It promises to democratize data, banking, information access. It can cut out the greedy middle man, the banks, processes that are obsolete. When all parties agree it can be stable, and secure. Bitcoin, or cryptocurrencies, can radically revolutionize our world as we know it. Read here about what Blockchain can do for the environment.
But not everyone is buying into the glory. Last month China blocked all cryptocurrencies, sending Bitcoin’s value plummeting. But it’s starting to be looked at seriously by banks in the United States, including the SEC now building regulation for its use, and Europe, as they fear this new form of monetary transactions could disrupt the entire banking system in the world.
Looking on the darker side of society, the online gaming and gambling industry could profit from blockchain transactions which could once and for all regulate an industry that’s been like the Wild West in the online environment. While Vegas casinos and Native American casinos are very much legal, online casinos in the United States are illegal. It’s been hard for the Feds to regulate the industry, but blockchain, this article states could change all that. Gambling can bring ruin to some people’s lives but the tax dividends it creates can be put to good use building schools, hospitals.
In gaming, random number generators (RNG) used by the casino games must be audited regularly to ensure safety and that they are giving the odds to the customers as stated. The companies offering promotions must be rewarding players as stated. But who’s keeping track? Bitcoin has already entered the online gaming space, but the same technology used to earn and gamble real money, could also be used to regulate an industry, loved by some, but troubled as regulators shuffle to understand how taxation and fairness rules apply.
Blockchain technology according to proponents is has a security feature leagues ahead of any other currency. In the UK for instance, when you play online casino games — players become frustrated with a standard deposit and withdrawal methods and fees. When people play even at a free online casino, if it were run using Bitcoin there would be no chargebacks. That’s because once a transaction is placed there is no going back. So Bitcoin players can have a peace of mind. Also transactions made can be traced and seen by the parties involved.
Bitcoin makes things fairer
According to the Merkle, “The first thing Bitcoin casinos tell you about their games is that they are ‘provably fair’. With the odd case of pirated software our industry is no longer plagued by operators using underhanded methods to further their cause. In most cases the games are completely random and fairness is guaranteed.
”Players like to be in control of their cryptocurrencies. This is one of the main reasons why Bitcoin was created, it gives control back to the individual.”
While gaming is an old habit that is likely here to stay, especially free online casino slots – it’s good that at least those who play the game know that there are methods to avoid operating cheating.