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How Is Blockchain Technology Used in Gambling?



Blockchain and Gambling

There is a lot of buzz about blockchain technology, with people claiming it’s the solution to everything. However, when it comes to online gambling, blockchain technology has moved past the theoretical and is being effectively used to deliver players superior gaming experiences. Buckle up as we show you exactly how blockchain technology is being deployed in the online betting space!

Enhances Fair & Transparent Gambling

A major worry that players have when betting online is that they’re being cheated. They’re convinced that the games have been rigged and the RNG has been manipulated. Blockchain technology has a solution, provably fair! Provably fair is a special algorithm that ensures that every spin on a slot and every hand of blackjack is as random as possible. 

With the provably fair algorithm, you can personally check if a casino game is fair or not. This is a massive advantage over online casinos that use RNGs because a casino’s RNG is opaque; you just have to trust the casino’s and the 3rd party tester’s word. 

To verify that your bets are fair, you need to:

  • Change your client seed so the casino can reveal the server seed used for that session.
  • Copy the server seed hash they provided for your bets.
  • Paste the server seed they revealed into a hashing tool.
  • Check that the output matches the server seed hash, if it does, then the results of the game you played are fair.

Revolutionizes Payments

Without blockchain technology, we wouldn’t have Bitcoin, Ethereum, and all of your other favorite cryptos. Blockchain technology allows players and online casinos to sidestep financial intermediaries and send payments directly to each other. Crypto payments are verified by the network itself and are viewable to the public, which makes them just as if not more secure than traditional payment transfers.

Blockchain technology is also responsible for the super low fees that Bitcoin and other cryptos have. You can literally send thousands of dollars worth of crypto around the world in minutes and pay a few cents. Blockchain technology has supercharged withdrawals, and now you can get your winnings in minutes rather than days. With so many advantages, no wonder crypto gambling is booming!

Backbone of Decentralized Gambling Platforms

By leveraging the power of blockchain technology and specifically the Ethereum network, players no longer have to put trust in a 3rd party casino or betting platform. With decentralized gambling, players can bet against each other using smart contracts without going through a centralized platform. Smart contracts are self-executing digital agreements. They automatically enforce, verify, or facilitate transactions when predefined conditions are met without the need for intermediaries, enhancing trust and security.

Decentralized gambling platforms allow you to have a 100% anonymous yet at the same time secure gaming experience. You don’t have to share any personal information, and the payouts are automated via the smart contracts. You can also verify the fairness of any games via the open-source blockchain. Decentralized gambling platforms are still in their infancy but will undoubtedly grow in popularity as they’re not limited by geo-restrictions, effortlessly bringing players from around the world together.

Ushers in the Era of Tokenization

Thanks to blockchain technology, online gambling platforms can create their own cryptocurrencies and digital assets, which can be distributed to players. Tokenization allows crypto casinos to offer you unique rewards like your own avatar, which you own and can sell or trade with players. This creates a second economy on the platform and gives you new ways to earn cash. For example, let’s say you complete a challenge where you wager $10,000 on a particular slot in a month and receive a golden sword. This golden sword may be rare and prized by other players, so you can sell it to another player for 0.001 BTC. 

Tokenization opens up all kinds of possibilities. It creates a new immersive gaming experience, and online casinos can turn into complete metaverse ecosystems with players earning and trading digital assets alongside playing traditional casino games.

We’re in the early stages of blockchain technology, and it’s already having a major impact on online gambling. It will be exciting to see what happens over the next five and ten years. Check out some of our other crypto gambling articles to see other ways cryptocurrencies are being deployed in the iGaming sector.

A lifelong Liverpool supporter with a passion for storytelling and an unhealthy obsession with Anime, NFTs, and Web3. When not cheering on the Reds or diving into the latest crypto trends, I'm busy crafting engaging content that'll keep you up-to-date on all things sports.

