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Blockchain Provides Mechanisms for Provably Fair Gambling, CEO MintDice

With the gain in popularity of cryptocurrencies, their adoption never seize to expand. Growing number of crypto use cases are arguably disrupting the traditional fiat-based financial industry, no matter where it is incorporated.

By 2024, the global online gambling industry is believed to be more than $94 billion. Since fiat-based models can easily be replaced by cryptos, online fiat-based gambling can be completely replace by crypto-based gambling. One such online platform that offers Bitcoin gambling is MintDice.

BlockPublisher had a chance to talk to the CEO of MintDice, Bryce, and get his opinion plus insight on the future of bitcoin adoption and the prospect of blockchain industry. He talked very optimistic of both and said;

I am bullish on the future of Bitcoin and blockchain technology. I think it is a good industry on it’s own right that gets magnified in an emerging industry

Bitcoin truly has the potential to disrupt the current fiat-based financial system. While countries with small to medium sized economies from Africa, South America and Caribbean have discovered the potential of the digital asset, the United States is still trying to figure out a crypto regulatory framework.

Why Bitcoin Casinos

Online casinos have no doubt disrupted the casino industry but with the introduction of Bitcoin casinos, the entire industry turned upside down. One advantage of new bitcoin casinos is that they are considered economical as compared to traditional fiat-based casinos. This is because the risk of fraud, cost incurred for bitcoin deposits, transaction fee and other acquisitions are cut down immensely, the very reasons that make bitcoin superior to fiat.

The aforementioned reasons are the very basis of different benefits of having online bitcoin casinos. Fiat based casinos charge from 5% to even 10% as compared to online bitcoin casinos that can only hold house edges to as low as 1% to 2%. This difference lead up to 80% savings for the users!

On the other hand bitcoin’s underlying technology, blockchain is being utilized and adopted by major corporations and financial institutions in the form of banks. Banks are the entity that despise bitcoin, due to its very low transaction fee of bitcoin network. Bitcoin solves the element of trust during transaction, since it solved the problem of having a middle entity (Banks) during transactions.

READ ALSO: Kate Winslet Strikes Bitcoin Scammers – Facebook Ads to Blame?

Bitcoin is a peer-to-peer payment processing system where all the transaction data is stored, seen and access by anyone on an immutable distributed ledger. Gambling industry has always been seen as a shady one, since every transaction is controlled by single entity. Blockchain solved this problem and and rooted out middle-man problem. Bryce shed light on the exact aspect of blockchain in gambling and said;

Blockchain increases transparency via proof of solvency, mechanisms for provably fair gambling and can offer solutions where time stamps are necessary, such as lotteries

Blockchain adoption is very on the rise, so much so that social media giant Facebook, has plan to roll-out its very own cryptocurrency Libra, sometime in the beginning of 2020. Currently facing immense scrutiny from the regulators, Libra hype has somehow settled for now.

While talking to BlockPublisher, Bryce is of the view that there is still some room for the technology’s consumer awareness and said;

I think they are all possible, but I think that time is still going to be a while as the underlying technology and consumer awareness matures

MintDice, Gambler’s Safe Haven

MintDice is the platform that takes care of all the concerns related to gambling. The platform offers great consumer side benefits and has the potential to even turn the most rigid supporters of fiat-based models to bitcoin supporters.

MintDice’s online casino has a unique set of games that users can take part in. The platform’s provably fair technology indeed takes advantage of the nascent blockchain technology. With the ever rising gambling shares of crypto market as compared to traditional financial one, the gains will definitely be more fruitful as the crypto market matures.

READ ALSO: Coinbase Not Binance Dubbed the “Cleanest” Crypto Exchange

Users can also invest in MintDice’s casino bankroll, where they can start earning interest on bitcoin and other cryptos. Another aspect that stand out MintDice from other platforms is the fact that it offers low house edge unique and innovative games and by low edge it means that the games will be of high production value that are otherwise difficult to run on other platforms.

Provably Fair Bitcoin Slot Machine Game

It does not matter if anyone is a beginner or seasoned player; slot machine game is made for everyone. Bitcoin slots is the game that gets both set of players.  Bitcoin slot is easy to play as first the player simply register on the online casino and deposit bitcoin to the wallet provided by the casino. After that, the player then have to pick a slot game. Slot games have different numbers and symbols displayed on reels which spins multiple times before revealing a random set of symbols and numbers placed in a payline. The player then chose from different paylines and bet on them.

PLINKO GAMES

In online Bitcoin Plinko, players are unable to manually throw a ball down the Plinko pyramid. Instead, the online casino formulate a game where players win prizes that depend on the ball slot and its color. The casino has several forms of the game that depend on the game category the player chose.

Bit.Rocket

Bit.Rocket is a chance-based game where players are able to implement different strategies and they are lucky, cash prizes awaits them. It’s a social player-versus-player game, meaning that different players play against each other instead of a computer. The game’s primary focus is not letting the rocket crash before you can make an earning.

BTC casinos have turned the gambling industry upside down for those that have engaged in their operations demanding more than was formerly even economically possible with the fiat-based model that still largely dominates the casino industry today. With visible reduction in fraud, payment processor costs and other systems, the cost of bitcoin deposits, withdrawals cuts down operational fee immensely.

The gambling community just might get bigger considering platforms like MintDice, that are making it efficient and enjoyable!

READ ALSO: Not Bitcoin but Blockchain is Interesting, Financial Industry CEO

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Hassaan Malik

Co-founder of BlockPublisher, Hassaan is a technologist at heart with a keen interest in blockchain. Email: hassaan@blockpublisher.com

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