The arrival of the Internet has turned out to be a huge boost to gambling. Before it, the only place where people could go to play poker or roulette was in a brick-and-mortar casino downtown. And for sports, one had to make a visit to a betting shop or the post office.
All these options are cumbersome in one way or another. And while they still exist, now nearly everyone around the world can easily access fast gambling services using devices, such as mobile, tablets and personal computers.
But just like other innovations within the Internet space, online gambling has never been a bed of roses. Many challenges have always stood on the way. Most of them have to do with credibility issues, as well as government prohibitive policies.
Bitcoin has provided solutions for the challenges online gambling has faced
Fortunately, some of these challenges have found answers in Bitcoin. One of the solutions that have had a wide acknowledgement is acting as a payment method. In the US, where online gambling is not illegal, but flow of fiat cash in and out of online casinos is, gamblers have found an easy and comfortable way to place bets and take wins in Bitcoin and other crypto coins through the Bitcoin casino and Bitcoin sports betting sites on the web.
Indeed, this has been a huge boost to the industry. However, that may not be the only benefit gamblers stand to get out of crypto coins.
The Bitcoin blockchain technology could be the next big thing that will happen to online as well as land-based casinos.
Can you imagine a P2P gambling platform built by a network of independent nodes? A place where no one individual has a central advantage both in terms of the turnout of odds and the flow of funds involved?
Of course, that will boost security and therefore limit the amount of scamming that takes place amongst the stakeholders.
P2P online casino could be among the solutions coming out of blockchain
Though this may sound farfetched now, inventions and applications that have arisen around the blockchain in the recent months have proven that there is much that this technology can offer. The ones that stand out include smart contracts solutions and P2P Bitcoin exchanges.
Likewise, with centralization removed and the verification of transactions and bets put in the hands of a coordinated network of nodes, there will be no need for a third party as a buffer of trust. And in the end this will bring down the cost of gambling, perhaps even more affordable than playing in a Bitcoin casino.
The major downside of such an arrangement, however, is the effect it will have on the investment already made. Entities that have run centralized online casinos for many years may find themselves facing major disruptions.
This, of course, is not something they will embrace. Nevertheless there will be demand for solutions around the ‘blockchain casino’, which they can develop and monetize as projected by the booming Bitcoin gambling industry today. With this, the future of the blockchain technology can be expected to provide more revolutionary solutions.