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CS:GO Skins: A Digital Goldmine in the World of Video Gaming



Inside the Economy of Illusion

Let’s talk about something wild.

If you have ever dreamt of making money out of your gaming hobby — you have probably turned towards livestreaming, social media or professional e-sports gaming.

Those are the usual suspects, anyway.

But there’s one class of investment that CS:GO has revolutionised — Skins. For an untrained eye skins were always just a gadget, something to make a person feel special, different than anyone else. But what if I told you that there are skins that go for tens of thousands of dollars?

And how You can make money on it?

How A Few Pixels Could Go For Such

Well, even before NFTs became a thing CS:GO was already making some hard cash

Back in 2013, the folks at Valve decided to spice up Counter-Strike: Global Offensive by dropping something called the “Arms Deal” update. And just like that, CS:GO skins were born. Think of skins as the ultimate gaming fashion statement. They don’t make you shoot faster or hide better (well, nowadays some of them have other perks on top), but they do make your weapons look epic.

And also make you extremely recognisable. Especially if you are a streamer on top of that, which can essentially boost the price.

Here’s where it gets interesting: these flashy skins quickly turned into something more than just digital swag. Imagine finding a digital sneaker in your game, only to discover it’s worth a small fortune in real life. That’s what happened with skins. They became a big deal, trading on the Steam marketplace like rare baseball cards.

The Wild West of Skins Trading

Beyond the official Steam marketplace, there’s an entire underground scene. It’s a bustling bazaar where skins are the main currency, and the rules of the game are decided by the players themselves. Here, a skin isn’t just a pretty accessory; it’s a ticket to the big leagues of virtual investment. Want to gamble, bet, or invest? Skins can do that. Ever heard of a gun skin selling for thousands? Yeah, it happens.

Examples? FuturePlay is now hosting a Dragon Lore AWP CS:GO Tournament and Giveaway, with a grand prize skin worth over $13,000. This tournament lasts till 15th June. Giving you an opportunity to enter the world of CS:GO investments easily.

But that’s not the only way of entering this investment world.

This phenomenon turned gamers into the Wall Street traders of the virtual world. They’re wheeling and dealing, making bold moves, and sometimes, making a killing out of their virtual inventory. It’s part startup hustle, part digital treasure hunt, and entirely a 21st-century phenomenon.

The Ripple Effects of a Gamer’s Gold Rush

But let’s get real for a second. The rise of the CS:GO skins economy isn’t just a cool story about gamer riches; it’s also a look into what we value. Digital or not, these skins mean something to people, to the extent they’re willing to pay real money for them. It’s a new way of looking at what ownership and value mean in the digital age.

Of course, with big money comes big questions — about legality, ethics, and above all, what it means for the future. It’s stirred up a lot of debates and made us rethink how virtual economies should operate.

What Lies Ahead

Is it going to have its up adn downs like the NFT market?

I’ll guess the answer is simply: no.

The CS:GO Skins market has been only frowing since 2012 (12 years now!) and it’s a stable market for investors and colectors.

As we dive headfirst into the future, CS:GO skins are more than just a lesson in digital economics; they are a symbol of gaming’s power to blur the lines between the virtual and the real. For players, traders, and curious onlookers, the economy of CS:GO skins is a playground of opportunity, a slice of the digital frontier where the thrills of gaming meet the realities of economics.

It’s a wild ride, and it shows just how far we’ve come in redefining what it means to be valuable. So next time you snag that rare skin in a game, remember, it might just be your golden ticket.

Thanks for reading 🙂

Want to know about the future play? Check us out!

Join the tournament and grab your chance to win a CS:GO Skin worth 13.000$

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Understanding Cryptocurrency and How it Works



Top Five Cryptocurrencies by Marketcap

In recent years, cryptocurrency has emerged as a revolutionary force in the world of finance, technology, and economics. Yet, for many, the concept remains an enigma, especially to those not as tech-savvy. With recent price surges and many discouraging articles on the asset class, it can often feel overwhelming and scary. What exactly is cryptocurrency, and why has it garnered such immense attention? 

