With the transition to technology that is becoming larger every day, the trend of making life paperless has reached gambling. Many people have been choosing to raise the stakes and embrace the convenience of online gambling with blockchain gambling. However, this kind of gaming has never been secure, with links to your bank account and personal information. Now that hackers have adapted and learned how to steal all of our personal information, putting us all at risk.
Online payments have dominated our lives in many ways, with so many of us using the convenience of cell phone apps and websites to pay our bills. Gambling sites originally embraced this technology as well, allowing those who wanted to gamble the ability to place bets with information from their bank accounts as collateral. This opened up a new set of problems, including the ability to collect on a debt when the losing gambler didn’t have the funds to pay it.
With the invention of cryptocurrency, an online type of currency that operates outside of banking that uses encryption codes in the facilitating of buying and selling units of wealth, online gambling completely transformed into a completely anonymous, risk-free venture. Utilizing blockchain gambling, a method of tracking bets and transactions made with cryptocurrency, online casinos have allowed gamblers to make a transaction or place a bet without sacrificing their personal information.
This new technology has its benefits and its disadvantages. Using forms of cryptocurrency such as Bitcoin and PayPal allows the public to make bets and engage in online gambling without putting in their personal bank account information, allowing for more privacy of personal information. Using the right information, people all over the world can gamble without getting caught. This can be a benefit and a consequence: the ability to gamble without being traced allows people with gambling addictions to engage in this behavior without a paper trail, making their conditions worse. Anyone who can operate a computer can engage in online gambling with blockchain gambling, meaning that the condition of gambling has changed: it is no longer an activity for adults, and teenagers are becoming introduced to gambling at an earlier age.
Using digital assets is gambling of the future. People can now engage in online gambling, regardless of age and financial situation, with cryptocurrency, which makes transactions and asset transfer completely anonymous. While it may protect our information, the ability to use cryptocurrency in gambling exposes people of all ages and backgrounds to gaming, which is harder to prosecute.Read more