they change the gambling industry? What novelties do they bring?

 

Here are 5 top advantages of crypto casinos over traditional casinos:

1. Anonymous transactions

When playing crypto betting games on the Internet, many players value anonymity for many different reasons. Firstly, the situation of online gambling in their countries might be uncertain. Secondly, they might be afraid of a possible data leak, which could cause them problems with the law or provide additional knowledge to people for whom the possession of this data would be unwelcome by the players. Gambling is often a lonely gig, and almost no one would be happy about the possible, revealing information about his losses or even winnings.

Crypto casinos efficiently solve this problem, as they are based on blockchain technology, which is independent of third parties, like governments and banks. Therefore, transactions are almost entirely anonymous. For example, in Bitcasino the only things you need to provide when depositing money is your wallet ID and e-mail ID, unlike in traditional casinos, where you need to provide your discrete data, such as your name, surname, address, and even bank account number, phone number. Sometimes in traditional casinos, you have to also send a scan of your ids, such as passport or driving license.

 

2. Transparency

Although major traditional casinos are regularly verified and licensed by individual agencies, players may still have suspicions about the honesty of the operators. Many people give up on playing in major casinos only because of this sole reason, like for example on PokerStars which was called a „rigged” software countless times. In crypto casinos, thanks to the blockchain technology, the code of the software are revealed and immutable, which means that even the creators cannot interfere with it. Most crypto betting sites already use the so-called provably good algorithms, which can be analyzed and verified for fairness on the part of the service operator. 

 

3. More attractive bonuses and jackpots

Once you know that playing in crypto casinos is anonymous and fully secure, it is time for another crypto advantage of casinos over traditional casinos. Apart from entertainment, players play primarily for money. Crypto casinos offer attractive prizes and bonuses thanks to the fact that running such a site is way cheaper thanks to blockchain technology. For instance, given the reliability and transparency they provide crypto casinos don’t need to spend loads of money on obtaining the gambling license, and thanks to no third party involved on the blockchain, the transactions between players and crypto casinos omit bank fees. It is a very significant advantage of crypto casinos over traditional casinos because excluding these fees means thousands of dollars saved every day.

 

4. Faster deposits and withdrawals

Another advantage of crypto casinos over traditional casinos are much quicker, usually instant withdrawals and deposits. It is a significant factor for players who are worried about the safety of their funds. In major traditional casinos like PokerStars, withdrawals usually last from 24 to 72 hours, and in less known poker sites they might last from a few days to even few months. In crypto casinos, you can feel secure and always be sure that your money is easily accessible.

 

5. Crypto casinos are the future on online gambling

With many advantages of blockchain technology, crypto casinos are the future of online gambling. Therefore, it is worth it to take over the competition. For example, if you are a professional poker player, you are probably aware that the poker industry is continually changing, and only people who can adjust to this environment, are likely to succeed. Adapt to the changing conditions before your opponents even start thinking about it!

 

Will you try your hand?

Cryptocurrencies are going to revolutionize our lives together with the gambling industry. The changes are already happening and thanks to many advantages such as, among others, the security, reliability, transparency, bigger prizes, and faster transactions you may experience the entirely new world of crypto betting games. If you have been playing in traditional casinos, we strongly encourage you to try your hand in any of the crypto casinos.

 

This article is a Guest Post, submitted by Daney Cross.

Note: Coinnounce.com does not promote, in any way, the gambling industry and does not recommend you to invest/play with your money/cryptocurrencies at any online crypto gambling websites. This article is only the viewpoints of the author and is not intended to promote any gambling sites in any form. The gambling industry, including crypto gambling, is very high-risk.

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#Bitcoin

Bitcoin: Don’t let whales scare and eat you: HODL Bitcoins

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More than 55 percent of bitcoins right now sit in wallets that have balances upwards of 200 coins," as indicated by Diar. Whales might be scaring you.

42% of Bitcoin Holders “did not” sell their Bitcoins even at $19783

More than 55 percent of the world’s circling supply of bitcoin is controlled by under 1 percent of all BTC wallets, as indicated by cryptocurrency explore firm Diar. What’s more, a staggering 42 percent of those bitcoin holders did not offer their BTC in 2017, notwithstanding when bitcoin prices moved toward a record high of $19,783.