What is Cryptocurrency?

Cryptocurrency is a type of virtual or digital money that can be programmed to be impossible to counterfeit or double-spend since it uses cryptography for protection. Unlike traditional currencies issued by governments and central banks, such as the US dollar or the euro, cryptocurrencies operate on decentralized networks based on blockchain technology. The cryptocurrencies are not kept in a traditional wallet obviously, they are stored in a crypto wallet.

Blockchain Technology Explained

Blockchain technology serves as the underlying infrastructure for most cryptocurrencies. Essentially, a blockchain is a distributed ledger that records all transactions across a network of computers, known as nodes. Each block in the chain contains a cryptographic hash of the previous block, creating a secure and immutable record of transactions. Transactions on the blockchain are public, but user identities are pseudonymous, offering a level of privacy without complete anonymity. 

Cryptocurrencies enable direct peer-to-peer fund transfers. In a typical transaction, the sender generates a digital signature with their private key, initiating the transfer. The transaction is then broadcast to the network, where nodes validate it by verifying the digital signature and confirming the sender’s account balance.

A cryptographic hash is a mathematical technique that accepts an input (message) and generates a fixed-length string of characters, usually a unique and seemingly random sequence of letters and numbers. This output is commonly referred to as a hash value or hash code.

This is essentially how Bitcoin is mined and what gives us our “Proof-of-work” system. In this system, miners compete to solve these mathematical equations known as cryptographic hash in order to add new transactions to the blockchain.

Crypto Wallet Explained

A cryptocurrency wallet is a software program or physical device that stores the public and private keys required to access, send, and receive digital currencies like Bitcoin, Ethereum, and others. Cryptocurrency wallets allow users to securely manage their digital assets. Functionally, it’s similar to a physical wallet you might use for traditional currencies, but instead of holding physical cash or cards, it stores cryptographic keys that represent ownership of cryptocurrency tokens or coins. Cryptocurrency wallets come in various types, each designed to cater to different needs and preferences of users. 

Hardware Wallets

These are physical devices that keep the user’s private keys offline. They offer high security as they are immune to hacking attacks on software and online platforms. Popular hardware wallets include Trezor, Ledger Nano S, Ledger Nano X, and Safepal.

Software Wallets

Software wallets are applications or programs that run on desktops, mobile devices, or web browsers. They are further divided into:

  • Desktop Wallets: Installed on a computer or laptop. Examples include Exodus, Electrum, MetaMask, MyEtherWallet (MEW)and Atomic Wallet.
  • Mobile Wallets: Installed on a smartphone or tablet. Examples include Trust Wallet, Coinbase Wallet, and Mycelium.

Custodial Wallets

Custodial wallets are managed by third-party service providers, such as cryptocurrency exchanges. Users trust these providers to store their private keys securely. While convenient, custodial wallets relinquish some control over the funds to the service provider.

Key Characteristics of Cryptocurrency

  1. Decentralization: One of the distinguishing features of cryptocurrency is its decentralized nature. Unlike traditional financial systems controlled by central authorities, cryptocurrencies operate on peer-to-peer networks, eliminating the need for intermediaries. The developer of the crypto basically sets all of the parameters, and because everything is visible to its users, the people can see who the main holders are, any bugs in the contract, and any other relevant information.
  2. Security: Cryptocurrencies utilize cryptographic techniques to secure transactions and control the creation of new units. This cryptographic security ensures the integrity and immutability of the blockchain ledger. Because these cryptos use computer-based algorithms, the system is as secure as the inputs themselves.
  3. Anonymity and Transparency: While cryptocurrency transactions are pseudonymous, meaning they are not directly linked to real-world identities, transaction data is stored on the public blockchain, providing transparency and accountability.
  4. Limited Supply: Many cryptocurrencies, such as Bitcoin, are designed with a predetermined maximum supply, often referred to as a supply cap. This finite supply model contrasts with traditional fiat currencies, which can be subject to inflationary pressures. According to reports, over 80% of all US dollars in circulation were printed in the last 22 months, with the total money supply increasing from $4 trillion in January 2020 to $20 trillion in October 2021. This massive expansion of the money supply was driven by the Federal Reserve’s response to the COVID-19 pandemic.

