The Huffington Post recently published an article on gambling with virtual currencies featuring Betcoin.ag which we have shared in its entirety below.
We have included the article in its entirety below as well as a link for proper reference at the bottom:
If you’re interested in probability-based games, or even if you’re a crazy slots player, you have one thing in common: you want to know whether the game is rigged.
Yet, no one can really trust a random company just because they make a claim of offering fair games. It is required that some type of proof is brought forward.
Some online casinos have virtual dealers.
But this novelty never caught on, and for the online gambling community it seems there has only been one area to gain traction. And that area is virtual currency gambling which consists of anything from betting in virtual worlds during skills-based competitions to playing games online while wagering virtual currencies.
How Do You Bet with Virtual Currencies?
There are really endless ways. One could bet on sports, the predictions markets are strong in the virtual currency world. In fact, Augur raised more than $5 million being the first predictions market DApp under the Ethereum network.
Betting at Just-Dice
If you want to stick to the fairest odds possible, one game you might want to try is by betting with any odds possible. Confused? Well, at www.Just-Dice.com users are able to gamble their CLAMs (an altcoin, like ‘Bitcoin’) while setting the odds.
You can go ahead and bet with crazy odds like 99,999 to 1, which would be a huge payout if you hit. For the regulars, it seems this place is their way of playing the lottery regularly while getting a real chance to strike it rich.
Playing Poker with Bitcoin
A fun way to potentially earn some extra money is by playing poker online. You can do it with Bitcoin as well. The hottest site to play at right now is www.Betcoin.ag, which also has an online casino and sportsbetting. They frequently have hundreds to thousands of players in their online poker room at any given time.
However, virtual currency based poker still has a long way to go. There should be new innovations in this area in the near future.
What Are the Risks of Gambling with Cryptocurrencies?
These virtual currencies are generally safe, and they are backed by robust technologies that have proven to be secure. So you don’t have to worry on that end. Next, Just-Dice is pretty decentralized but Betcoin isn’t so. This is the one point of failure most worry about.
Before, many avoided gambling with Bitcoin and other cryptocurrencies because of the risk in price shifts. Now this is no longer a concern and you can enjoy sitting down for a few hours, days or weeks and playing with the same amount of coins (regardless of their fiat value).
Moving Forward with a New Fintech World
It will be interesting to see what comes in the future. Decentralization is what the developers of our financial revolution are yelling from the rooftops. The people down below are only starting to listen now; yet, it isn’t decentralization the world needs ― it’s just a different perspective on the way certain processes are handled.
With the world of finance changing for the better, the gambling sector could soon become much more respected, a whole lot safer, and possibly even more profitable for some.
Interested in seeing the power of virtual currencies?
Well, Bitcoin and every other altcoin out there is powered by a ‘blockchain’ which you might of heard about before.
The blockchain is a static, non-modifiable database. It shows you various pieces of information about any particular transaction.
This can prove where any deposit comes from and where it goes to, when it was sent and if the network’s “miners” confirmed it.
If the miners have confirmed the transaction, then others involved with powering the network will have verified its existence and therefore you can deem it legitimate.
Thus, for ultimate fairness it is ideal to find a site to gamble at that relies on virtual currencies. You won’t have to wonder anymore as to whether you’re actually getting a fair shake.General