With Blockchain technology comes an ultrafast, convenient and safe way of transacting on the internet, among other benefits. From fintech to retail, the innovative technology is steadily disrupting different industries.
Another industry that is a heavenly match with the blockchain technology is online poker. The innovation is steadily revolutionizing the online poker industry, for the same reasons already mentioned and more. Poker is one of the most loved casino games and online poker, arguably one of the most played online gambling games.
Due to the exploit of bad eggs, many poker lovers are finding it hard to trust online poker sites completely – enter blockchain technology. Like many human activities, the internet has brought the exciting game to our various homes – without the need to visit a physical casino. Besides the convenience it provides, it makes playing on online poker sites with Bitcoin and other cryptocurrencies safer and fairer – from opening an account to easy and safe withdrawals.
As it can easily be deduced from the name “blockchain,” the technology involves the interconnection of digital blocks. Each blockchain contains information, including relevant details of each transaction. These interconnections or blocks can be referenced anytime and anywhere, depending on whether the database is public or private.
The concept of a blockchain-based poker is not different from a traditional poker game with binders that keeping the records of all the poker chips of each player after every round. A paper containing the number of chips owned by each player at the end of the round is shared and stored in the players’ binders.
But this time with the revolutionary blockchain technology, instead of poker chips, a cryptocurrency serves as the exchange. The most popular one, of course, is Bitcoin.
A shared ledger in place of the binders, every page saved in each player’s binder, can be regarded as the block. At the end of game rounds, each binder contains interconnected blocks that can be aptly referred to as a blockchain. It means it is almost impossible to lie or cheat with this concept, as every poker chip from the first is traceable.
The same way internet-based poker changed the game by eliminating the some limitations of traditional poker games in a physical casino, blockchain poker platforms are maximizing the power of the blockchain technology to provide a decentralized, anonymous, safe and provably fair gambling. Here are a detailed look at the major benefits of blockchain poker.
One of the core benefits is the complete privacy of the transactions done with Bitcoin and other cryptocurrencies. The majority of online gamblers prefer their gambling activities and transactions not reflecting in their bank statement. The details of transactions with debit, credit cards, or other payment methods, including amount, location, date, etc. can be seen by the banks and shared in some cases.
Taking a bitcoin transaction as an example, all transactions are recorded in a public ledger, but in a string of alphanumerics that is untraceable. Every transaction has a unique ID for identifying it without compromising the identity of the people involved. In the same vein, all activities on blockchain-based poker, from registration to withdrawal, require no personal and banking details.
Though all transactions on a blockchain are untraceable, especially if you didn’t share your wallet id, but all transactions are verifiable. Poor accountability is one of the problems many online poker players have with poker sites. It is often difficult for them to trace every move and verify the web-based poker platforms’ accountability.
Blockchain technology is a breath of fresh air for both the gambling companies and the players. Apart from transactions, every move is verifiable and also immutable. Blockchains employ a programmed set of instructions that are clear to all stakeholders and extremely difficult to hack, known as a smart contract.
A centralized poker site requires approval by banks or authorities before a transaction is processed. This bottleneck adds an extra day or more to the processing time of a transaction. A centralized poker platform often reserves the right to hold both withdrawals and deposits until the players meet certain conditions.
On the other hand, a blockchain poker with a decentralized currency offers much faster and cheaper transactions with no middlemen or centralized authority vetting transactions. Depending on the cryptocurrency, transactions are processed in a few seconds or minutes, with no additional charges common in traditional payment methods.
Due to the past exploits of a few bad eggs, many online players can not trust these platforms completely. Also, many online gaming operators find it hard to communicate their fairness and trustworthiness to these players. They often hid behind foggy uncertainty, slick talk, and unprovable statistics such as the house edge and Return To Players (RTP).
In a blockchain-based poker platform, the players don’t just rely on the third-party vetting and obscure claim of these sites’ trustworthiness. Playing on a poker site with a provably fair mechanism, a player can vet the outcomes with a publicized algorithm, using the unhashed seeds with the site’s original seed and random seed he provided during the game. The provably fair mechanism of a blockchain poker is the closest players get to a grand gambling experience.
Online gaming operators are yet to scratch the surface of the enormous benefits of blockchain technology, which is perfectly suited for connecting and converting online poker lovers.
From deposit, gameplay to withdrawals, the disrupting technology enhances the gaming experience for the players. If you are an online poker enthusiast, it’s time to take advantage of blockchain technology to maximize your fun and improve your winning chances playing online poker.
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