Popular Cryptocurrencies

Bitcoin, Ethereum, USDT (Tether), and BNB (Binance Coin) represent some of the most popular and widely recognized cryptocurrencies in the digital asset landscape. Each of these cryptocurrencies serves unique purposes within the broader ecosystem, catering to different user needs and preferences.

Bitcoin (BTC)

Bitcoin is the pioneer of cryptocurrencies, introduced in 2009 by an anonymous individual or group known as Satoshi Nakamoto. It operates on a decentralized network powered by blockchain technology, aiming to provide a peer-to-peer electronic cash system. Bitcoin is often referred to as digital gold and is prized for its scarcity, security, and store of value properties. It remains the most dominant and widely adopted cryptocurrency, with a significant portion of the total market capitalization.

Ethereum (ETH)

Ethereum is an open-source blockchain system that allows for smart contract functionality and is decentralized. Launched in 2015 by Vitalik Buterin, Ethereum introduced the concept of programmable blockchain, allowing developers to build and deploy their own decentralized applications on its network. Ether (ETH) is the native cryptocurrency of the Ethereum platform, serving as a means of value transfer and fueling transactions and smart contracts on the network.

USDT (Tether)

Tether (USDT) is a blockchain-enabled cryptocurrency pegged to the US dollar, which aims to bridge the gap between fiat currencies and cryptocurrencies. Tether is designed to be a 1:1 equivalent to the US dollar, allowing users to more easily transact with and hold digital assets. Tether aims to provide the stability of fiat currencies while leveraging the benefits of blockchain technology for fast and efficient transactions. USDT is widely used as a means of transferring value between different cryptocurrency exchanges and platforms, as well as a hedge against market volatility.

BNB (Binance Coin)

Binance Coin (BNB) is the home cryptocurrency of the Binance exchange, labeled as one of the largest cryptocurrency exchanges in the world. Initially launched as an ERC-20 token on the Ethereum blockchain, BNB later migrated to Binance’s proprietary blockchain, Binance Chain. BNB serves various purposes within the Binance ecosystem, including discounted trading fees, participation in token sales on the Binance Launchpad, and payment for goods and services within the Binance ecosystem.

Each of these cryptocurrencies has contributed to the growth and maturation of the cryptocurrency market, attracting users, developers, and investors from around the world. While Bitcoin remains the flagship cryptocurrency, Ethereum, USDT, and BNB have carved out their niches, catering to diverse use cases and applications within the broader blockchain ecosystem.

Cryptocurrency Use Cases and Applications

Cryptocurrencies have a myriad of potential applications beyond serving as digital currencies. These include:

Smart Contracts

Smart contracts are self-executing contracts in which the terms of the agreement are encoded directly into code. They are typically deployed on blockchain platforms, such as Ethereum, and automatically execute actions when predefined conditions are met. This technology can be used in voting, insurance, stock/crypto trading, and more!

Decentralized Finance (DeFi)

DeFi refers to a financial system built on blockchain technology that operates without the involvement of central authorities or intermediaries. It allows for peer-to-peer financial transactions, lending, borrowing, trading, and more using cryptocurrencies and smart contracts. DeFi platforms leverage blockchain technology to provide financial services, such as lending, borrowing, and trading, without the need for traditional intermediaries like banks.

