Today’s digital market continues to progress. The movement of the industrial revolution 4.0 also encourages digitalization in all aspects. Not only from the positive side, the trend of bitcoin online betting which is synonymous with the ‘black valley’ is also growing.
The use of bitcoin as a means of online gambling betting transactions is becoming increasingly popular.
Bitcoin is one of the largest types of cryptocurrency in the world. Of all types of cryptocurrencies that exist, bitcoin is the ruler and is number one from the user’s side.
This Bitcoin emerged because of the blockchain system. This system allows users to interact in one line without involving a third party. In financial transactions, of course this will make it easier because there is no need to involve banks or other financial institutions.
This convenience then makes developers collaborate with several things, including in the world of gambling using bitcoin. This led to the emergence of the term bitcoin online betting. The use of bitcoin in this online gambling betting system is of course inseparable from how the blockchain system cooperates with a gaming and gambling platform.
Gambling is known to be the most adaptative game. Since its emergence as a conventional game, gambling has continued to adapt to the times.
Gambling continues to increase. If previously the betting money used was real money deposited on the site, now players can use digital or virtual money. This is known as cryptocurrency.
Online Gambling Relationship and Bitcoin in the Digital World
Bitcoin is a type of digital currency that emerged in 2009. Bitcoin is used for transactions on the internet only. Transactions that occur can be direct or in other words do not use intermediaries such as banks.
The system used in bitcoin is peer to peer or P2P. However, this system does not have a single storage like other finances. This system is better known as a decentralized system, where users can manage it independently without an administrator.
This convenience was later adapted by the online gambling platform. Some sites already provide payment systems using bitcoin or other cryptocurrencies. Initially, bitcoin was not designed for gambling transactions. But seeing the enthusiasm of its users, bitcoin began to be used in this sector.
Online gambling has indeed become a prima donna for fans because of its easy access. Especially when the bet used is bitcoin, the profits you get vary because the price of bitcoin fluctuates following market demand.
When someone bets and wins the bitcoin bet, and the price of bitcoin is high, then he can get multiple profits. However, when the price of bitcoin in the market is down, then he can suffer losses as well because the asset’s price is low. Its unpredictable nature is also a challenge in the use of bitcoin.
The types of gambling that mostly use bitcoin as a means of payment are casinos and esports. These two types are the most popular in the bitcoin world. So it’s not surprising that many sites provide bitcoin payments for these two types of gambling.
The Bitcoin Online Gambling Phenomenon
Playing online gambling using bitcoin, has its own challenges. Players will be faced with speculation about the price of bitcoin in the market. The price is uncertain in following the flow of the market, making bitcoin players and investors always be vigilant.
Several blockchain providers, such as; EOS and TRON, which dominate the gaming and gambling fields, continue to target various gambling platforms.
With this rapid development, many online sites are also cleaning up and adapting themselves where they also provide a bitcoin version of payment services.
Even so, the competitor must be careful in choosing a site. Crime in the digital world can mislead anyone who plays it.
Instant Transactions via Bitcoin Attract Online Gamblers
Bitcoin is designed to make it easier for its users to be more efficient and save time. This type of virtual payment does not involve third parties such as banks or other financial institutions. So far, a third party can become a “nuisance” because they can interfere in a transaction.
Gambling that is carried out via the internet, of course, requires a fast system so as not to waste a lot of time. So with the emergence of bitcoin it is able to provide a suitable alternative payment for users of this game.
These instant payments are of course linked to one another. For example, the TRON system has a payment system using TRX coin. Then players can immediately exchange assets into TRX coins and play in it.
TRX Coin Competes with Bitcoin in Online Gambling Transaction Payments
The name bitcoin is indeed the most existing among other crypto currencies. Various cryptocurrency developers are constantly competing to be able to compete with bitcoin. One that continues to pursue is TRX.
TRX is a cryptocurrency developed by TRON. Currently, TRON is the top three blockchain masters with a dApps system or a decentralized application system. One of the big platforms is game developer and online gambling.
In the early days of cryptocurrencies, bitcoin was not specifically for gambling transactions. So TRX through TRON which has a focus on developing games and gambling becomes a currency that is specifically for playing online gambling.
The TRON system is most widely used by people in countries in the North America, Asia Pacific, and some European regions. So it is not surprising that the TRX currency is quite shot in the world of online gambling there to compensate for bitcoin.
The advantage of using cryptocurrencies is that they can be converted into other forms. For example, a player playing on the platform with TRX currency, at one time he can exchange it into bitcoin or something else.
This convenience certainly encourages online gambling businesses to continue to partner with cryptocurrencies such as bitcoin, TRX, or others.
