Bitcoin: how it is spreading in the gaming industry
Bitcoin: how it is spreading in the gaming industry

Bitcoin: how it is spreading in the gaming industry

By Crypto Advertising - 26 Nov 2019

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The gaming sector is one of the most interesting ones to talk about when it comes to Bitcoin and the blockchain world in general. According to many, it will be the driving industry responsible for the mass adoption of blockchain technology.

Indeed, to date it is one of the sectors in which this adoption is more developed, considering that for example, the first online casinos have started to use BTC as early as 2013. 

Gaming and Bitcoin

There are many video games that use the blockchain, not only that of Bitcoin but also of NEO and Ethereum, through the so-called dApps.

Moreover, gambling is increasingly using the blockchain because it is verifiable, traceable and allows very fast transactions, as demonstrated by the success of the EOS and TRON dApps. 

There is a lack of transparency in traditional gambling, not to mention slow and expensive transactions that make deposits and withdrawals of funds bothersome.

Using blockchain, on the other hand, allows for better protection of user information, increases inclusiveness and multiplies opportunities. 

Furthermore, cryptocurrencies allow players to gamble online without additional controls on their finances. In particular, platforms that use only cryptocurrencies are in fact exempt from most of the laws to which traditional platforms using fiat currencies are subject. 

This does not mean that they operate illegally without any kind of authorisation, but only that they are required to comply with a smaller amount of regulations

For example, MintDice offers several games, including the traditional roll of the dice, and operates with a regular Master License as a provider of gaming services, issued by the Government of Curaçao, after passing all required requirements and having been legally authorised to conduct gaming operations for both gambling and betting.

It allows withdrawals and deposits in Bitcoin, Litecoin, Bitcoin Cash, Ethereum, Ripple, Dogecoin, Monero, Dash, PIVX, Blocknet, NEO, Decred, LUX and ZCoin, and it is possible to create a new unverified account by simply logging on MintDice. 

However, it is recommended to add an email address before starting to play, in order to verify the account with the email address. The email address is often the only information required to start playing. 

The tightening of global restrictions on online gambling is resulting in higher market shares for cryptocurrency-based platforms compared to platforms that use fiat currencies, and although these two types of platforms are likely to coexist in the future, those that use only cryptocurrencies could attract an increasing number of users. 

In addition, blockchain-based gambling platforms could in the future offer new innovative games that do not exist on traditional platforms and this could constitute a further incentive.

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