Is Bitcoin the Future of Online Gambling?
The virtual currency taking form in online gambling
Bitcoin is revolutionizing the digital world and the world of virtual currency. Online gaming has been in existence since the 90’s, but this software developed by Satoshi Nakamoto is forming a distribution pattern unlike any other. Its dominance is attributed to the lack of a central federal authority. This means no stone inscribed rules to the user. There has been a significant shift of the gambling audience with many opting for online casinos born of the Bitcoin concept.
Bitcoin unlike Federal Reserve’s introduces the concept of virtual currency which is based on a mathematical formula. This is the rise of a decentralized, safe gambling environment. This is so because anyone can access the software and convert the Bitcoins. This digital currency’s introduction has successfully drawn the attention of the gamblers and competition like Dragon Tales has also conformed to it. This essentially means that online casinos are upgrading their systems to match up those already trading with Bitcoins. A single Bitcoin unit is valued at roughly US $600 but is divisible to smaller units named Satoshi after their founder.
Blockchain technology, in an article published by Nuno Mendez, is providing the security and trust in Bitcoin trading casinos. This process is fully transparent as it is a form of a public ledger ensuring that the gamblers assets are protected from scammers and fraudulent dealers. Nuno Mendez has his work in virtual currency and his Master degree in Social Sciences backing him up. He also happens to be an entrepreneur fancying the use of Bitcoin in the Portuguese Bitcoin community and a cryptocurrency fanatic. The block chain updates sum of everyone’s account to a public forum viewed by all. This shows the activity and some linked to an address without necessary exposing who owns it.
The online gambling industry is experiencing a revolution that is overly favorable to the gambler. The Bitcoin unlike most systems does not require one to fill an authentic record of information but instead offers pseudo accounts where gamblers have no physical links pointing to them. The technology allows for a single user to hold as many accounts as they please with varying addresses.
The mathematical concept of the Bitcoin allows for easy navigation through what would have been an otherwise tedious process when opening a bank account. Its network ensures that a collaboration of machines work together building a strong back up against financial meltdown. This also gives a continuous money flow in case one system goes offline. It also ensures the Bitcoins from participants who may want to take them steal from people.
With a vast array of developments aimed at the decentralization of Autonomous Organizations, we can only hope the future comes with decentralized casinos founded on servers robust enough to buffer any failure. This will intern shield from government closure and provide an even safer environment for the gambler.