Investigators at Diar translated the bitcoin whales’ “hold” positions to imply that it is possible that they lost the private keys to their wallet addresses — or they’re long haul holders who are bullish about the market. People who hold tremendous amounts of bitcoin are designated “whales.”

 

“More than 55 percent of bitcoins right now sit in wallets that have balances upwards of 200 coins,” as indicated by Diar. “Also, astonishingly, 33% of the bitcoins that are sitting in these wallets have never made an active exchange.”

 

So here’s the rundown, as indicated by Diar’s examination:

  • 1 percent of all wallets control $100 billion in bitcoin.
  • 55 percent of the world’s bitcoin sits in wallets with balances surpassing 200 BTC (or $1.28 million at the present bitcoin price).
  • 42 percent of those BTC wallets made no cordial developments amid the price crest in December 2017.
  • 33% of the bitcoins that are sitting in these wallets have never made an active exchange.

There has been across the board theory that bitcoin prices are being controlled by bitcoin whales, to such an extent that the U.S. Division of Justice propelled a criminal examination concerning price control in May 2018, as the Inquisitr already announced.

Many market members said they wouldn’t be astounded to discover occurrences of misrepresentation given the misty, unregulated nature of the advanced cash market.

 

Tim Draper Sets $250,000 Bitcoin Price Target

One bitcoin whale is reputed to be tech tycoon Tim Draper, an acknowledged cryptocurrency evangelist.

As the Inquisitr already revealed, Draper broadly obtained 30,000 bitcoin at $600 each in 2014, when few individuals had known about cryptocurrencies.

Tim has apparently never sold his reserve, which today is worth more than $192 million. That is a profit of $174 million of every four years.

Draper as of late set a $250,000 bitcoin price focus for 2022. Regardless of the ongoing bear market, the financial speculator remains by his expectation.

“I’m supposing $250,000 a bitcoin by 2022,” Tim Draper said. “They will believe you’re insane, yet trust it. It’s going on and it will be marvelous!”

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#Ethereum

$600 Million Selloff still pending in ETH from ICOs

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ICOs Have Spent $30M Of ETH last Week, Still $600M To Be Spent. ICOs still have over $600 million worth of Ether (Three million ETH) in their treasuries.

ICOs Have Spent $30M Of ETH last Week, Still $600M To Be Spent

Similarly as with any slanting theme, the downfall of ETH has been a point of careful exchange with cryptographic money investigators, speculators, and pioneers alike, even in the farthest edges of the crypto business. Everybody and their pooch had something to say in regards to Ethereum’s vicious decrease, with many taking to online life stages to express their two pennies on the issue. While there was an extensive nearness of differentiating, feeling based assessments, there were a couple of jewels that conveyed rationale and motivation to the decrease in the price of Ether.

While the offer of 153,500 ETH was likely not the sole motivation behind why the market fell by 20% in the previous seven days, it is consistent to accept that the alleged “ICO auction” took fairly a section in this episode of capitulation. In any case, as Rooke included, there’s as yet a “startling part,” as ICOs still have over $600 million worth of Ether (Three million ETH) in their treasuries, driving some to inquire as to whether these organizations will offer or hold their crypto resources.

This claim reflects a comparative remark made by Alex Kruger, a notable cryptographic money pundit, fourteen days back.

A lion’s share of the DApps on the stage are “CryptoKitties, scammy Ponzi fraudulent business models and gambling club amusements” and whatever remains of the applications are DEXs, which “[nobody] utilizes as 99% of exchanges are on unified trades.” What the financial expert is by all accounts accepting is that these DApps are inalienably awful, yet ostensibly, collectible applications, recreations, and decentralized clubhouse could be viewed as an approach to reinforce this industry, as opposed to cast it in an awful light.

In any case, it is clear that the Ethereum project has progressed toward becoming a remarkable point of feedback and debate inside the cryptosphere, and for the present, this estimation is probably going to proceed.

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