Gambling and the Best Cryptocurrencies
Online gambling has attracted new players since the advent of the internet that was conveniently coupled with the technological advancements in computing. However, since the inception of online betting in the mid-‘90s, the industry has been marked with a plethora of issues that have left a bad taste in players’ mouths.
These issues have hugely revolved around what makes the gambling world go round: money. Payment processors, while safe and secure, have forced governments to seize information that is damning, to say the least; the latter misuse users’ funds for personal gain.
Back in 2011, the FBI conducted a raid on three betting sites and found that one, Full Tilt, had $60 million in its reserves, despite owing $390 million to its players. Players trust betting sites to be fair not only when determining odds, but also during payouts. The case above shows that this is not always the case.
During transactions, cryptocurrencies do not need an external payment processor to verify payments and deposits. While cryptocurrencies give gambling regulatory authorities a hard time, its new features make up for it. These new features include:
- Investing in the house – Some crypto-gambling sites reach an agreement with players that have them share profits on the winnings.
- Provably fair – By using a client and server seed and a nonce, which players can use to check their results, provably fair games allow verification of random bets. These games include dice, Roulette, jackpot, Poker, and Baccarat.
- On-chain betting – This allows players to stake and settle bets directly within the network.
The Best Cc for Wagering
EOS ranks top of the list because it allows players to directly gamble on-chain without depositing funds, has no transaction costs and settle instantly. EOS’s on-chain betting allows players to send EOS tokens to a smart contract every time they place a bet which is paid directly from that contract.
EOS also allows players to play different games from a single account that has two keys: active and owner. Players can use their account to log in to different online betting sites as opposed to depositing funds every time they want to play.
The profit-sharing model on EOS works as already mentioned above but with a twist. Players buy site-native tokens or are rewarded by it. The tokens can then be used to place wagers and receive a percentage of the site’s profits.
The three aforementioned reasons have made EON gain more popularity than Ethereum and Bitcoin: the numbers show. As of January 4th, Dice, the top EOS game had a $69 million transaction volume. EON is powered by 21 nodes which are used to confirm and reverse transactions. While EON is centralised, it is the only cryptocurrency that allows you to place wagers without depositing funds to a third-party service.
2. Bitcoin: For Big-Spenders
Bitcoin-betting sites still offer unmatched payouts compared to any other cryptocurrency and are suitable for most high-rollers. However, Bitcoin falls second chiefly because of high network fees and slow transaction time. This means that players cannot gamble on-chain and have to work through a centralised operator.
Most Bitcoin transactions can take well over 30 minutes- a big inconvenience. Players are also required to deposit funds to an online repository before they start wagering. This puts players in a tight spot that has them trust that the owners of the repository won’t run away with their funds.
Most provably-fair betting sites that allow Bitcoin have low-resolution and poorly designed graphics. Even more, they offer the same games such as Plinko, slots, and Roulette. However, their huge advantage is that they are provably fair: players are allowed to check the randomness of their wagers.
Ethereum allows players to directly bet on-chain. It was programmed to create smart contracts that are effected autonomously depending on whether the conditions are met. This feature does away with the need for a centralised service provider. Even so, wait times negate the fun of gambling: players want to receive confirmation of transactions immediately after they win and with Bitcoin, there are two disadvantages: transaction fees and time to settle payments.
4. Other Cryptocurrencies
Cryptocurrencies such as Litecoin and Monero dice are sufficient but they have their fair share of disadvantages. Litecoin attracts a low transaction fee but most gambling sites that supported it closed shop. Monero offers anonymous transactions that is a handy feature for players living in states where gambling is considered illegal but not many sites support it.
The best gambling cryptocurrencies are all the ones listed above. While none is perfect, they are the most reliable and secure in the sea of available cryptocurrencies.
Review Name : Gambling and the Best Cryptocurrencies
Author : Aaron Cooper
Published Date : 06/08/2019