Non-Fungible Tokens (NFTs)

NFTs, or Non-Fungible Tokens, are a type of digital asset that represents ownership or proof of authenticity of a unique item or piece of content using blockchain technology. NFTs, as opposed to fungible and interchangeable cryptocurrencies like Bitcoin or Ethereum, are indivisible and cannot be copied. This uniqueness makes them valuable for digital art, collectibles, virtual real estate, and other digital assets. Blockchain technology ensures the authenticity and provenance of NFTs, making them valuable in the digital art and gaming industries. Since society as a whole is moving more towards a digital world, showing authenticity for these digital goods can be confusing. These NFTs can be used in many ways such as having deeds and titles as an NFT, gaming collectibles can be sold for real money, medical insurance can be an NFT, and many other instances.

Read More: The Most Expensive NFT Sales in History

Cross-Border Payments

Cryptocurrencies facilitate fast and cost-effective cross-border transactions, offering an alternative to traditional remittance services. A problem with the traditional system of sending money to different countries is the fees, length of transaction, and security. Crypto solves this with lower fees depending on the crypto used, being as low as $0.01, transaction often taking just up to 30 minutes as opposed to several business days, and one of the most secure methods because there’s only one factor deciding the transaction, the smart contract used to facilitate it and not the multiples jurisdictions that can interfere with the conventional system.

Challenges and Regulatory Considerations

One of the most significant challenges facing cryptocurrencies is regulatory uncertainty. Different countries and jurisdictions have adopted varying approaches to regulate cryptocurrencies, leading to a fragmented regulatory landscape. Some countries have embraced cryptocurrencies, providing clear regulatory frameworks to promote innovation and adoption, while others have imposed stringent regulations or outright bans, creating uncertainty for businesses and investors operating in the space.

Like anything on the internet, Cryptocurrencies alike can also be subject to hacks if the proper steps are not taken for your safety. Cryptocurrency exchanges and wallets are vulnerable to hacking and security breaches, leading to the loss of funds and sensitive user information. High-profile hacks and thefts have underscored the importance of robust security measures and best practices to safeguard digital assets. Additionally, the rise of fraudulent schemes, such as Ponzi schemes and initial coin offering (ICO) scams, has eroded trust in the cryptocurrency ecosystem and highlighted the need for investor protection and consumer education.

How can I stay safe?

With the large upside potential of cryptos, making sure no one has access to your funds is a top priority. There are some ways to make sure you are as safe as possible.

  1. Use a reliable exchange: Since this is where you’ll be adding funds and purchasing crypto, you want to make sure this is a reputable company that you trust your banking/card information to be stored on.
  2. Buy a hardware wallet: If you plan to hold your crypto for a long period of time(the recommended amount is at least 4 years) transferring your funds from your exchange to your hardware wallet is highly advised for maximum security as exchanges are still subject to hacks. Keep your recovery phrase in manual writing and not stored in your devices.
  3. Avoid clicking links: Most links saying “Claim free crypto” or anything along those lines are most likely a scam. 
  4. Keep accounts separate: If you are doing any trading with crypto where you have to access the internet, it is advised to have several software wallets. Since these wallets are already somewhat at risk, being connected to the internet, this is the safer option instead of using the hardware storage.

The Future of Cryptocurrency

As cryptocurrency continues to evolve and mature, its impact on the global economy and financial landscape is undeniable. While challenges remain, the growing interest from institutional investors, advancements in blockchain technology, and increasing mainstream adoption suggest that cryptocurrency is here to stay. Blackrock, the world’s largest asset manager, has already been approved for their Bitcoin ETF and has filed for an Ethereum ETF. This shows mainstream adoption is already on the way and they are getting ready before mass adoption.

In conclusion, cryptocurrency represents a paradigm shift in the way we perceive and interact with money and finance. By harnessing the power of blockchain technology, cryptocurrencies offer the promise of decentralization, security, and financial sovereignty. As blockchain technology advances, we can expect to see greater institutional adoption in more and more fields. While we are not quite there yet, we are already seeing signs of the technology being used and enhanced.

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How High Can Bitcoin Go?