A blockchain-like system originally appeared in 1991. Stuart Haber and W. Scott Stornetta developed a computation with a cryptographic method so that data could not be changed or edited.
This series of blocks takes the form of a tree diagram known as a Markle tree. At that time, this series of blocks was used to store documents in 1992. Of course aimed at efficiency.
However, before it was further developed and the patent ceased in 2004, this system stopped and was discontinued by the developer. Then in 2004, a cryptographer named Hal Finney tried to develop a similar system.
He developed a system called RpoW or Reusable Proof of Work. This system then became the beginning of how digital transaction payments developed as they are today. Development continues to be carried out by many parties as a method of improvement.
Entering 2008, Satoshi Nakamoto developed a system which is currently known as bitcoin. He designed bitcoin as a tool for more efficient electronic payments. So after bitcoin was launched, the blockchain system was developed a lot even though at that time bitcoin had not been much attention.
Read also: Bitcoin Online Gambling Sites Collection
Currently, bitcoin rules almost all types of payments in cryptocurrency. Online gambling is no exception.
Blockchain has a dApps operating system. This system strives for the platform in it to develop independently without any centralization or centralization. Seeing this, gambling was then collaborated in it as a form of digitization.
Some blockchains are deliberately structured to develop types of online games. Of the many blockchains, there are two big blockchains that dominate this dApps system.
Both are EOS and TRON. These two blockchains continue to grow and keep pace with Ethereum which is the number one dApps blockchain. So it is not surprising that their virtual currency continues to rise to catch up with bitcoin.
Useful of Blockchain
Even though gambling is an illegal activity, there are still many people who access it. And worse, online gambling is now a lifestyle for some people who love it. Especially now that the access is getting easier.
Even though it is fairly easy to play, playing online gambling doesn’t necessarily make it safe. Many cheats are found in this game. For example, there is a system engineering carried out by the dealer. Of course this will be very detrimental to players right?
Technological advances encourage virtual world or digital world developers to continue to innovate. Seeing the growth of bitcoin that continues to climb makes online gambling also join.
Bitcoin in the world of gambling provides several advantages. For example, users don’t need to have a bank account to make transfers. In addition, the value of bitcoin, which is currently on the rise, also provides its own advantages for lovers of the investment world.
The existing Bitcoin is of course connected in a single blockchain. As far as development, the existence of a blockchain that is the parent, then the platform that usually makes cheating can be suppressed.
Previous gambling sites used a centralized system. This means that the entire system adheres to the central administrator, so that whatever happens must follow the top party. Unlike the blockchain, the existing system is decentralized so that control can be exercised on each platform.
With this kind of system, it can be more transparent and eliminate fraud in it. In addition, the open value of bitcoins makes the accumulated winnings not easily manipulated.
Bitcoin Prohibition Policies in Some Countries
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Bitcoin is indeed a rapid progress in the world of digital payments. Many people are investing in bitcoin or other cryptocurrencies. The reason is that the value of bitcoin is more stable compared to other online investments.
However, bitcoin has not been widely accepted in some countries. Policies between different countries make bitcoin or other crypto currencies not legally used as a transaction tool. So that bitcoin players in several countries have to exchange them in the currencies of other countries first.
In Indonesia, bitcoin has not received official permission from Bank Indonesia as a medium of exchange equivalent to money. Even so, bitcoin has obtained a permit as a valuable commodity from Bappepti or the Commodity Futures Trading Supervisory Agency. This agency is under the Ministry of Trade.
Meanwhile, in Europe and America, bitcoin is still limited to certain functions. So for bitcoin online gambling, it is still done illegally. However, bitcoin offers attractive offers because it can be converted into many values, for example, into other cryptocurrencies or official currencies.
Some of the reasons why bitcoin is still not accepted as an official currency is due to its highly hackable nature. Virtual or digital money stored on the internet has a high risk of being hacked. There are so many crimes committed in cyberspace, so it is not surprising that bitcoin is also prone to being stolen.
Additionally, bitcoin or any other cryptocurrency can be done anonymously. Without a clear identity, bitcoin owners can make transfers to other owners. This has the potential to lead to money laundering.
However, there are lots of investment lovers who are starting to flock to buy bitcoin. The fluctuating value of bitcoin must also be understood and understood so that the strategy used does not make a loss.
Remain Vigilant in Managing Digital Money
Be careful when investing in bitcoin. Doing any online transactions including gambling with bitcoin also carries the same high risk as ordinary online transactions. Bitcoin can fall at any time and have a low value even though it is currently being of high value.