Blockchain is the name of the technology behind digital currency, Bitcoin. It is a brand new kind of technology that, before Bitcoin was introduced to us, no one had ever heard of before. The ins and outs of this new technology are actually very complicated, but they have allowed us to make some very exciting developments using blockchains. One of the things we can do now is gamble on blockchains. It sounds very complicated, but let us break it down…
Blockchains are fancy databases. Generally, databases are overseen by at least one person, but when it comes to blockchains- or in this case, one particular blockchain known as Bitcoin- they’re overseen by no one. This means that the blockchain is decentralized. Because it’s decentralized, its tough for it ever to be altered or messed about with by anyone, and this boosts its trustworthiness. You’ll find plenty bitcoin casino sites use their own type of blockchain in order to ensure the safety of their customer’s funds.
Gambling on a blockchain such as the Ethereum blockchain comes with a lot of positives. It means that your money never goes through any third parties; it goes straight from the blockchain to your bank account, meaning that its more secure than playing through an ordinary online casino or gambling site. You can also download an Ethereum wallet to aid this, so you don’t have to use another online e-wallet. Furthermore, as previously mentioned no one can just dabble in the code of the Ethereum blockchain, which means if you gamble on it you know that no one is going to alter the code and try to commit fraud or mess around with the money you’re spending/making.
Gambling on the blockchain is more secure and more trustworthy and is growing quickly in popularity because of this.