When it comes to new things around us, crypto and the associated tech like blockchain, are all the rage these past several years. These are the things that offered us innovation in the financial system and more liberties when it comes to our money, savings, investments and similar things.
Crypto was and somewhat still is, despite the bad things happening lately, something that has a huge potential. It can develop into a full-fledged monetary system accepted by everyone where you have full control over your financials. You can do your house and car payments, shop, trade and move assets from wallet to wallet without anyone getting into your transaction, tracking it or possibly profiting from wiring money around.
There are other things we can discuss here but it would take us more than one article when it comes to blockchain and crypto which is why we will focus on something that is out of the ordinary when it comes to a new method of financial freedom – gambling.
With cryptocurrency, and the new things it offers like anonymity and safety we saw a huge number of crypto casinos rise. One of those is WAGMI Crypto Casino which you should check out if you haven’t already.
When it comes to gambling and crypto the history of this isn’t that big. The first gambling crypto place was founded in 2012 and many have decided to put their hands off this thing until they see what it can become and what it can turn into.
Whenever you talk about crypto there are two sides – one that talks big about crypto and has grand ideas and plans but somehow you get the feeling that not even they know what it can be or where it might lead. The other side advocates that crypto is nothing but a big scam and a bubble that is made to make people miserable and eventually lose their money. This is a bit grimmer prediction and I don’t agree with them either. Crypto has a lot of potentials and can be a great thing but it still needs time and new ideas.
Now one of the roads that crypto leads us to is the gambling road. After 2012 when almost everyone saw the potential of crypto, mainly the anonymity and full control over your financials, little to no regulations by the governments and other institutions made to control the flow of money, people started founding crypto casinos.
We know gambling is a big cash cow and anyone can open their casino, the legitimacy of that casino is another deal. We saw legitimate crypto casinos that fall under gambling regulations and we saw and still see a lot of those casinos opened under regulatory bodies that do not and can not enforce anything.
This is the part where you talk about potential and the potential of this is huge. With crypto and the blockchain you literally can do anything and make sure that your users and customers get either full protection, anonymity and financial safety or you can go the opposite route and make them miserable by opening a scam casino and taking them for everything they got. Not to make you scared or anything there are regular pure crypto casinos, like the one we mentioned. They operate like any other casino and fall under all regulations like any regular brick-and-mortar or online casino out there. the only distinction is that the games you play are crypto adapted and the payments you make are with crypto only with your crypto wallets over the blockchain.
When it comes to pros and cons, some of them are listed within the history and the potential of both crypto casinos and blockchain. There are more of those and we will write about them here. When it comes to Pros which are always many, especially when you have gambling involved, one of the things people do not like about crypto is that no matter how good the casino is it is always breakable by a good hacker. Maybe not the same day but eventually these guys, relentless as they are, find a way to get to your sensitive info. When they do, they will reach out and ask for ransom that you can pay only in crypto on the blockchain. Now once you make a payment on the blockchain in any crypto it is a one-way transfer that can’t be reversed. Another thing that is a pro is that if you register on a scam and a bad casino that isn’t regulated, fund your account play and lose under shady circumstances you can’t get your money back, there is no one to tell your side of the story that may be of any help. You can simply wave your money goodbye.
As far as the pros are considered we mentioned a few but all of these are pros only if you gamble in a very well-regulated casino. Every part of the blockchain and crypto is that you can track any payment from its origin to its destination but you can’t break it or break into that transaction. Your info and other info attached to the said transaction are safe and untraceable. The only thing certain prying eyes can see is the string of numbers which is the address of your payment going from one wallet under another string of numbers and letters to the other. No names, no hard bonds and nothing that can be tracked like we are tracked now.
With a layer of protection in legitimate casinos as well as on the blockchain, your wallet is nearly impenetrable and nearly impossible to retrieve. The amount of protection there is and the security level there is can be seen in the fact that if you lose your control phrases, pins and other security measures, you as well can say goodbye to your account and anything on it farewell.
All in all crypto and blockchain are still unresearched to the fullest extent and we still don’t know everything there is to know. The fact that it is always moving, upgrading, and changing isn’t helping either. This tells us that both crypto and blockchain could and do have a huge potential it is just the way you and others decide to use it. It will be good and even more if we opt to use it for good, while it also can be rather bad and probably the worst thing that ever happened to us if we opt to thread that dark side.