Bitcoin Breaking Into Binary Data

Buoyed by strong stock market action, bitcoin set a new all-time high of $73,794 on Thursday 14th March. Bitcoin has been having a terrific year, up over 200% since one year ago. With bitcoin rallying, the whole crypto market is enthusiastic about the potential bull run, which could push prices to stratospheric levels. 

Why Is Bitcoin’s Price Surging?

Bitcoin reached just $16,452 in November 2022 due to the fallout of the FTX collapse, which spread throughout the crypto industry. During this period, stocks were also in free fall as investors rushed to safety. However, the stock market, particularly tech, bounced back, and so did bitcoin, which has now been appreciating for 14 months.

As the S&P 500 made a new all-time high, bitcoin followed shortly after finally crossing the $68,000 mark before topping out at $73,794. The increasing price is caused by a combination of factors.

In 2022, the Federal Reserve mercilessly raised interest rates 11 times in a bid to curb inflation. In response, investors pulled their money from riskier assets like stocks and crypto and plowed it into bonds which were yielding stock-like returns. However, following the crypto and stock crash suddenly valuations were looking enticing again.

It also helped that the Federal Reserve paused interest increases and even started signaling that rate cuts were on the horizon. In response, the stock market came roaring back to life, with the S&P 500 posting a 26.3% gain in 2023. The stock market and the crypto market tend to be correlated. They both typically rise and fall together. Due to bitcoin’s greater risk profile, the increases and decreases tend to be more extreme than the stock market.

With the stock market booming, this was a signal to crypto traders to start hitting the buy button. Victoria Bills, chief investment strategist at Banrion Capital Management, said, “People want to capitalize on their ability to diversify.”

Bitcoin ETF Approval is Very Bullish

Another big bitcoin market mover is the recent spot ETFs, Bitcoin ETFs were approved in early 2024 by the Securities & Exchange Commission (SEC). Now, everyone with a brokerage account can hit a button and purchase bitcoin. You no longer have to sign up to a special exchange and worry about your bank blocking your transaction or about how to securely store your bitcoin.

These spot bitcoin ETFs have solved all of those problems. Also, as these are spot ETFs, the ETF owners are forced to back all purchases with actual bitcoin. For example, if $1 billion flows into a bitcoin ETF, then the ETF has to go out and purchase $1 billion worth of bitcoin, which obviously creates incredible buying pressure on the asset. 

Bitcoin ETFs have been a massive success. Analysts suggested that if bitcoin ETFs reached $5 billion in total assets under management within three months, that would be a significant success. However, less than one month after approval, BlackRock’s spot bitcoin fund alone has $5 billion in AUM. There are now 10+ spot bitcoin ETFs, and they control a combined 192K bitcoins.

Where Does Bitcoin Go From Here?

Bitcoin may take a slight cooling of prices during March. However, analysts expect another price surge in April following halving. During halving, the amount of new bitcoin being produced slows by 50%, and it becomes far more expensive for miners to mint new bitcoins. The theory is that miners will hoard bitcoin until it reaches a price where it’s profitable to sell. With less bitcoin on the market, buyers will have to continue to increase their bids if they want to add BTC to their portfolios.

Digital Asset Strategist at MarketVector Martin Leinweber said, “Bitcoin has a tendency to ‘parabolic advances’ in price and it seems to happen every halving event. This next halving event is April 2024; this, combined with the fundamental shape of new investors flowing into bitcoin ETFs, will once again trigger the parabolic advance — a bull market.”

The bitcoin bull market is only just getting underway. Last halving, it took bitcoin 548 days to reach its cycle peak price of $73,000. With price action moving so fast, it’s possible bitcoin will reach $100,000 by the end of 2024. Anthony Scaramucci, legendary hedge fund investor and owner of SkyBridge founder, sees bitcoin ultimately peaking at $170,000 in mid 2025.

Read More: All You Need to Know About Solana Mobile Chapter 2

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